Institute Of Contemporary Art in Boston, Massachusetts (MA)

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Institute Of Contemporary Art
Employer Identification Number (EIN)042104327
Name of OrganizationInstitute Of Contemporary Art
Address100 Northern Ave, Boston, MA 02210-1802
ActivitiesFair, Industry trade shows, Other cultural or historical activities
SubsectionCharitable Organization, Educational Organization
Ruling Date07/1959
DeductibilityContributions are deductible
FoundationOrganization which receives a substantial part of its support from a governmental unit or the general public
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period06/2014
Assets$50,000,000 to greater
Income$10,000,000 to $49,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$88,143,534
Amount of Income$21,454,337
Form 990 Revenue Amount$18,739,062
National Taxonomy of Exempt Entities (NTEE)Arts, Culture and Humanities: Art Museums


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Amount of income in 2014: $21,454,337
Institute Of Contemporary Art: 

 $21,454,337
Other organizations performing similar types of work: 

 $1,258,505

Assets in 2014: $88,143,534
Institute Of Contemporary Art: 

 $88,143,534
Other organizations performing similar types of work: 

 $4,746,079

Expenses in 2013: $11,346,090
This organization: 

 $11,346,090
Other organizations performing similar types of work: 

 $906,066

Income to expenses ratio in 2013: 1.9
This organization: 

 1.9
Other organizations performing similar types of work: 

 1.3

Expenses allocated to program services in 2007: 81.1%
This organization: 

 81.1%
Other organizations performing similar types of work: 

 75.4%

Number of employees in 2013: 197
Institute Of Contemporary Art: 

 197
Other organizations performing similar types of work: 

 29

Employees paid over $100,000 in 2013: 6.1%
Institute Of Contemporary Art: 

 6.1%
Other organizations performing similar types of work: 

 0.0%

Grants share in income in 2013: 82.1%
This organization: 

 82.1%
Other organizations performing similar types of work: 

 64.8%

Financial snapshot ($)

