Forman Art Institute Inc
- Assets
- $83.8m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Philadelphia, PA
- Founding
- Data as of
- 12/2021
- EIN
- 83-2902185
Organization Overview
Forman Art Institute Inc is located in Philadelphia, PA. 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. Forman Art Institute Inc 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 12/2021, Forman Art Institute Inc generated $1.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 3 years, the organization has seen revenues fall by an average of (60.2%) each year. All expenses for the organization totaled $1.3m during the year ending 12/2021. 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
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTE THE STUDY, EDUCATION, DISPLAY AND ADVANCEMENT OF THE ARTS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas Trala Treasurer/secretary | 10 | $41,870 | |
Michael C Forman President | 1 | $0 | |
Jennifer S Rice Vice President | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Dvdl Design | 12/30/21 | $150,000 |
Fb Capital Partners Lp | 12/30/21 | $53,098 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $1,233,020 |
| Interest on Savings | $3 |
| 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 | $2,723 |
| Total Revenue | $1,235,746 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $41,870 |
| Other employee salaries and wages | $11,228 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $150,641 |
| Total operating and administrative expenses | $480,550 |
| Contributions, gifts, grants paid | $770,000 |
| Total expenses and disbursements | $1,250,550 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $48,323 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $0 |
| 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 | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $83,730,000 |
| Total assets | $83,778,323 |
| Accounts payable and accrued expenses | $13,838 |
| 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 | $53,098 |
| Total liabilities | $66,936 |
Grants Awarded
Over the last fiscal year, Forman Art Institute Inc has awarded $770,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Philadelphia, PA PURPOSE: CREATION OF THE ART WORKS FUND. THE PURPOSE OF THE FUND IS TO PROVIDE FUNDS FOR CREATIVITY, CULTURE AND ARTS ORGANIZATIONS AND ARTISTS WORKING IN THE COMMUNITY | $685,000 |
Philadelphia, PA PURPOSE: CREATION OF THE FORMAN ARTS INITIATIVE CO-OP PROGRAM FUND AT THE LENFEST CENTER FOR CULTURAL PARTNERSHIPS | $75,000 |
BLACK WOMEN GIVE FOUNDATION PURPOSE: GENERAL SUPPORT | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Toledo Museum Of Art Toledo, OH | $363,312,718 | $18,709,059 |
Baltimore Museum Of Art Inc Baltimore, MD | $169,284,027 | $31,272,929 |
Buffalo Fine Arts Academy Buffalo, NY | $293,134,468 | $30,844,940 |
New Museum Of Contemporary Art New York, NY | $107,362,095 | $41,908,538 |
Cincinnati Museum Association Cincinnati, OH | $281,155,323 | $24,034,593 |
Columbus Museum Of Art Columbus, OH | $186,443,242 | $10,937,046 |
Museum Of Arts And Design New York, NY | $100,702,289 | $12,680,439 |
Neue Galerie New York New York, NY | $114,494,920 | $18,242 |
International Center Of Photography New York, NY | $72,245,409 | $16,287,723 |
Doris Duke Foundation For Islamic Art New York, NY | $38,632,422 | $9,089,054 |
Storm King Art Center New Windsor, NY | $80,583,864 | $14,230,209 |
Fellowship For The Performing Arts Inc New York, NY | $15,555,732 | $10,766,818 |