Overview
What is Virginia Museum Of Fine Arts Foundation?
The Virginia Museum of Fine Arts Foundation, established in 1976, is a nonprofit organization committed to supporting its sister institution, the Virginia Museum of Fine Arts (Museum), an agency of the Commonwealth of Virginia. The Foundation's primary role includes managing the Museum's institutional advancement program through comprehensive fundraising efforts. Additionally, it invests and manages private assets such as endowments and owns and maintains real estate used by the Museum for programming and administrative functions. All activities are carried out at the request of the Museum's Board of Trustees. The Foundation's mission enhances the Museum's ability to collect, preserve, exhibit, and interpret art, encourage the study of the arts, and enrich the lives of Virginia citizens. With a team of 34 employees, the Foundation's initiatives significantly contribute to the Museum's success.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 95%
The Virginia Museum Of Fine Arts Foundation has received an outstanding 95% rating from Charity Navigator, indicating a high level of accountability and financial health. The organization showcases robust governance practices, with a board consisting entirely of independent members and full transparency in its financial dealings. This strong score reflects effective oversight and low risk of material financial diversions.
The foundation excels in program expense management, dedicating 86.55% of its resources to programs, signaling a commitment to its core mission. Additionally, it demonstrates exceptional fundraising efficiency, with only $0.06 spent to raise each dollar. The foundation also maintains a strong working capital ratio, ensuring long-term sustainability and operational stability.
While the foundation has notable strengths in governance and financial management, the ratings do not specifically highlight any areas of concern or limitations. The overall positive feedback suggests a well-run organization that is effectively utilizing its resources to support the arts and education in the community.
This AI summary has been generated from information found on Charity Navigator.
Is Virginia Museum Of Fine Arts Foundation legitimate?
Virginia Museum Of Fine Arts Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Virginia Museum Of Fine Arts Foundation 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:
Executive Compensation: $999,642
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,052,667
For more financial information, click here
What is the mission statement of Virginia Museum Of Fine Arts Foundation?
The Virginia Museum of Fine Arts Foundation was established in 1976 to assist the Virginia Museum of Fine Arts in achieving its objectives. The Foundation's mission is to raise funds and cultivate donors, as well as manage and invest private assets, to support the Museum. This support enables the Museum to amass, preserve, showcase, and interpret art, encouraging the study of the arts and enhancing the lives of Virginia residents by enriching their cultural experiences.
Who is the CEO of Virginia Museum Of Fine Arts Foundation?
Andrew M Harris is the President of Virginia Museum Of Fine Arts Foundation.
What is the revenue of Virginia Museum Of Fine Arts Foundation?
Virginia Museum Of Fine Arts Foundation's revenue in 2022 was $55,007,119.
Who are the executives of Virginia Museum Of Fine Arts Foundation and what are their salaries?
The average compensation at Virginia Museum Of Fine Arts Foundation during 2022 was $60,362. There are 34 employees and 120 volunteers at Virginia Museum Of Fine Arts Foundation.
Here are 36 key members and their salaries:
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Where can I find the form 990 for Virginia Museum Of Fine Arts Foundation?
Virginia Museum Of Fine Arts Foundation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Virginia Museum Of Fine Arts Foundation
The Virginia Museum of Fine Arts Foundation, or VMFA Foundation, was established in 1976 with a mission to support the Virginia Museum of Fine Arts (Museum) in its endeavors. The Foundation accomplishes this by overseeing a comprehensive fundraising program and managing private assets, such as endowments. To further enhance the Museum's ability to collect, preserve, exhibit, and interpret art, the Foundation invests these assets wisely. By doing so, the VMFA Foundation enriches the lives of Virginia's citizens and encourages the study of the arts.
The VMFA Foundation plays a crucial role in advancing the Virginia Museum of Fine Arts' mission. The Foundation's fundraising efforts enable the Museum to expand its reach and offerings, allowing it to serve a broader audience. Through these campaigns, the Foundation raises essential funds to support the Museum's operations, acquisitions, and educational programs. Additionally, the Foundation's management of private assets ensures the Museum has a steady financial base, enabling it to focus on its core mission without financial concerns.
The VMFA Foundation's support extends beyond financial resources. Its strategic investments in the Museum's infrastructure enhance the organization's overall capacity. By maintaining pieces of real estate used by the Museum for programming and administrative functions, the Foundation ensures the Museum has the necessary space to carry out its mission effectively. This support, administered at the request of the Museum's Board of Trustees, enhances the Virginia Museum of Fine Arts' ability to serve its visitors and enrich their lives through the power of art.
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Impact
October, 2024
The Virginia Museum of Fine Arts Foundation significantly enhances the cultural landscape of Virginia by supporting the Virginia Museum of Fine Arts through robust fundraising and donor cultivation initiatives. By managing a comprehensive advancement program, the Foundation ensures a steady flow of resources that allow the museum to collect, preserve, exhibit, and interpret art effectively.
Its investments in private assets, including endowments, play a crucial role in sustaining the museum's operations and programs. The careful management and distribution of these funds align with donor intentions, thereby fostering a connection between the museum and its patrons.
The Foundation’s efforts not only secure financial stability for the museum but also enrich the lives of Virginia's citizens by promoting the study of the arts. Through its support, the Foundation enhances educational opportunities and access to diverse art exhibitions, contributing to the overall cultural vitality of the Richmond community and the Commonwealth of Virginia.
This information is meant to be a general summary of Virginia Museum Of Fine Arts Foundation. 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 2022.
- Investment Income: $16,180,133
- Gross Receipts: $185,911,231
Assets and Liabilities:
- Total Assets: $306,625,729
- Total Liabilities: $50,349,090
- Net Assets: $256,276,639
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Organization Details
Founding Year
1976
Phone
(804) 340-1515Principal Officer
Andrew M Harris
Main Address
201 N ARTHUR ASHE BOULEVARD, RICHMOND, VA, 232204007
NTEE Category
Code: A112 - Arts
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