Revenue for 2013

Assets at the end of 2013

Functional expenses for 2013

Support schedule

Checklist
20122013
Is the organization described in section 501(c)(3) or 4947(a)(1) (other than a private foundation)?YesYes
Is the organization required to complete Schedule B, Schedule of Contributors?YesYes
Did the organization engage in direct or indirect political campaign activities on behalf of or in opposition to candidates for public office?NoNo
Did the organization engage in lobbying activities, or have a section 501(h) election in effect during the tax year?NoNo
Is the organization a section 501(c)(4), 501(c)(5), or 501(c)(6) organization that receives membership dues, assessments, or similar amounts as defined in Revenue Procedure 98-19?NoNo
Did the organization maintain any donor advised funds or any similar funds or accounts for which donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts?NoNo
Did the organization receive or hold a conservation easement, including easements to preserve open space, the environment, historic land areas, or historic structures?NoNo
Did the organization maintain collections of works of art, historical treasures, or other similar assets?YesYes
Did the organization report an amount for escrow or custodial account liability; serve as a custodian or provide credit counseling, debt management, credit repair, or debt negotiation services?NoNo
Did the organization, directly or through a related organization, hold assets in temporarily restricted endowments, permanent endowments, or quasi-endowments?YesYes
Did the organization report an amount for land, buildings, and equipment?YesYes
Did the organization report an amount for investments-other securities that is 5% or more of its total assets?NoNo
Did the organization report an amount for investments-program related that is 5% or more of its total assets?NoNo
Did the organization report an amount for other assets that is 5% or more of its total assets?NoNo
Did the organization report an amount for other liabilities?YesYes
Did the organization's separate or consolidated financial statements for the tax year include a footnote that addresses the organization's liability for uncertain tax positions under FIN 48 (ASC 740)?YesYes
Did the organization obtain separate, independent audited financial statements for the tax year?NoNo
Was the organization included in consolidated, independent audited financial statements for the tax year?YesYes
Is the organization a school described in section 170(b)(1)(A)(ii)?NoNo
Did the organization maintain an office, employees, or agents outside of the United States?NoNo
Did the organization have aggregate revenues or expenses of more than $10,000 from grantmaking, fundraising, business, investment, and program service activities outside the United States, or aggregate foreign investments valued at $100,000 or more?NoNo
Did the organization report more than $5,000 of grants or other assistance to or for any foreign organization?NoNo
Did the organization report more than $5,000 of aggregate grants or other assistance to or for foreign individuals?NoNo
Did the organization report a total of more than $15,000 of expenses for professional fundraising services?NoNo
Did the organization report more than $15,000 total of fundraising event gross income and contributions?YesYes
Did the organization report more than $15,000 of gross income from gaming activities?NoNo
Did the organization operate one or more hospital facilities?NoNo
Did the organization attach a copy of its audited financial statements?NoNo
Did the organization report more than $5,000 of grants or other assistance to any domestic organization or domestic government?NoNo
Did the organization report more than $5,000 of grants or other assistance to or for domestic individuals?NoNo
Did the organization answer 'Yes' about compensation of the organization's current and former officers, directors, trustees, key employees, and highest compensated employees?YesYes
Did the organization have a tax-exempt bond issue with an outstanding principal amount of more than $100,000 as of the last day of the year, that was issued after December 31, 2002?YesYes
Did the organization invest any proceeds of tax-exempt bonds beyond a temporary period exception?NoNo
Did the organization maintain an escrow account other than a refunding escrow at any time during the year to defease any tax-exempt bonds?NoNo
Did the organization act as an 'on behalf of' issuer for bonds outstanding at any time during the year?NoNo
Did the organization engage in an excess benefit transaction with a disqualified person during the year?NoNo
