Broad Art Foundation
- Assets
- $711.6m
- Revenue
- $2.4m
- Investments
- $56.5m
- Employees
- 0
- Location
- Los Angeles, CA
- Founding
- 04/1998
- Data as of
- 12/2022
- EIN
- 95-4664939
Organization Overview
Broad Art Foundation is located in Los Angeles, CA. The organization was established in 1998. 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. Broad 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, Broad Art Foundation generated $2.4m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (26.8%) each year. All expenses for the organization totaled $4.7m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Broad Art Foundation has awarded 158 individual grants totaling $116,614,466. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
ART ACQUISITION FOR LOAN PROGRAM
ART EXHIBITION, STUDY, AND LOAN PROGRAM (SEE ATTACHED DESCRIPTION OF ACTIVITIES)
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Edythe Broad Trustee | 2 | $0 | |
Joanne Heyler Trustee, Director/chief Curator | 20 | $320,000 | |
Gerun Riley Trustee | 2 | $10,000 | |
Julie Baker Trustee | 2 | $22,500 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Family Office Investment Services Llc | 12/30/22 | $124,454 |
Family Office Financial Services | 12/30/22 | $170,617 |
Ernst & Young Llp | 12/30/22 | $50,819 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $3,672 |
| Dividends & Interest | $961,785 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $1,383,289 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $62,528 |
| Total Revenue | $2,411,274 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $320,000 |
| Other employee salaries and wages | $119,845 |
| Pension plans, employee benefits | $40,984 |
| Interest | $0 |
| Taxes | $8,500 |
| Depreciation | $0 |
| Occupancy | $1,493 |
| Travel, conferences, and meetings | $41,713 |
| Printing and publications | $351 |
| Other expenses | $1,005,394 |
| Total operating and administrative expenses | $1,928,536 |
| Contributions, gifts, grants paid | $2,739,676 |
| Total expenses and disbursements | $4,668,212 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $84,423 |
| Savings and temporary cash investments | $56,565,045 |
| Net Accounts receivable | $293,140 |
| 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 | $5,200,000 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $47,047,101 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $593,003,488 |
| Total assets | $711,649,194 |
| Accounts payable and accrued expenses | $92,145 |
| Grants payable | $12,000,000 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $93,568 |
| Total liabilities | $12,185,713 |
Grants Awarded
Over the last fiscal year, Broad Art Foundation has awarded $12,180,000 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
826LA PURPOSE: GENERAL SUPPORT | $5,000 |
HAMMER MUSEUM PURPOSE: GENERAL SUPPORT | $25,000 |
LOS ANGELES COUNTY MUSEUM OF ART PURPOSE: EXHIBITION SUPPORT | $75,000 |
MUSEUM OF CONTEMPORARY ART PURPOSE: GENERAL SUPPORT | $25,000 |
PORTLAND ART MUSEUM PURPOSE: EXHIBITION SUPPORT | $50,000 |
THE BROAD PURPOSE: OPERATING SUPPORT | $12,000,000 |