Civic Intelligence

Grand Rapids Art Museum Foundation

990 • Fiscal year 2016 • EIN 38-3027880

Oct 01, 2015 to Sep 30, 2016 • Filed on Aug 04, 2016

Organization ProfileN/A
101 Monroe CenterGrand Rapids, MI 49503

(616) 831-2904

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

10th percentile

0.00x

Higher debt load relative to assets than 10% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Liabilities / Revenue

47th percentile

0.22x

Higher debt load relative to revenue than 47% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Net Margin

3rd percentile

-93%

Higher net margin than 3% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Top Officer Pay

12th percentile

$0

Higher top officer pay than 12% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Asset Growth

60th percentile

4.2%

Faster asset growth than 60% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2015 to 2016

Revenue Growth

2nd percentile

-73%

Faster revenue growth than 2% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets10th percentile

Assets

Up

$17,715,066

Up $718,662 (+4.2%) from 2015

Net Assets

Up

$17,634,772

Up $649,546 (+3.8%) from 2015

Liabilities

Up

$80,294

Up $69,116 (+618%) from 2015

Revenue And Expenses
Liabilities / Revenue47th percentileNet Margin3rd percentile

Revenue

Down

$363,344

Down $1,003,391 (-73%) from 2015

Expenses

Down

$700,374

Down $19,053 (-2.6%) from 2015

Net Income

Down

-$337,030

Down $984,338 (-152%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth60th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$30M$20M$10M$0Assets 2010: $16,056,811Liabilities 2010: $224,010Net Assets 2010: $15,832,8012010Assets 2011: $15,315,342Liabilities 2011: $208,605Net Assets 2011: $15,106,7372011Assets 2012: $16,957,432Liabilities 2012: $421,876Net Assets 2012: $16,535,5562012Assets 2013: $17,329,957Liabilities 2013: $177,915Net Assets 2013: $17,152,0422013Assets 2014: $17,686,056Liabilities 2014: $0Net Assets 2014: $17,686,0562014Assets 2015: $16,996,404Liabilities 2015: $11,178Net Assets 2015: $16,985,2262015Assets 2016: $17,715,066Liabilities 2016: $80,294Net Assets 2016: $17,634,7722016Assets 2017: $19,236,456Liabilities 2017: $21,582Net Assets 2017: $19,214,8742017Assets 2018: $19,852,356Liabilities 2018: $8,934Net Assets 2018: $19,843,4222018Assets 2019: $20,461,672Liabilities 2019: $67,080Net Assets 2019: $20,394,5922019Assets 2020: $21,411,738Liabilities 2020: $57,302Net Assets 2020: $21,354,4362020Assets 2021: $26,204,075Liabilities 2021: $0Net Assets 2021: $26,204,0752021Assets 2022: $21,257,299Liabilities 2022: $38,947Net Assets 2022: $21,218,3522022Assets 2023: $23,008,034Liabilities 2023: $26,899Net Assets 2023: $22,981,1352023Assets 2024: $26,683,490Liabilities 2024: $0Net Assets 2024: $26,683,4902024

Highlighted filing

2016

Assets$17,715,066
Liabilities$80,294
Net Assets$17,634,772
Open 2016 Filing

Operations Trend

Revenue Growth2nd percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$2.0M$1.0M$0-$1.0MExpenses 2010: $999,5012010Expenses 2011: $868,4592011Expenses 2012: $851,7082012Revenue 2013: $485,878Expenses 2013: $775,373Net Income 2013: -$289,4952013Revenue 2014: $385,073Expenses 2014: $733,412Net Income 2014: -$348,3392014Revenue 2015: $1,366,735Expenses 2015: $719,427Net Income 2015: $647,3082015Revenue 2016: $363,344Expenses 2016: $700,374Net Income 2016: -$337,0302016Revenue 2017: $523,010Expenses 2017: $715,023Net Income 2017: -$192,0132017Revenue 2018: $819,147Expenses 2018: $729,534Net Income 2018: $89,6132018Revenue 2019: $804,873Expenses 2019: $98,530Net Income 2019: $706,3432019Revenue 2020: $665,788Expenses 2020: $103,017Net Income 2020: $562,7712020Revenue 2021: $1,462,954Expenses 2021: $93,122Net Income 2021: $1,369,8322021Revenue 2022: $953,673Expenses 2022: $979,027Net Income 2022: -$25,3542022Revenue 2023: $798,932Expenses 2023: $1,079,053Net Income 2023: -$280,1212023Revenue 2024: $837,471Expenses 2024: $1,776,557Net Income 2024: -$939,0862024