Is the organization aware that it engaged in an excess benefit transaction with a disqualified person in a prior year, and that the transaction has not been reported on any of the organization's prior Forms 990 or 990-EZ?NoNo
Did the organization report any amount for receivables from or payables to any current or former officers, directors, trustees, key employees, highest compensated employees, or disqualified persons?NoNo
Did the organization provide a grant or other assistance to an officer, director, trustee, key employee, substantial contributor or employee thereof, a grant selection committee member, or to a 35% controlled entity or family member of any of these persons?NoNo
Was the organization a party to a business transaction with one of the following parties
A current or former officer, director, trustee, or key employee?NoNo
A family member of a current or former officer, director, trustee, or key employee?NoNo
An entity of which a current or former officer, director, trustee, or key employee (or a family member thereof) was an officer, director, trustee, or direct or indirect owner?NoNo
Did the organization receive more than $25,000 in non-cash contributions?YesYes
Did the organization receive contributions of art, historical treasures, or other similar assets, or qualified conservation contributions?YesYes
Did the organization liquidate, terminate, or dissolve and cease operations?NoNo
Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets?NoNo
Did the organization own 100% of an entity disregarded as separate from the organization under Regulations sections 301.7701-2 and 301.7701-3?NoNo
Was the organization related to any tax-exempt or taxable entity?YesYes
Did the organization have a controlled entity within the meaning of section 512(b)(13)?NoYes
Did the organization make any transfers to an exempt non-charitable related organization?NoNo
Did the organization conduct more than 5% of its activities through an entity that is not a related organization and that is treated as a partnership for federal income tax purposes?NoNo
Statements Regarding Other IRS Filings and Tax Compliance
201120122013
The number reported in Box 3 of Form 1096149185
The number of Forms W-2G00
Did the organization comply with backup withholding rules for reportable payments to vendors and reportable gaming (gambling) winnings to prize winners?NoYes
The number of employees reported on Form W-3, Transmittal of Wage and Tax Statements, filed for the calendar year ending with or within the year covered by this return196197
Did the organization file all required federal employment tax returns?YesYes
Did the organization have unrelated business gross income of $1,000 or more during the year?YesYesYes
Has it filed a Form 990-T for this year?YesYes
At any time during the calendar year, did the organization have an interest in, or a signature or other authority over, a financial account in a foreign country (such as a bank account, securities account, or other financial account)?NoNo
Was the organization a party to a prohibited tax shelter transaction at any time during the tax year?NoNo
Did any taxable party notify the organization that it was or is a party to a prohibited tax shelter transaction?NoNo
Did the organization file Form 8886-T?NoNo
Does the organization have annual gross receipts that are normally greater than $100,000, and did the organization solicit any contributions that were not tax deductible as charitable contributions?NoNo
Did the organization include with every solicitation an express statement that such contributions or gifts were not tax deductible?NoNo
Did the organization receive a payment in excess of $75 made partly as a contribution and partly for goods and services provided to the payor?YesYes
Did the organization notify the donor of the value of the goods or services provided?YesYes
Did the organization sell, exchange, or otherwise dispose of tangible personal property for which it was required to file Form 8282?NoNo
Did the organization receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?NoNo
Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract?NoNo
If the organization received a contribution of qualified intellectual property, did the organization file Form 8899 as required?NoNo
If the organization received a contribution of cars, boats, airplanes, or other vehicles, did the organization file a Form 1098-C?NoNo
Did a donor advised fund maintained by the sponsoring organization have excess business holdings at any time during the year?NoNo
Did the sponsoring organization make any taxable distributions under section 4966?NoNo
Did the sponsoring organization make a distribution to a donor, donor advisor, or related person?NoNo
