Civic Intelligence

Grand Rapids Art Museum

EIN 38-1387136 • 501(c)3 • Grand Rapids, MI

Profile

To provide a place where people of all ages and backgrounds can enrich their lives through interaction with authentic works of art of the finest quality.

101 Monroe CenterGrand Rapids, MI 49503

www.artmuseumgr.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

14th percentile

0.02x

Higher debt load relative to assets than 14% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2024

Liabilities / Revenue

37th percentile

0.22x

Higher debt load relative to revenue than 37% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2024

Net Margin

4th percentile

-58%

Higher net margin than 4% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

12th percentile

-5.3%

Faster asset growth than 12% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Annualized from 2023 to 2024

Revenue Growth

39th percentile

3.3%

Faster revenue growth than 39% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Annualized from 2023 to 2024

Assets

Down

$61,955,134

Down $3,496,710 (-5.3%) from 2023

Liabilities

Down

$1,087,358

Down $604,060 (-36%) from 2023

Net Assets

Down

$60,867,776

Down $2,892,650 (-4.5%) from 2023

Revenue

Up

$5,005,729

Up $161,426 (+3.3%) from 2023

Expenses

Up

$7,913,741

Up $21,318 (+0.3%) from 2023

Net Income

Up

-$2,908,012

Up $140,108 (+4.6%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$80M$60M$40M$20M$0Assets 2011: $77,197,302Liabilities 2011: $10,517,038Net Assets 2011: $66,680,2642011Assets 2012: $74,333,505Liabilities 2012: $10,058,283Net Assets 2012: $64,275,2222012Assets 2013: $72,803,124Liabilities 2013: $10,105,148Net Assets 2013: $62,697,9762013Assets 2014: $72,308,884Liabilities 2014: $10,175,093Net Assets 2014: $62,133,7912014Assets 2015: $70,230,664Liabilities 2015: $10,033,551Net Assets 2015: $60,197,1132015Assets 2016: $67,694,189Liabilities 2016: $9,922,765Net Assets 2016: $57,771,4242016Assets 2017: $72,272,343Liabilities 2017: $10,161,274Net Assets 2017: $62,111,0692017Assets 2018: $74,476,420Liabilities 2018: $10,216,333Net Assets 2018: $64,260,0872018Assets 2019: $70,908,082Liabilities 2019: $10,063,820Net Assets 2019: $60,844,2622019Assets 2020: $67,664,552Liabilities 2020: $10,429,202Net Assets 2020: $57,235,3502020Assets 2021: $63,932,796Liabilities 2021: $793,876Net Assets 2021: $63,138,9202021Assets 2022: $68,920,116Liabilities 2022: $2,111,570Net Assets 2022: $66,808,5462022Assets 2023: $65,451,844Liabilities 2023: $1,691,418Net Assets 2023: $63,760,4262023Assets 2024: $61,955,134Liabilities 2024: $1,087,358Net Assets 2024: $60,867,7762024

Highlighted filing

2024

Assets$61,955,134
Liabilities$1,087,358
Net Assets$60,867,776

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$15M$10M$5.0M$0-$5.0MRevenue 2011: $5,597,709Expenses 2011: $7,979,077Net Income 2011: -$2,381,3682011Expenses 2012: $6,143,0062012Revenue 2013: $4,487,163Expenses 2013: $6,064,409Net Income 2013: -$1,577,2462013Revenue 2014: $6,059,657Expenses 2014: $6,623,842Net Income 2014: -$564,1852014Revenue 2015: $4,984,849Expenses 2015: $6,923,827Net Income 2015: -$1,938,9782015Revenue 2016: $4,978,778Expenses 2016: $7,403,339Net Income 2016: -$2,424,5612016Revenue 2017: $11,152,064Expenses 2017: $6,814,539Net Income 2017: $4,337,5252017Revenue 2018: $9,555,790Expenses 2018: $7,410,221Net Income 2018: $2,145,5692018Revenue 2019: $4,229,983Expenses 2019: $7,647,234Net Income 2019: -$3,417,2512019Revenue 2020: $2,966,437Expenses 2020: $6,577,380Net Income 2020: -$3,610,9432020Revenue 2021: $12,119,660Expenses 2021: $6,233,946Net Income 2021: $5,885,7142021Revenue 2022: $10,952,010Expenses 2022: $7,266,158Net Income 2022: $3,685,8522022Revenue 2023: $4,844,303Expenses 2023: $7,892,423Net Income 2023: -$3,048,1202023Revenue 2024: $5,005,729Expenses 2024: $7,913,741Net Income 2024: -$2,908,0122024