Highlighted filing

2016

Revenue$363,344
Expenses$700,374
Net Income-$337,030
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Oct 1, 2015 to Sep 30, 2016
Signed
Aug 4, 2016
Return Version
2015v3.0
Gross Receipts
$3,670,070
Mission and Program Overview

Mission

To provide financial support for the grand rapids art museum's operations and special projects. The grand rapids art museum foundation was formed to generate and receive contributions of property of any kind, both real and personal, given to it, and to administer such property in a manner consistent with and in support of the principles, objectives and programs of the grand rapids art museum by providing financial support for its operations and special projects. The funds collected are subject to donor restrictions, which require that the principal is invested and the income derived from investments be used for support of the grand rapids art museum operations.

To provide financial support for the grand rapids art museum's operations and special projects. The grand rapids art museum foundation trust was formed to generate and receive contributions of property of any kind, both real and personal, given to it, and to administer such property in a manner consistent with and in support of the principles, objectives and programs of the grand rapids art museum by providing financial support for its operations and special projects. The funds collected are subject to donor restrictions, which require that the principal is invested and the income derived from investments be used for support of the grand rapids art museum operations. The grand rapids art museum foundation trust also makes grants to entities that have the sole purpose to support the principles, objectives and programs of the grand rapids art museum.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$16,042,592$17,070,384▲ $1,027,792
Pledges and Grants Receivable$526,000$548,000▲ $22,000
Cash and Non-Interest-Bearing Accounts$421,198$95,259▼ $325,939
Accounts Receivable$6,614$1,423▼ $5,191
Total Assets$16,996,404$17,715,066▲ $718,662
Liabilities
Accounts Payable and Accrued Expenses$11,178$80,294▲ $69,116
Total Liabilities$11,178$80,294▲ $69,116
Net Assets / Fund Balance
Permanently Rstr Net Assets$16,751,227$16,774,027▲ $22,800
Temporarily Rstr Net Assets$337,972$466,767▲ $128,795
Unrestricted Net Assets$-103,973$393,978▲ $497,951
Total Net Assets Fund Balance$16,985,226$17,634,772▲ $649,546
Total Liabilities and Net Assets / Fund Balance$16,996,404$17,715,066▲ $718,662

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$1,460,788--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2015$16,985,226$800▲ $1,349,120$609,219$17,634,772
2014$17,686,056$979,803▼ $961,206$634,507$16,985,226
2013$17,152,042$88,641▲ $1,178,785$655,030$17,686,056
2012$16,535,556$9,998▲ $1,381,861$696,428$17,152,042
2011$15,106,737$5,820▲ $2,274,707$767,000$16,535,556
Compensation and Service Providers
Top Officer Pay12th percentile

Board Members and Trustees

NameTitle
Douglas WilliamsPresident
Barbara JackoboiceBoard Member
Douglas PadnosBoard Member
Jane Boyles MeilnerBoard Member
Lauretta K MurphyBoard Member
Meg GoebelBoard Member
Mitchell G WattBoard Member
Christopher RosmarinSecretary/tr
Revenue and Support

Revenue Composition

Contributions and Grants
$800
Program Service Revenue
$0
Investment Income
$360,705
Other Revenue
$1,839
All Other Contributions
$800
Change in Net Assets
$-337,030

Audited Revenue Reconciliation

Revenue per Audited Statements
$363,344
Revenue Not Reported on Form 990
$986,576
Total Revenue per Audited Statements
$1,349,920
Total Revenue per Form 990
$363,344
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$609,219
Other Expenses$91,155
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$609,219--$609,219
Fees for Service Investment Mgmnt Fees-$68,743-$68,743
Fees for Services Accounting-$21,501-$21,501
Other Expenses-$911-$911
Total Functional Expenses$609,219$91,155$0$700,374

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$700,374
Total Expenses per Audited Statements$700,374
Total Expenses per Form 990$700,374
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Grand Rapids Art MuseumGrand Rapids, MI501c3General Support$609,219
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
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 family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
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

“Under the bylaws of the foundation, the grand rapids art museum is the sole member.”