Initiation fees and capital contributions$0$0$0
Gross receipts for public use of club facilities $0$0$0
Gross income from members or shareholders$0$0$0
Gross income from other sources$0$0$0
Is the organization filing Form 990 in lieu of Form 1041?NoNo
The amount of tax-exempt interest received or accrued during the year$0$0
Is the organization licensed to issue qualified health plans in more than one state?NoNo
The amount of reserves the organization is required to maintain by the states in which the organization is licensed to issue qualified health plans$0$0
The amount of reserves on hand$0$0
Did the organization receive any payments for indoor tanning services during the tax year?NoNo
Has it filed a Form 720 to report these payments?NoNo
Compensation of Officers, Directors, Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors
20122013
Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees
Total reportable compensation from the organization$953,938$887,880
Total reportable compensation from related organizations$0$0
Total estimated amount of other compensation from the organization and related organizations$97,538$98,842
Total number of individuals who received more than $100,000 of reportable compensation from the organization55
Total number of independent contractors who received more than $100,000 of compensation from the organization47
Statement of Revenue
201120122013
Total revenue$10,178,834$19,400,277$13,483,294
Contributions, Gifts, Grants and Other Similar Amounts$7,532,702$17,357,007$11,064,748
Program Service Revenue$1,967,498$1,591,290$2,053,851
900099$940,072$1,203,052
900099$507,777$546,929
900099$89,399$271,699
900099$54,042$32,171
All other program service revenue$0$0
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$285,768$198,251$204,024
Income from investment of tax-exempt bond proceeds$0$0$0
Royalties$0$0$0
Net rental loss$5,457$-3,396$-280
Gross rents (Real / Personal)$435,936 / $0$510,084 / $0$619,177 / $0
Less: rental expenses (Real / Personal)$430,479 / $0$513,480 / $0$619,457 / $0
Rental income or (loss) (Real / Personal)$5,457 / $0$-3,396 / $0$-280 / $0
Net gain/loss from sales of assets other than inventory$212,381$106,575$-1,001
Gross amount from sales of assets other than inventory (Securities / Other)$3,694,538 / $0$1,778,243 / $0$1,119,299 / $0
Less: cost or other basis and sales expenses (Securities / Other)$3,482,157 / $0$1,671,668 / $0$1,120,300 / $0
Gain or (loss) (Securities / Other)$212,381 / $0$106,575 / $0$-1,001 / $0
Net income/loss from fundraising events$0$-280,708$-344,515
Gross income from fundraising events$268,104$146,450$85,000
Less: direct expenses$268,104$427,158$429,515
Net income/loss from gaming activities$0$0$0
Net income/loss from sales of inventory$124,054$355,728$406,897
Gross sales of inventory, less returns and allowances$715,641$684,679$795,087
Less: cost of goods sold$591,587$328,951$388,190
Miscellaneous Revenue$50,974$75,530$99,570
722210$61,743$71,592
900099$13,787$27,978
All other revenue$0$0
Statement of Functional Expenses
201120122013
Total functional expenses$10,171,538$11,548,800$11,346,090
Grants and other assistance to domestic organizations and domestic governments$0$0
Grants and other assistance to domestic individuals$0$0
Grants and other assistance to foreign organizations, foreign governments, and foreign individuals$0$0
Benefits paid to or for members$0$0
Compensation of current officers, directors, trustees, and key employees$639,514$731,417$694,421
Compensation not included above, to disqualified persons$0$0
Other salaries and wages$3,359,611$3,619,748$3,806,116
Pension plan accruals and contributions$115,229$124,086
Other employee benefits$221,377$269,069
Payroll taxes$295,384$313,845$321,571
Fees for services (non-employees)
Management$0$0
Legal$2,207$4,476
Accounting$33,600$37,417
Lobbying$0$0
Professional fundraising services$0$0$0
Investment management fees$27,923$46,887
Other$567,844$350,987
Advertising and promotion$498,752$545,583
Office expenses$17,677$19,285
Information technology$74,271$83,485
Royalties$0$0
Occupancy$542,558$691,700
Travel$343,437$561,865
Payments of travel or entertainment expenses for any federal, state, or local public officials$0$0
Conferences, conventions, and meetings$4,134$8,683
Interest$160,332$162,759
Payments to affiliates$0$0
Depreciation, depletion, and amortization$2,262,417$1,718,545
Insurance$93,016$99,665
Other expenses$521,822$439,247
Other expenses$422,738$428,684
Other expenses$419,288$411,530
Other expenses$373,997$136,210
Other expenses$181,171$383,819
Balance Sheet
201120122013
Total assets$71,290,438$78,311,051$80,518,008