Highlighted filing

2024

Revenue$5,005,729
Expenses$7,913,741
Net Income-$2,908,012

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$62.0$1.09$60.9$5.01$7.91$2.91
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$65.5$1.69$63.8$4.84$7.89$3.05
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$68.9$2.11$66.8$11.0$7.27$3.69
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$63.9$0.79$63.1$12.1$6.23$5.89
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$67.7$10.4$57.2$2.97$6.58$3.61
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$70.9$10.1$60.8$4.23$7.65$3.42
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$74.5$10.2$64.3$9.56$7.41$2.15
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$72.3$10.2$62.1$11.2$6.81$4.34
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$67.7$9.92$57.8$4.98$7.40$2.42
2015Detailed filing. Detailed filing data is available for this year.$70.2$10.0$60.2$4.98$6.92$1.94
2014Detailed filing. Detailed filing data is available for this year.$72.3$10.2$62.1$6.06$6.62$0.56
2013Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$72.8$10.1$62.7$4.49$6.06$1.58
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$74.3$10.1$64.3$6.14
2011Summary only. Only limited summary data is available for this year.$77.2$10.5$66.7$5.60$7.98$2.38
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Oct 1, 2023 to Sep 30, 2024
Signed
Aug 13, 2025
Return Version
2023v6.0
Gross Receipts
$5,617,940
Mission and Program Overview

Mission

To provide a place where people of all ages and backgrounds can enrich their lives through interaction with authentic works of art of the finest quality.

Connecting people through art, creativity, and design.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$59,080,697$57,051,216▼ $2,029,481
Pledges and Grants Receivable$4,717,824$3,503,398▼ $1,214,426
Cash and Non-Interest-Bearing Accounts$1,287,660$497,431▼ $790,229
Savings and Temporary Cash Investments-$454,085-
Prepaid Expenses and Deferred Charges$182,486$275,638▲ $93,152
Investments Other Securities$87,547$102,909▲ $15,362
Inventories for Sale or Use$21,710$27,801▲ $6,091
Accounts Receivable$31,476$212▼ $31,264
Total Assets$65,451,844$61,955,134▼ $3,496,710
Other Assets Total$42,444$42,444→ $0
Liabilities
Unsecured Notes Loans Payable$1,000,000$500,000▼ $500,000
Accounts Payable and Accrued Expenses$532,814$422,846▼ $109,968
Other Liabilities$158,604$164,512▲ $5,908
Total Liabilities$1,691,418$1,087,358▼ $604,060
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$58,768,071$56,759,708▼ $2,008,363
Net Assets With Donor Restrictions$4,992,355$4,108,068▼ $884,287
Total Net Assets Fund Balance$63,760,426$60,867,776▼ $2,892,650
Total Liabilities and Net Assets / Fund Balance$65,451,844$61,955,134▼ $3,496,710

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$48,769,863$32,430,869$81,200,732
Land$7,575,615-$7,575,615
Equipment$705,738$2,529,958$3,235,696
Other Land Buildings-$36,919$36,919
Leasehold Improvements-$3,800$3,800

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2024$87,547-▲ $15,362-$102,909
2023$82,292-▼ $5,255-$87,547
2022$103,618-▼ $21,326-$82,292
2021$91,037-▲ $12,581-$103,618
2020$89,006-▲ $2,031-$91,037
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Cindy Meyers FoleyDirector andFT$141,100$28,431$169,531
Cindy Meyers FoleyDirector and CEO-$141,100$28,431$169,531
Shelly Barnette-dawsonDep Director forFT$106,939$30,648$137,587

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$4,233,059
Program Service Revenue
$388,142
Investment Income
$8,907
Other Revenue
$375,621
All Other Contributions
$2,273,174
Change in Net Assets
$-2,908,012

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded3$306,219Fair Market Value (FMV)
Other Non Cash Contri Table1$13,698Fair Market Value (FMV)
Total Noncash Contributions4$319,917-

