Magazzino Italian Art Foundation
- Assets
- $22.7m
- Revenue
- $7.1m
- Investments
- $0.0
- Employees
- 0
- Location
- New York, NY
- Founding
- 07/2019
- Data as of
- 12/2022
- EIN
- 83-1666946
Organization Overview
Magazzino Italian Art Foundation is located in New York, NY. The organization was established in 2019. 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. Magazzino Italian Art Foundation 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 12/2022, Magazzino Italian Art Foundation generated $7.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (13.4%) each year. All expenses for the organization totaled $3.7m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAGAZZINO ITALIAN ART FOUNDATION IS DEVOTED TO POSTWAR AND CONTEMPORARY ART. THE FOUNDATION SERVES AS A RESOURCE AND OFFERS AN EXTENSIVE LIBRARY AND ARCHIVE OF ITALIAN ART.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nancy Olnick Trustee | 5 | $0 | |
Giorgio Spanu Trustee | 10 | $0 | |
Stella Spanu Trustee | 1 | $0 | |
Steven Zbar Secretary/treasurer | 10 | $0 | |
Vittorio Calabrese Director | 40 | $200,000 | |
Karolina Chojnowska Head Of Communicat. | 40 | $95,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Waterhouse Cifuentes Design Llc | 12/30/22 | $105,139 |
Alma Communications Inc | 12/30/22 | $86,000 |
Laurie Beckelman | 12/30/22 | $84,065 |
On Madison Park Llc | 12/30/22 | $82,710 |
Infinity Finishes Llc | 12/30/22 | $60,500 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $7,023,325 |
| Interest on Savings | $0 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $68,545 |
| Total Revenue | $7,091,870 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $1,128,671 |
| Pension plans, employee benefits | $177,994 |
| Interest | $0 |
| Taxes | $10,602 |
| Depreciation | $430,844 |
| Occupancy | $86,991 |
| Travel, conferences, and meetings | $64,795 |
| Printing and publications | $14,302 |
| Other expenses | $1,405,676 |
| Total operating and administrative expenses | $3,732,007 |
| Contributions, gifts, grants paid | $11,127 |
| Total expenses and disbursements | $3,743,134 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $42,093 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $31,204 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $120,667 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $16,965,777 |
| Other assets | $5,492,629 |
| Total assets | $22,652,370 |
| Accounts payable and accrued expenses | $517,810 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $1,553,309 |
| Total liabilities | $2,071,119 |
Grants Awarded
Over the last fiscal year, Magazzino Italian Art Foundation has awarded $11,127 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
NORTH HIGHLANDS ENGINE COMPANY NO 1 PURPOSE: GENERAL CHARITABLE PURPOSES | $1,000 |
COLD SPRING FILM SOCIETY PURPOSE: GENERAL CHARITABLE PURPOSES | $500 |
FONDAZIONE ICA MILANO PURPOSE: SEE EXPENDITURE RESPONSIBILITY STATEMENT | $5,513 |
NATIONAL ITALIAN AMERICAN FOUNDATION PURPOSE: GENERAL CHARITABLE PURPOSES | $3,500 |
HALDANE ARTS ALLIANCE PURPOSE: GENERAL CHARITABLE PURPOSES | $500 |
CIMA PURPOSE: GENERAL CHARITABLE PURPOSES | $114 |