Cash - non-interest-bearing$2,409,549$3,773,710
Savings and temporary cash investments$0$0
Pledges and grants receivable, net$15,600,096$14,978,219
Accounts receivable, net$159,137$270,058
Loans and other receivables from current and former officers, directors, trustees, key employees, and highest compensated employees$0$0
Loans and other receivables from other disqualified persons, persons described in section 4958(c)(3)(B), and contributing employers and sponsoring organizations of section 501(c)(9) voluntary employees' beneficiary organizations$0$0
Notes and loans receivable, net$0$0
Inventories for sale or use$257,050$330,655
Prepaid expenses and deferred charges$146,979$243,501
Land, buildings, and equipment: cost or other basis$49,281,531$47,864,912
Investments - publicly traded securities$9,896,115$12,455,345
Investments - other securities$464,949$516,411
Investments - program-related$0$0
Intangible assets$0$0
Other assets$95,645$85,197
Total liabilities$8,443,457$8,229,920$7,677,440
Accounts payable and accrued expenses$707,114$762,874
Grants payable$0$0
Deferred revenue$226,667$186,667
Tax-exempt bond liabilities$7,100,000$6,408,949$5,858,949
Escrow or custodial account liability$0$0
Loans and other payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified persons$0$0
Secured mortgages and notes payable to unrelated third parties$0$0$0
Unsecured notes and loans payable to unrelated third parties$0$0$0
Other liabilities (including federal income tax, payables to related third parties, and other liabilities)$887,190$868,950
Total net assets or fund balances$62,846,981$70,081,131$72,840,568
Unrestricted net assets$43,333,501$42,381,107
Temporarily restricted net assets$6,783,614$8,034,276
Permanently restricted net assets$19,964,016$22,425,185
Capital stock or trust principal, or current funds$0$0
Paid-in or capital surplus, or land, building, or equipment fund$0$0
Retained earnings, endowment, accumulated income, or other funds$0$0$0
Reason for Public Charity Status (for 2013)
The organization is not a private foundation because it is:An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in section 170(b)(1)(A)(vi)
Number of organizations supported0
Sum of amounts of support$0
Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi) (for 2009 - 2013)
2009 - 2013 Total
Public Support$40,338,505
Subtotal Support$49,815,487
Gifts, grants, contributions, and membership fees received$49,815,487
Tax revenues levied for the organization's benefit and either paid to or expended on its behalf$0
The value of services or facilities furnished by a governmental unit to the organization without charge$0
The portion of total contributions by each person (other than a governmental unit or publicly supported organization) that exceeds 2% of the total support$9,476,982
Total Support$54,994,142
Public Support$49,815,487
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources$3,685,191
Net income from unrelated business activities, whether or not the business is regularly carried on$0
Other income. Do not include gain or loss from the sale of capital assets$1,493,464
Gross receipts from related activities, etc.$14,409,894
Revenue, Expenses, and Changes in Net Assets or Fund Balances
20002001200220032004200520062007
Total revenue$6,704,341$4,448,923$4,564,261$9,372,109$13,094,422$29,455,084$18,952,311$12,343,862
Contributions, gifts, grants, and similar amounts received$6,144,785$3,778,696$3,784,550$8,128,919$12,010,888$19,345,534$14,566,701$9,310,475
Contributions to donor advised funds$0$0
Direct public support$5,364,958$3,297,602$3,338,453$5,648,266$6,345,060$9,315,428$7,595,458$5,711,320
Indirect public support$690,260$385,090$389,427$2,455,483$5,650,688$9,852,146$6,927,243$3,536,755
Government contributions (grants)$89,567$96,004$56,670$25,170$15,140$177,960$44,000$62,400
Program service revenue including government fees and contracts$73,856$112,692$152,614$292,876$195,822$137,198$1,426,960$1,491,105
Membership dues and assessments$52,000$35,000$19,955$93,835$84,554$283,062$900,940$657,548
Interest on savings and temporary cash investments$6,762$81$22,558$28,845$57,720$134,969$304,834$72,423
Dividends and interest from securities$40,730$40,896$46,986$45,820$36,556$42,446$55,533$119,096
Net rental income or (loss)$173,570$143,958$146,458$170,624$134,445$47,697$84,870$-3,856
Gross rents$173,570$143,958$146,458$194,242$185,277$140,688$375,629$638,190
Less: rental expenses$0$0$0$23,618$50,832$92,991$290,759$642,046
Other investment income$0$0$0$0$0$0$0$0
Gain or (loss) from sales of assets other than inventory$0$30,569$-320$-3,446$-54,553$8,556,923$127,026$238,534
