Overview
What is Friends Of The Wichita Art Museum Inc?
Friends of the Wichita Art Museum Inc is a volunteer organization based in Wichita, Kansas, dedicated to supporting the local art museum. Their mission involves fostering a relationship between the public and the museum, arranging programs, events, and activities to boost engagement and financial contributions. The group manages several endowment funds, including the General Endowment Fund, Library Endowment Fund, Howard E. Wooden Lecture Series Endowment Fund, and Special Gift Fund, all housed at the Wichita Community Foundation. In 2022, they contributed $100 to the General Endowment Fund and $15,000 to the Special Gifts Fund. As of December 31, 2022, these endowment funds have a combined value of approximately $3.1 million. In 2022, the endowment funds provided around $125,000 of support to the Wichita Art Museum. Their primary goal is to promote the art museum programs, establish a lasting endowment for art acquisitions, exhibitions, and educational opportunities within the Wichita metropolitan community.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 73%
Friends Of The Wichita Art Museum Inc has received a 73% rating, translating to a Two-Star out of Four Star rating. This score reflects a strong emphasis on accountability and finance, with a perfect score in several categories such as having a majority of independent board members and a very low liabilities-to-assets ratio. However, the overall rating is hampered by several missing governance documents, which affects transparency.
The organization demonstrates solid financial management, as evidenced by a high program expense ratio of nearly 70%. This indicates that a significant portion of their expenses is directed towards fulfilling their mission, rather than administrative costs. The commitment of their board, as shown by independent oversight, is a notable strength that enhances their credibility.
Despite these strengths, the absence of key policies—such as a conflict of interest policy, whistleblower policy, and document retention policy—raises concerns about governance practices. Additionally, the lack of accessibility to tax forms on their website could hinder public trust and accountability. Addressing these gaps could significantly improve their rating and community perception.
This AI summary has been generated from information found on Charity Navigator.
Is Friends Of The Wichita Art Museum Inc legitimate?
Friends Of The Wichita Art Museum Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Friends Of The Wichita Art Museum Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
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What is the mission statement of Friends Of The Wichita Art Museum Inc?
The Friends of the Wichita Art Museum Inc is a volunteer group with a mission to support the Wichita Art Museum. Their primary objective is to foster a connection between the museum and the general public by organizing programs, activities, and events that encourage participation and generate financial support. The organization aims to establish a permanent endowment for art acquisitions, exhibitions, and educational opportunities within the Wichita metropolitan community. They have established four endowment funds at the Wichita Community Foundation, namely the General Endowment Fund, Library Endowment Fund, Howard E. Wooden Lecture Series Endowment Fund, and Special Gift Fund, all benefiting the museum. In 2022, $100 was contributed to the General Endowment Fund, and $15,000 was donated to the Special Gifts Fund. As of December 31, 2022, the endowment funds collectively hold a value of approximately $3.1 million, providing around $125,000 of support to the Wichita Art Museum in the same year.
What is the revenue of Friends Of The Wichita Art Museum Inc?
Friends Of The Wichita Art Museum Inc's revenue in 2024 was $42,842.
Who are the executives of Friends Of The Wichita Art Museum Inc and what are their salaries?
There 60 volunteers at Friends Of The Wichita Art Museum Inc.
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Where can I find the form 990 for Friends Of The Wichita Art Museum Inc?
Friends Of The Wichita Art Museum Inc's most recent form 990 was submitted in 2024 and can be accessed here.
Mission Statement of Friends Of The Wichita Art Museum Inc
Friends of the Wichita Art Museum, a volunteer group, is dedicated to supporting the Wichita Art Museum. Their mission is twofold: firstly, to foster a strong relationship between the museum and the general public by organizing programs, activities, and events that encourage participation and generate financial support for the Friends of the Wichita Art Museum Endowment Funds. Secondly, they aim to promote volunteer support for the museum and enhance education and interest in the visual arts within the Wichita metropolitan community.
To achieve these objectives, Friends of the Wichita Art Museum has established four endowment funds at the Wichita Community Foundation. These funds, including the General Endowment Fund, Library Endowment Fund, Howard E. Wooden Lecture Series Endowment Fund, and Special Gift Fund, are exclusively benefiting the museum. In 2022, the organization contributed $100 to the General Endowment Fund and $15,000 to the Special Gifts Fund. As of December 31, 2022, the endowment funds have a combined value of approximately $3.1 million. In 2022, they provided approximately $125,000 of support to the Wichita Art Museum. Through these efforts, Friends of the Wichita Art Museum plays a significant role in sustaining and enriching the museum's programs and initiatives, ultimately fostering a thriving art community.
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Impact
August, 2024
Friends Of The Wichita Art Museum Inc plays a crucial role in supporting the Wichita Art Museum by initiating and implementing programs, activities, and events that promote participation and generate financial support. By establishing endowment funds exclusively for the benefit of the museum, the organization has contributed significantly to the museum's success. In 2022 alone, the endowment funds provided approximately $125,000 of support to the Wichita Art Museum, showcasing the tangible impact of their efforts. With a combined endowment value of approximately $3.1 million, Friends Of The Wichita Art Museum Inc is instrumental in ensuring the sustainability and growth of the museum's programs and educational opportunities for the Wichita metropolitan community.
This information is meant to be a general summary of Friends Of The Wichita Art Museum Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2024.
- Investment Income: $4,665
- Program Service Revenue: $9,750
- Gross Receipts: $42,842
Assets and Liabilities:
- Total Assets: $59,708
- Total Liabilities: $870
- Net Assets: $58,838
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ART TRIPS
Revenue
$6,830
ART EVENTS
Revenue
$2,920
Organization Details
Founding Year
1960
Principal Officer
Diane Post
NTEE Category
Code: A51I - Arts
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