International Folk Art Foundation
- Assets
- $38.1m
- Revenue
- $894.0k
- Investments
- $0.0
- Employees
- 1
- Location
- Santa Fe, NM
- Founding
- 05/1953
- Data as of
- 06/2021
- EIN
- 85-6000853
Organization Overview
International Folk Art Foundation is located in Santa Fe, NM. The organization was established in 1953. According to its NTEE Classification (A11) the organization is classified as: Single Organization Support, 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. International Folk 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 06/2021, International Folk Art Foundation generated $894.0k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 10.8% each year . All expenses for the organization totaled $708.5k during the year ending 06/2021. 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
TO BROADEN THE STUDY OF FOLK ART IN ORDER TO PROMOTE A BETTER UNDERSTANDING OF ALL CULTURES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE INTERNATIONAL FOLK ART FOUNDATION (IFAF) GAVE SUPPORT TO PRODUCE EXHIBITIONS AT THE MUSEUM OF INTERNATIONAL FOLK ART (MOIFA), INCLUDING PUBLICATIONS. THE MUSEUM WAS CLOSED TO THE PUBLIC FROM MARCH 2020 TO OCTOBER 2021. THERE WERE APPROXIMATELY 30,000 ONLINE VISITORS DURING THE COVID SHUTDOWN.
COLLECTIONS CONSERVATION, MAINTENANCE, PROCESSING AND RECORD KEEPING - THE MUSEUM OF INTERNATIONAL FOLK ART (MOIFA) COLLECTION, INCLUDING OBJECTS OWNED BY THE INTERNATIONAL FOLK ART FOUNDATION (IFAF), IS THE LARGEST FOLK ART COLLECTION IN THE WORLD. CARING FOR THESE OBJECTS INCLUDES REGULAR PEST MONITORING, KEEPING DETAILED RECORDS FOR LOANS, EXHIBITIONS, AND NEW ACQUISITIONS, AND RECENTLY CONVERTING ALL RECORDS TO DIGITAL FORMS AVAILABLE ON THE MOIFA WEBSITE. THERE WERE APPROXIMATELY 70,000 VISITORS TO THE WEBSITE AND SOCIAL MEDIA.
LIBRARY AND ARCHIVES SUPPORT - THE MUSEUM OF INTERNATIONAL FOLK ART (MOIFA) HAS THE LARGEST INTERNATIONAL FOLK ART LIBRARY IN THE WORLD AND THE ARCHIVES ARE GROWING WITH PLANS TO FURTHER PRESERVE VIDEOS AND FIELD PHOTOGRAPHS. THE LIBRARY SERVES ALL MOIFA STAFF, DOCENTS, VISITORS, AND SCHOLARS. THE LIBRARY WAS CLOSED FROM MARCH 2020 THROUGH MARCH 2021. 10,000 VISITORS ACCESSED LIBRARY BOOKS ONLINE.
EDUCATION AND OUTREACH ONLINE AND THROUGH SOCIAL MEDIA - THERE WERE APPROXIMATELY 30,000 VISITORS TO THE WEBSITE.FOUNDATION COLLECTION - THE FOUNDATION COLLECTION, CONSISTING OF FOLK ART PIECES, IS HOUSED AT THE MUSEUM OF INTERNATIONAL FOLK ART, WHICH PUTS THE COLLECTON ON PUBLIC EXHIBITION, FURTHERING THE UDNERSTANDING OF FOLK ART. PIECES WHICH ARE NOT CURRENTLY ON DISPLAY ARE AVAILABLE TO RESEARCHERS AND SCHOLARS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Laurel Seth Executive Director | Officer | 55 | $70,000 |
David Davenport VP To 8/20, Then Pres | OfficerTrustee | 2 | $0 |
Rosalind Doherty Sec To 8/20, Then Member | OfficerTrustee | 2 | $0 |
Lisa Mayer Treas To 8/20, Then Member | OfficerTrustee | 2 | $0 |
Roberta Syme Pres To 8/20, Then Sec | OfficerTrustee | 2 | $0 |
Julia Catron Member To 8/20, Then VP | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $140 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $140 |
| Total Program Service Revenue | $15,787 |
| Investment income | $272,623 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $1,477 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $603,976 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $894,003 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $71,000 |
| Compensation of current officers, directors, key employees. | $71,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $3,626 |
| Payroll taxes | $4,931 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,147 |
| Fees for services: Accounting | $65,594 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $14,039 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $7,785 |
| Information technology | $244 |
| Royalties | $0 |
| Occupancy | $13,759 |
| 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 | $0 |
| Insurance | $3,626 |
| All other expenses | $0 |
| Total functional expenses | $708,548 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $171,260 |
| 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 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $6,078,316 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $31,830,846 |
| Total assets | $38,080,422 |
| Accounts payable and accrued expenses | $20,636 |
| 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 | $20,636 |
| Net assets without donor restrictions | $5,456,391 |
| Net assets with donor restrictions | $32,603,395 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $38,080,422 |
Grants Awarded
Over the last fiscal year, International Folk Art Foundation has awarded $36,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
MCCUNEGOC PURPOSE: SUPPORT ARTS IN NEW MEXICO. | $26,000 |
Santa Fe, NM PURPOSE: SUPPORT AN ARTIST OR CO-OP BY PAYING THEIR TRAVEL EXPENSES TO ATTEND THE FOLK ART MARKET. | $10,000 |
Endowment Analysis
| Beg. Balance | $550,000 |
| Ending Balance | $550,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Houston Public Media Foundation Houston, TX | $3,722,035 | $15,443,011 |
Dallas Symphony Foundation Dallas, TX | $145,117,113 | $12,980,267 |
Fort Worth Art Association Endowment Foundation Fort Worth, TX | $167,745,649 | $12,496,724 |
Oklahoma City National Memorial Foundation Oklahoma City, OK | $43,932,179 | $4,892,726 |
The Hobby Center Foundation Houston, TX | $78,248,185 | $8,249,942 |
Friends Of Public Radio Arizona Tempe, AZ | $7,510,291 | $7,440,783 |
Denver Art Museum Foundation Denver, CO | $207,954,853 | $33,249,188 |
Friends Of Oeta Inc Oklahoma City, OK | $52,803,812 | $14,188,991 |
Admiral Nimitz Foundation Fredericksburg, TX | $24,328,747 | $7,231,861 |
Museum Of New Mexico Foundation Santa Fe, NM | $51,964,866 | $8,605,972 |
Dmns Foundation Denver, CO | $168,202,725 | $31,941,607 |
Houston Symphony Endowment Houston, TX | $87,456,110 | $3,071,634 |