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

“The grand rapids art museum appoints the members of the board of trustees.”

Form 990, Page 6, Part VI, Line 8B

“The foundation does not have committees.”

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

“A digital copy of form 990 is provided to the foundation's governing body for review and approval before filing.”

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

“This is done annually during the discussion phase of voting.”

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 finance director and can be provided upon request.”

Filing and Contact Details

Filer

Filer Name
Grand Rapids Art Museum Foundation
EIN
38-3027880
Phone
6168312904
Address
101 MONROE CENTER, GRAND RAPIDS, MI 49503

Signing Officer

Name
Robert L Branch
Title
CFO/COO
Phone
6168312904
Signed
2016-08-04
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Robert L Branch
Formed
1991
Legal Domicile
Mi
Voting Board Members
8
Independent Board Members
8
Employees
0
Volunteers
8

Preparer

Firm
Jansen Valk Thompson & Reahm Pc
Address
7171 STADIUM DR, KALAMAZOO, MI 49009-4943
Preparer
Jennifer B Woolf
Phone
2693817600
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“To provide financial support for the grand rapids art museum's operations and special projects. The grand rapids art museum foundation trust was formed to generate and receive contributions of property of any kind, both real and personal, given to it, and to administer such property in a manner consistent with and in support of the principles, objectives and programs of the grand rapids art museum by providing financial support for its operations and special projects. The funds collected are subject to donor restrictions, which require that the principal is invested and the income derived from investments be used for support of the grand rapids art museum operations. The grand rapids art museum foundation trust also makes grants to entities that have the sole purpose to support the principles, objectives and programs of the grand rapids art museum.”

Financial Statement Notes

Schedule D, Page 2, Part V, Line 4

“The endowment funds are intended to be used to provide financial support for the grand rapids art museum.”

