Fit Museum Of Art Inc
- Assets
- $324.2k
- Revenue
- $212.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Melbourne, FL
- Founding
- 07/1978
- Data as of
- 04/2020
- EIN
- 59-1804524
Organization Overview
Fit Museum Of Art Inc, operating under the name Foosaner Art Museum, is located in Melbourne, FL. The organization was established in 1978. According to its NTEE Classification (A51) the organization is classified as: Art Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Foosaner Art Museum is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 04/2020, Foosaner Art Museum generated $212.6k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (4.1%) each year. All expenses for the organization totaled $310.3k during the year ending 04/2020. As we would expect to see with falling revenues, expenses have declined by (10.3%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2020
Describe the Organization's Mission:
Part 3 - Line 1
THE FIT MUSEUM OF ART, INC. ENHANCES AND ENRICHES THE QUALITY OF LIFE OF THE COMMUNITY AND ITS VISITORS WITH AN ENDURING APPRECIATION OF ART THROUGH EXHIBITIONS, COLLECTIONS AND EDUCATIONAL PROGRAMS WHICH ENLIGHTEN AND INSPIRE THE HUMAN CREATIVE SPIRIT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOOSANER ART MUSEUM HOUSES A PERMANENT COLLECTION OF OVER 3,000 OBJECTS AND PRESENTS EXHIBITIONS OF MODERN AND CONTEMPORARY ART. THE FOOSANER COMPLEX ALSO INCLUDES THE RENEE FOOSANER EDUCATION CENTER, A FINE ARTS STUDIO FOR POTTERY, PRINTMAKING, PAINTING AND DRAWINGS COURSES, AND THE 100-SEAT HARRIS COMMUNITY AUDITORIUM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr T Dwayne Mccay President | OfficerTrustee | 2 | $0 |
Alan L Prestwood Trustee | Trustee | 2 | $0 |
Doug Flutie Trustee | Trustee | 2 | $0 |
Edward W Scott Jr Trustee | Trustee | 2 | $0 |
F Alan Smith Trustee | Trustee | 2 | $0 |
John Hewitt Trustee | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $86,372 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $212,614 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $2,400 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,625 |
| Office expenses | $63,556 |
| Information technology | $448 |
| Royalties | $0 |
| Occupancy | $159,827 |
| Travel | $14,639 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $14,422 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $120 |
| All other expenses | $0 |
| Total functional expenses | $310,312 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | -$42 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,664 |
| Prepaid expenses and deferred charges | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $324,177 |
| Accounts payable and accrued expenses | -$5,443 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,282,324 |
| Total liabilities | $1,276,881 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | -$952,704 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Fit Museum Of Art Inc has recieved totaling $5,250.
| Awarding Organization | Amount |
|---|---|
Community Foundation For Brevard Inc Melbourne, FL PURPOSE: MENTAL HEALTH | $5,250 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Jorge M Perez Art Museum Of Miami Dade County Inc Miami, FL | $170,476,765 | $20,155,933 |
Norton Museum Of Art Inc West Palm Beach, FL | $222,458,211 | $26,618,274 |
Salvador Dali Museum Inc St Petersburg, FL | $91,811,213 | $16,504,517 |
Institute Of Contemporary Art Miami Inc Miami, FL | $55,226,437 | $8,674,913 |
Telfair Museum Of Art Inc Savannah, GA | $65,681,011 | $7,397,922 |
Deette Holden Cummer Museum Foundation Inc Jacksonville, FL | $55,301,594 | $7,203,933 |
James Museum Of Western Art St Petersburg, FL | $84,650,622 | $18,663,033 |
Boca Raton Museum Of Art Inc Boca Raton, FL | $21,164,716 | $6,166,794 |
Museum Of Fine Arts Of St Petersburg Fla Inc St Petersburg, FL | $51,064,193 | $3,959,049 |
Tampa Museum Of Art Inc Tampa, FL | $21,710,466 | $4,685,160 |
Orlando Museum Of Art Inc Orlando, FL | $14,433,730 | $4,128,087 |
Friends Of The Bass Museum Inc Miami Beach, FL | $15,827,665 | $3,183,331 |