Gross amount from sales of assets other than inventory$0$546,504$0$889,010$1,156,005$9,993,095$650,611$924,411
Less: cost or other basis and sales expenses$0$515,935$320$892,456$1,210,558$1,436,172$523,585$685,877
Net income or (loss) from special events and activities$143,739$268,567$373,264$554,444$615,870$874,083$1,379,340$0
Gross revenue$192,364$322,317$526,100$751,513$867,910$1,150,820$1,756,874$446,656
Less: direct expenses other than fundraising expenses$48,625$53,750$152,836$197,069$252,040$276,737$377,534$446,656
Gross profit or (loss) from sales of inventory$61,470$19,175$18,096$60,175$10,070$29,816$295,824$441,617
Gross sales of inventory, less returns and allowances$111,454$84,924$77,140$102,037$83,614$69,542$684,697$837,763
Less: cost of goods sold$49,984$65,749$59,044$41,862$73,544$39,726$388,873$396,146
Other revenue$7,429$19,289$100$17$3,050$3,356$-189,717$16,920
Total expenses$3,203,747$3,257,187$3,396,331$3,445,326$3,928,328$4,823,906$10,825,322$11,988,051
Program services$1,537,895$1,503,536$1,826,450$1,946,549$2,431,296$3,262,133$8,654,130$9,724,760
Management and general$824,835$856,225$724,399$751,173$783,276$767,100$1,306,155$1,323,814
Fundraising$841,017$897,426$845,482$747,604$713,756$794,673$865,037$939,477
Payments to affiliates$0$0$0$0$0$0$0$0
Net assets or fund balances at end of year$12,542,850$13,601,660$14,804,847$20,897,804$30,082,331$55,266,439$63,640,549$63,360,123
Excess or (deficit) for the year$3,500,594$1,191,736$1,167,930$5,926,783$9,166,094$24,631,178$8,126,989$355,811
Net assets or fund balances at beginning of year$9,064,537$12,542,850$13,601,660$14,804,847$20,897,804$30,082,331$55,266,439$63,640,549
Other changes in net assets or fund balances$-22,281$-132,926$35,257$166,174$18,433$552,930$247,121$-636,237
Statement of Functional Expenses (for 2007)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$11,988,051$9,724,760$1,323,814$939,477
Grants paid from donor advised funds$0
Other grants and allocations$0
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$815,263$0$542,946$272,317
Compensation of former officers, directors, key employees, etc.$0$0$0$0
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0$0$0
Salaries and wages of employees not included above$2,910,988$2,475,075$307,859$128,054
Pension plan contributions not included above$91,339$77,410$9,722$4,207
Employee benefits not included above$217,906$181,962$23,100$12,844
Payroll taxes$307,859$233,809$45,070$28,980
Professional fundraising fees$0$0$0$0
Accounting fees$27,775$0$27,775$0
Legal fees$6,064$2,608$3,456$0
Supplies$94,281$57,561$26,021$10,699
Telephone$33,203$2,314$29,316$1,573
Postage and shipping$608,727$575,103$5,782$27,842
Occupancy$490,617$471,936$10,847$7,834
Equipment rental and maintenance$199,642$120,810$23,411$55,421
Printing and publications$291,255$234,602$3,259$53,394
Travel$207,223$168,553$29,713$8,957
Conferences, conventions, and meetings$16,164$4,034$9,048$3,082
Interest$816,671$785,575$18,056$13,040
Depreciation, depletion, etc.$1,861,738$1,790,851$41,161$29,726
Other expenses not covered above$2,991,336$2,542,557$167,272$281,507
Balance Sheets
20002001200220032004200520062007
Total assets$12,589,474$13,917,101$15,675,104$21,507,505$58,184,195$83,845,900$84,993,671$80,577,068
Cash - non-interest-bearing$1,335,800$2,965,226$498,134$824,242$571,276$1,705,850$1,580,133$1,094,084
Savings and temporary cash investments$13,448$2,066$0$0$14,499,297$9,851,297$2,794,607$1,684
Accounts receivable less allowance for doubtful accounts$34,561$54,641$41,061$5,488$12,855$9,802$44,599$315,364
Pledges receivable less allowance for doubtful accounts$9,185,577$7,732,309$8,081,281$10,559,727$4,383,209$21,914,506$20,628,985$16,064,934
Grants receivable$0$0$0$0$0$0$0$0
Receivables from current and former officers, directors, trustees, and key employees$0$0$0$0$0$0$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0
Other notes and loans receivable less allowance for doubtful accounts$0$0$0$0$0$0$0$0
Inventories for sale or use$38,696$53,563$64,261$87,304$88,153$74,943$204,608$195,890
Prepaid expenses and deferred charges$89,959$68,609$48,424$62,966$682,748$655,096$762,516$656,899
Investments - publicly-traded securities$3,945,993$6,400,605
Investments - other securities$1,268,744$1,142,961$3,240,104$3,064,611$2,043,273$2,230,453$0$0
Investments - land, buildings, and equipment less accumulated depreciation$0$0$0$0$0$0$0$0
Investments - other$0$0$0$0$0$0$0$0
Land, buildings, and equipment less accumulated depreciation$622,689$1,897,726$3,701,839$6,903,167$25,217,027$47,163,023$54,981,845$55,847,608
Other assets, including program-related investments$0$0$0$0$10,686,357$240,930$50,385$0
