Grace Museum Inc
- Assets
- $10.1m
- Revenue
- $1.8m
- Investments
- $0.0
- Employees
- 24
- Location
- Abilene, TX
- Founding
- 09/1963
- Data as of
- 06/2021
- EIN
- 75-6026849
Organization Overview
Grace Museum Inc, operating under the name The Grace Museum, is located in Abilene, TX. The organization was established in 1963. According to its NTEE Classification (A50) the organization is classified as: Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 06/2021, Grace Museum employed 24 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Grace 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 06/2021, Grace Museum generated $1.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.4% each year. All expenses for the organization totaled $1.4m during the year ending 06/2021. While expenses have increased by 1.1% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE PRIMARY DIRECTIVE IS TO PROVIDE ART, HISTORIC, AND SCIENTIFIC EXHIBITS, COLLECTIONS, AND EDUCATION TO ENRICH THE APPRECIATION OF THE ARTS, SCIENCES, AND HUMANITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HELD VARIOUS EXHIBITS, COLLECTIONS, AND EDUCATIONAL PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Laura Moore Executive Director | Officer | 45 | $95,148 |
Vicki Butts Finance Director | Officer | 40 | $54,926 |
Karen Turner Advisory Board Chair | OfficerTrustee | 1 | $0 |
Jerry Love Treasurer | OfficerTrustee | 1 | $0 |
Gary Goodnight Chair | OfficerTrustee | 1 | $0 |
Kay Alexander Vice Chair | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,601,631 |
| Investment income | $106,715 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$129,642 |
| Net Gain/Loss on Asset Sales | $186,123 |
| Net Income from Fundraising Events | -$16,187 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,767,504 |
| 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. | $159,442 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $420,627 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $61,641 |
| Payroll taxes | $36,205 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $21,880 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $30,002 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $9,528 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $44,770 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $301,907 |
| Insurance | $25,863 |
| All other expenses | $0 |
| Total functional expenses | $1,422,462 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $53,053 |
| Savings and temporary cash investments | $634,610 |
| 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 | $0 |
| Prepaid expenses and deferred charges | $0 |
| Investments—publicly traded securities | $4,437,083 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,509,223 |
| Total assets | $10,072,290 |
| Accounts payable and accrued expenses | $83,629 |
| 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 | $0 |
| Total liabilities | $83,629 |
| 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 | $9,988,661 |
Grants Recieved
Over the last fiscal year, we have identified 7 grants that Grace Museum Inc has recieved totaling $30,435.
| Awarding Organization | Amount |
|---|---|
The Robison Excelsior Foundation Abilene, TX PURPOSE: CHARITABLE | $20,000 |
Shelton Family Foundation Abilene, TX PURPOSE: 2022 ANNUAL FALL BENEFIT | $5,000 |
Legett Foundation Abilene, TX PURPOSE: CHARITABLE - MAINTENANCE OF FLOWER POTS FOR ONE YEAR | $3,000 |
Massey Fam Charitable Tr Abilene, TX PURPOSE: GENERAL PURPOSES | $1,000 |
Greathouse Foundation Abilene, TX PURPOSE: GENERAL SUPPORT FOR THE MUSEUM | $1,000 |
Moss Adamson Spalding Charities Abilene, TX PURPOSE: OPERATIONAL SUPPORT | $375 |
Endowment Analysis
| Beg. Balance | $1,745,320 |
| Ending Balance | $1,745,320 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Witte Museum San Antonio, TX | $80,577,156 | $11,273,075 |
American Airpower Heritage Museum Inc Dallas, TX | $14,350,324 | $12,462,262 |
National Cowboy And Western Heritage Museum Inc Oklahoma City, OK | $111,505,092 | $15,269,819 |
Science Museum Oklahoma Inc Oklahoma City, OK | $87,882,272 | $6,278,809 |
Fort Worth Museum Of Science And History Fort Worth, TX | $55,575,767 | $8,824,812 |
Holocaust Museum Houston Houston, TX | $41,860,555 | $7,348,837 |
Gilcrease Museum Management Trust Tulsa, OK | $58,936,912 | $9,269,478 |
Lady Lex Museum On The Bay Association Corpus Christi, TX | $13,577,755 | $8,975,317 |
Medal Of Honor Museum Foundation Arlington, TX | $99,959,490 | $88,628,383 |
Indian Pueblo Cultural Center Inc Albuquerque, NM | $8,961,229 | $4,518,580 |
Battleship Texas Foundation Inc Houston, TX | $9,923,977 | $4,711,164 |
Childrens Museum Of Northwestarkansas Bentonville, AR | $23,218,828 | $2,416,188 |