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,315,605
Revenue Not Reported on Financial Statements
$-309,876
Revenue Not Reported on Form 990
$37,862
Other Revenue Adjustments
$-309,876
Total Revenue per Audited Statements
$5,353,467
Total Revenue per Form 990
$5,005,729
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$5,206,261
Salaries, Compensation, and Employee Benefits$2,586,713
Total Fundraising Expense$594,020
Professional Fundraising Fees$71,020
Grants and Similar Amounts Paid$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$1,667,086$684,110$47,520$2,398,716
Other Salaries and Wages$813,901$856,637$306,472$1,977,010
Occupancy$550,814$237,379$22,076$810,269
Fees for Services Other$210,764$567,255$2,365$780,384
Current Officers, Directors, Trustees, and Key Employees$114,199$124,849$43,430$282,478
Payroll Taxes$66,239$69,795$24,947$160,981
Advertising$74,721$78,781-$153,502
Other Employee Benefits$50,630$65,112$20,988$136,730
Insurance$83,039$33,699$1,336$118,074
Office Expenses$70,173$12,708$26,445$109,326
All Other Expenses$76,597$25,840$1,604$104,041
Interest-$77,973-$77,973
Fees for Services Professional Fundraising--$71,020$71,020
Benefits to Members$49,747--$49,747
Information Technology$20,404$21,447$7,794$49,645
Other Expenses$13,183$27,180$3,546$43,909
Travel$32,605$8,058$950$41,613
Pension Plan Contributions$19,219$2,004$8,291$29,514
Fees for Services Accounting-$22,060-$22,060
Conferences and Meetings$3,299$5,487$250$9,036
Total Functional Expenses$4,347,655$2,972,066$594,020$7,913,741

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$8,246,117
Expenses per Audited Statements$8,223,617
Total Expenses per Form 990$7,913,741
Expenses Not Reported on Form 990$22,500
Expenses Not Reported on Financial Statements$-309,876
Other Expense Adjustments$-309,876
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$173,621
Professional Fundraising Fees$71,020
Fundraising Gross Income$69,116

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Gala$239,367$52,857$63,425$-10,568
Live Artfully$109,175$15,000$23,292$-8,292
Total Events$348,542$67,857$173,621$-105,764
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Advance Deposits$164,512
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

Those who have purchased a membership in the museum are considered members of the organization.

Form 990, Page 6, Part VI, Line 7A

The members of the museum elect the board of trustees from a ballot prepared by the board of the organization. Members do not exercise any other control over the board.

Form 990, Page 6, Part VI, Line 11B

A digital copy of form 990 is provided to the board of directors for review and approval prior to filing.

Form 990, Page 6, Part VI, Line 12C

The policy is distributed to the board as part of their trustee packages annually.

Form 990, Page 6, Part VI, Line 15A

The compensation process for the director/ceo is reviewed and approved by the board of trustees. The committee utilizes industry wage reports for comparison levels and the meeting results are documented. The museum has a "compensation and benefits committee" that reviews proposed compensation for all staff. The committee utilizes industry wage reports for comparison of compensation levels and the meeting results are documented.

Form 990, Page 6, Part VI, Line 15B

The compensation process for the director/ceo is reviewed and approved by the board of trustees. The committee utilizes industry wage reports for comparison levels and the meeting results are documented. The museum has a "compensation and benefits committee" that reviews proposed compensation for all staff. The committee utilizes industry wage reports for comparison of compensation levels and the meeting results are documented.

Form 990, Page 6, Part VI, Line 19

The governing documents, conflict of interest policy, and financial statements are available in the office of the chief executive officer and can be provided upon request.

Filing and Contact Details

Filer

Filer Name
Grand Rapids Art Museum
EIN
38-1387136
Phone
6168312904
Address
101 MONROE CENTER, GRAND RAPIDS, MI 49503

Signing Officer

Name
Cindy Meyers Foley
Title
Director and CEO
Phone
6168312904
Signed
2025-08-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Cindy Meyers Foley
Formed
1910
Legal Domicile
Mi
Voting Board Members
17
Independent Board Members
17
Employees
82
Volunteers
98

Preparer

Firm
Andrews Hooper Pavlik Plc
Address
2311 EAST BELTLINE AVE SE STE 200, GRAND RAPIDS, MI 49546
Preparer
Eric a Ryan
Phone
6169426440
Supplemental Narrative