Total liabilities$46,624$315,441$870,257$609,701$28,101,864$28,579,461$21,353,122$17,216,945
Accounts payable and accrued expenses$46,624$315,441$870,257$571,981$1,998,402$2,629,461$1,160,205$1,038,824
Grants payable$0$0$0$0$0$0$0$0
Deferred revenue$0$0$0$0$0$0$342,917$287,917
Loans from officers, directors, trustees, and key employees$0$0$0$0$0$0$0$0
Tax-exempt bond liabilities$0$0$0$0$0$25,950,000$19,850,000$15,800,000
Mortgages and other notes payable$0$0$0$0$26,000,000$0$0$0
Other liabilities$0$0$0$37,720$103,462$0$0$90,204
Total liabilities and net assets/fund balances$12,589,474$13,917,101$15,675,104$21,507,505$58,184,195$83,845,900$84,993,671$80,577,068
Total net assets or fund balances$12,542,850$13,601,660$14,804,847$20,897,804$30,082,331$55,266,439$63,640,549$63,360,123
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
20002001200220032004200520062007
Total revenue$6,704,341$4,448,923$4,564,261$9,372,109$13,094,422$29,455,084$18,952,311$12,343,862
Total revenue, gains, and other support per audited financial statements$6,802,950$4,568,422$5,001,210$9,800,832$13,647,254$30,298,349$20,544,798$13,820,566
Other expenses$98,609$119,499$436,949$428,723$552,832$433,811$344,775$87,236
Net unrealized gains on investments$0$0$35,257$166,174$83,689$21,390$247,121$102,542
Donated services and use of facilities$0$0$189,812$0$92,727$106,235$97,654$0
Recoveries of prior year grants$0$0$0$0$0$0$0$0
Other$98,609$119,499$211,880$262,549$376,416$306,186$0$-15,306
Other revenue$0$0$0$0$0$-409,454$-1,247,712$-1,389,468
Investment expenses$0$0$0$0$0$0$0$0
Other$0$0$0$0$0$-409,454$-1,247,712$-1,389,468
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
20002001200220032004200520062007
Total expenses$3,203,747$3,257,187$3,396,331$3,445,326$3,928,328$4,823,906$10,825,322$11,988,051
Total expenses and losses per audited financial statements$3,302,356$3,376,686$3,798,023$3,707,875$4,462,727$5,339,595$11,980,143$14,100,992
Other revenue$98,609$119,499$401,692$262,549$534,399$515,689$1,154,821$2,128,247
Donated services and use of facilities$0$0$189,812$0$92,727$106,235$0$102,542
Prior year adjustments$0$0$0$0$0$0$97,654$0
Losses$0$0$0$0$65,256$0$0$0
Other$98,609$119,499$211,880$262,549$376,416$409,454$1,057,167$2,025,705
Other expenses$0$0$0$0$0$0$0$15,306
Investment expenses$0$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$0$15,306
Current Officers, Directors, Trustees, and Key Employees
Average hours per week devoted to positionCompensationContributions to employee benefit plans & deferred compensation plansExpense account and other allowances
40$350,000$12,021$0
40$167,500$13,425$0
40$252,400$19,917$0
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings40
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?No
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?No
Does the organization have a written conflict of interest policy?Yes
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?Yes
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?Yes
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?No
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?No
Did the organization acquire a direct or indirect interest in any applicable insurance contract?No
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?No
Number of employees employed in the pay period that includes March 12, 2006106
Analysis of Income-Producing Activities (for 2007)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$-3,856$289,464$2,747,779
Program service revenue
Program service revenue 1000000$000$0$1,260,033
Program service revenue 2000000$000$0$143,342
Program service revenue 3000000$000$0$87,730
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$657,548
Interest on savings and temporary cash investments000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$72,423$0
Dividends and interest from securities000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$119,096$0
Net rental income or (loss) from real estate
debt-financed propertyLessors of other real estate property$-3,85600$0$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$0Gain (or loss, to the extent allowed) from the sale of investments and other non-inventory property and from certain property acquired from financial institutions that are in conservatorship or receivership (sections 512(b)(5) and 512(b)(16)(A))$238,534$0
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$000$0$441,617
Other revenue000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$-140,589$157,509
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2007)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0000000000%$0$0
0000000000%$0$0
0000000000%$0$0
0000000000%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2007)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$126,107$17,548$0
$121,441$9,750$0
$89,557$14,807$0
$90,827$8,582$0
$68,596$2,513$0
Total number of other employees paid over $50,00016
Statements About Activities (for 2007)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?No
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?No
Did the organization maintain any donor advised funds?No
Did the organization make any taxable distributions under section 4966?No
Did the organization make a distribution to a donor, donor advisor, or related person?No
The total number of donor advised funds owned at the end of the tax year$0
The aggregate value of assets held in all donor advised funds owned at the end of the tax year$0
The total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts$0
The aggregate value of assets held in all funds or accounts included above at the end of the tax year$0
Reason for Non-Private Foundation Status
The organization is not a private foundation because it isOrganization that receives a substantial part of its support from a governmental unit or from the general public
Support Schedule
19992000200120022003200420052006
Total$8,546,994$6,802,950$4,537,853$4,776,461$9,638,104$12,215,071$14,465,728$21,323,720
Gifts, grants, and contributions received$8,267,131$6,144,785$3,778,696$3,784,550$8,128,919$10,707,935$12,500,594$15,852,222
Membership fees received$128,366$52,000$35,000$19,955$93,835$84,554$283,062$900,940
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$61,589$551,244$663,891$902,312$1,340,668$1,139,979$1,360,613$3,833,734
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$89,908$47,492$40,977$69,544$74,665$279,553$318,103$735,996
Net income from unrelated business activities not included above$0$0$0$0$0$0$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0$0$0$0$0$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0$0$0$0$0$0$0
Other income$0$7,429$19,289$100$17$3,050$3,356$828
Lobbying Expenditures by Electing Public Charities (for 2007)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Museum Of Fine Arts465 Huntington Ave, Boston, MA 02115-5523MA1965-01$289,678,188
2Sterling & Francine Clark Art Inst225 South St, Williamstown, MA 01267-2878MA1951-09$116,912,527
3Isabella Stewart Gardner Museum Inc280 The Fenway, Boston, MA 02115-5809MA1937-12$28,791,598
4Worcester Art Museum55 Salisbury St, Worcester, MA 01609-3123MA1934-03$27,391,802
5Institute Of Contemporary Art100 Northern Ave, Boston, MA 02210-1802MA1959-07$21,454,337
6Norman Rockwell Museum At Stockbridge Inc9 Glendale Rd, Stockbridge, MA 01262-9702MA1969-08$4,285,272
7The Columbus Museum Inc1251 Wynnton Rd, Columbus, GA 31906-2810GA1954-11$14,747,840
8Salvador Dali Museum Inc1 Dali Blvd, St Petersburg, FL 33701-3920FL1981-05$11,121,580
9De Cordova And Dana Museum And Park, De Cordova Museum & Sculpture Park51 Sandy Pond Rd, Lincoln, MA 01773-2600MA1949-07$7,395,837
10Tampa Museum Of Art Inc120 W Gasparilla Plz, Tampa, FL 33602-1500FL1979-11$3,977,936
11Tucson Museum Of Art140 N Main Ave, Tucson, AZ 85701-8218AZ1956-02$3,890,252
12The Mobile Museum Of Art Inc4850 Museum Dr, Mobile, AL 36608-1917AL1996-02$3,749,971
13The American Visionary Art Museum Inc800 Key Hwy, Baltimore, MD 21230-3940MD1994-05$3,006,291
14Washington County Museum Of Fine ArtsPO BOX 423, Hagerstown, MD 21741-0423MD1947-07$2,359,715
15Thomas Gilcrease Museum Association1400 Gilcrease Rd, Tulsa, OK 74127OK1963-12$2,320,560
16Provincetown Art Association And Museum Inc460 Commercial St, Provincetown, MA 02657-2415MA1952-03$2,112,724
17Danforth Museum Corp123 Union Ave, Framingham, MA 01702-8223MA1974-03$1,549,906
18Fitchburg Art Museum25 Merriam Pkwy, Fitchburg, MA 01420-7523MA1948-06$1,113,101
19The Cahoon Museum Of American Art IncPO BOX 1853, Cotuit, MA 02635-1853MA1987-08$481,783
20Arts Institute Group Of The Merrimack Valley IncPo Box 879, Methuen, MA 01844MA2000-08$0
Number of organizations performing similar types of work
Alaska1
Alabama8
Arizona5
California42
Colorado5
Connecticut7
District of Columbia6
Delaware2
Florida21
Georgia8
Hawaii2
Iowa3
Idaho1
Illinois7
Indiana11
Kansas2
Kentucky3
Louisiana6
Massachusetts17
Maryland7
Maine6
Michigan7
Minnesota8
Missouri4
Mississippi4
Montana7
North Carolina16
North Dakota2
Nebraska2
New Hampshire1
New Jersey3
New Mexico2
Nevada3
New York32
Ohio17
Oklahoma5
Oregon4
Pennsylvania12
Rhode Island5
South Carolina4
Tennessee6
Texas23
Utah1
Virginia9
Vermont3
Washington8
Wisconsin6
West Virginia1
Wyoming1
International2
Total368

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