Additional Explanations

Form 990, Part III

Form 990, part iii, line 4a - 1st program service accomplishment border cantos / sonic border (2/3/2024 - 4/28/2024) border cantos | sonic border reveals the often unseen human reality of the mexican-american borderlands. Conceived collaboratively by photographer richard misrach and experimental composer/artist guillermo galindo, this exhibition includes photographic landscapes and a sound composition combined with musical sculptures created from objects found along the border. Both artists address complex topics that touch on politics, environmental concerns, and humanitarian issues. Misrach is well known forexpansive images focusing on the ways humans interact with and impact the natural environment. Galindo is inspired by the mesoamerican belief that one can bring out the spiritual essence of an object's past. His composition sonic border is a 260-minute piece using eight musical instruments he created from objects discarded near the us-mexican border. Together, the photographs, objects, and sonic composition introduce distinct yet interrelated ways of experiencing the human consequences of immigration policies. The artists offer evidence of the thousands of people who have journeyed through the borderlands in hopes of a better life and, by doing so, encourage empathy for the plight of migrants everywhere. Form 990, part iii, line 4a - 2nd program service accomplishment underneath everything: humility and granduer in contemporary ceramics ((10/7/2023 - 1/14/2024)) during an artist lecture in december 2021, theaster gates evoked a fascinating paradox in contemporary ceramics practice. Clay is the humblest of materials, often overlooked and more readily associated with a morning cup of coffee than with the international art world. But it is underneath everything. There is an expansiveness to work made or based in this medium, as artists push the limitations of clay, attaching layers of conceptual meaning and playing with the boundaries between ceramics and other media including film, photography, painting, performance, and installation. This exhibition features artworks that honor the humility of the medium while simultaneously evoking a sense of grandeur and possibility. Form 990, part iii, line 4c - 3rd program service accomplishment the outwin: american portraiture today (6/1/2024 - 9/8/2024) the outwin: american portraiture today demonstrates how broad and ever- changing the genre of portraiture can be and highlights the potential for art to respond to adversity and promote positive change in the world. Every three years the national portrait gallery invites artists working throughout the united states to submit recent work to the outwin boochever portrait competition. Out of 2,700 entries received in 2022, forty-two finalists were selected for inclusion in the outwin: american portraiture today. This touring exhibition of contemporary portraiture illuminates the genre's power to communicate a multitude of life experiences. The artists responded with works that engage and reflect contemporary society, many providing new insights into the unprecedented reality we have experienced in the time surrounding the covid-19 pandemic. The selected artists create artworks in a wide range of media, including painting, drawing, photography, sculpture, textiles, video, and performance. They demonstrate how broad and ever-changing the genre of portraiture can be and highlight the potential for art to respond to adversity and promote positive change in the world.

Form 990, Page 2, Part III, Line 4D

Other expenses related to the care and conservation of the permanent collection and the exhibitions shown during this year and expenses related to preparation of exhibitions scheduled for the fiscal year. This includes curatorial, cataloging and research, as well as the purchase of art for the permanent collection.

Form 990, Part XI, Line 9

Fundraising expenses 173,621 rental expenses 87,234 cost of sales 49,021 fundraising expenses -173,621 rental expenses -87,234 cost of sales -49,021

Financial Statement Notes

Schedule D, Page 1, Part III, Line 1A

The museum's art collections consist of donated and purchased art objects, principally drawings, prints, study items and a reference library. The museum adopted a policy of not capitalizing the collection of artwork in its consolidated financial statements. Accordingly, no collection items are recognized as assets, whether they are purchased or received as a donation. Purchases of collection items reduce net assets in the period when purchased. Proceeds from sales or insurance recoveries are recorded as increases in net assets when received. The museum employs a curator to ensure the collection is protected and preserved. It is the policy of the museum that proceeds from the sale of any collection items are to be used to purchase additional collection items.

Schedule D, Page 2, Part III, Line 4

The museum's art collection consists of donated and purchased art objects, principally drawings, prints, study items and a reference library, through interaction with the museum's art collection, individuals of all ages enrich their lives.

Schedule D, Page 2, Part V, Line 4

An unrelated financial institution holds the museum's beneficial interest in a perpetual trust. Endowment funds are intended to be used to provide financial support to the grand rapids art museum.

Schedule D, Page 3, Part X

The museum and foundation are not-for-profit corporations and are exempt organizations from federal income tax under internal revenue code (irc) section 501(a) as organizations described in irc section 501(c)(3). However, income from certain activities not directly related to the organizations tax-exempt purpose may be subject to taxation as unrelated business income (ubi). Since the organization is exempt from federal income taxes, no provision for income taxes is included in the accompanying consolidated financial statements. Generally, tax years from 2020 through the current year remain open to examination. The organization does not believe that the results from the examination of any open years would have a material adverse effect on the organization.

Schedule D, Page 4, Part XI, Line 4B

Fundraising expenses -173,621 rental expenses -87,234 cost of sales -49,021

Schedule D, Page 4, Part XII, Line 4B

Fundraising expenses -173,621 rental expenses -87,234 cost of sales -49,021

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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