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IRS990ScheduleA/AdjustedNetIncomeGrp/DepreciationDepletionGrp/PriorYearAmt00
IRS990ScheduleA/AdjustedNetIncomeGrp/NetSTCapitalGainAdjNetIncmGrp/PriorYearAmt00
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IRS990ScheduleA/AdjustedNetIncomeGrp/ProductionIncomeGrp/CurrentYearAmt00
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IRS990ScheduleA/AdjustedNetIncomeGrp/RecoveriesPYDistributionsGrp/PriorYearAmt00
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IRS990ScheduleA/DistributableAmountGrp/CYDistributableAsAdjustedAmt0583811
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IRS990ScheduleA/DistributionAllocationsGrp/CyovAppliedUnderdistriPYAmt00
IRS990ScheduleA/DistributionAllocationsGrp/CYTotalAnnualDistributionsAmt0609219
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IRS990ScheduleA/DistributionAllocationsGrp/ExcessDistributionCyovYr1Amt045234
IRS990ScheduleA/DistributionAllocationsGrp/ExcessDistributionCyovYr2Amt00
IRS990ScheduleA/DistributionAllocationsGrp/ExcessDistriCyovToNextYrAmt070642
IRS990ScheduleA/DistributionAllocationsGrp/ExcessFromYear1Amt070642
IRS990ScheduleA/DistributionAllocationsGrp/ExcessFromYear2Amt00
IRS990ScheduleA/DistributionAllocationsGrp/ExcessFromYear3Amt00
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IRS990ScheduleA/DistributionAllocationsGrp/RemainingUnderdistriPYAmt00
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IRS990ScheduleA/DistributionAllocationsGrp/UnderdistributionsAmt00
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IRS990ScheduleA/DistributionsGrp/CYTotalAnnualDistributionsAmt0609219
IRS990ScheduleA/DistributionsGrp/ExemptUseAssetsAcquisPaidAmt00
IRS990ScheduleA/DistributionsGrp/QualifiedSetAsideAmt00
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IRS990ScheduleA/Form990SchASupportingOrgGrp/DisqualifiedPrsnOwnrIntInd0false
IRS990ScheduleA/Form990SchASupportingOrgGrp/ExcessBusinessHoldingsRulesInd0false
IRS990ScheduleA/Form990SchASupportingOrgGrp/ListedByNameGoverningDocInd0true
IRS990ScheduleA/Form990SchASupportingOrgGrp/LoanDisqualifiedPersonInd0false
IRS990ScheduleA/Form990SchASupportingOrgGrp/OrganizationChangeSuprtOrgInd0false
IRS990ScheduleA/Form990SchASupportingOrgGrp/PaymentSubstantialContribtrInd0false
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IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportedOrgSectionC456Ind0false
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportNonSupportedOrgInd0false
IRS990ScheduleA/Form990SchASupportingOrgGrp/SuprtOrgNoIRSDeterminationInd0false
IRS990ScheduleA/Form990SchAType3SprtOrgAllGrp/OfficersCloseRelationshipInd0true
IRS990ScheduleA/Form990SchAType3SprtOrgAllGrp/SupportedOrgVoiceInvestmentInd0false
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0RESPONSIVENESS TEST: THIS TEST IS MET WITH RESPECT TO THE GRAND RAPIDS ART MUSEUM VIA THE PRESENCE OF GRAND RAPIDS ART MUSEUM'S BOARD MEMBERS ON THE BOARD OF THE FOUNDATION. IN ADDITION, THE GRAND RAPIDS ART MUSEUM'S DIRECTOR AND CEO SERVES AS THE FOUNDATION'S DIRECTOR. THE GRAND RAPIDS ART MUSEUM PROVIDES THE FOUNDATION WITH A COPY OF THE GRAND RAPIDS ART MUSEUM'S MOST RECENTLY FILED FORM 990 AND A COPY OF THE ANY UPDATES MADE TO THE GRAND RAPIDS ART MUSEUM'S GOVERNING DOCUMENTS. ATTENTIVENESS TEST: THE FOUNDATION WAS FORMED IN 1991 TO PROVIDE FINANICAL SUPPORT FOR THE GRAND RAPIDS ART MUSEUM'S OPERATIONS AND SPECIAL PROJECTS AND HAS DONE SO SINCE ITS INCEPTION. THE LONG-TERM NATURE OF THE RELATIONSHIP BETWEEN THE GRAND RAPIDS ART MUSEUM AND THE FOUNDATION COUPLED WITH THE SIZE OF THE SUPPORT PROVIDED TO THE GRAND RAPIDS ART MUSEUM (FOUNDATION TYPICALLY PROVIDES 10% OR MORE OF THE GRAND RAPIDS ART MUSEUM'S ANNUAL SUPPORT) ENSURES THAT THE GRAND RAPIDS ART MUSEUM IS ATTENTIVE TO THE FOUNDATION.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART V, SECTION D, LINE 8
IRS990ScheduleA/MinimumAssetAmountGrp/AcquisitionIndebtednessGrp/CurrentYearAmt00
IRS990ScheduleA/MinimumAssetAmountGrp/AcquisitionIndebtednessGrp/PriorYearAmt00
IRS990ScheduleA/MinimumAssetAmountGrp/AdjustedFMVLessIndebtednessGrp/CurrentYearAmt00
IRS990ScheduleA/MinimumAssetAmountGrp/AdjustedFMVLessIndebtednessGrp/PriorYearAmt016934336
IRS990ScheduleA/MinimumAssetAmountGrp/AverageMonthlyCashBalancesGrp/CurrentYearAmt00
IRS990ScheduleA/MinimumAssetAmountGrp/AverageMonthlyCashBalancesGrp/PriorYearAmt0630702
IRS990ScheduleA/MinimumAssetAmountGrp/AverageMonthlyFMVOfSecGrp/CurrentYearAmt00
IRS990ScheduleA/MinimumAssetAmountGrp/AverageMonthlyFMVOfSecGrp/PriorYearAmt013253533
IRS990ScheduleA/MinimumAssetAmountGrp/CashDeemedCharitableGrp/CurrentYearAmt00
IRS990ScheduleA/MinimumAssetAmountGrp/CashDeemedCharitableGrp/PriorYearAmt0254015
IRS990ScheduleA/MinimumAssetAmountGrp/DiscountClaimedAmt00
IRS990ScheduleA/MinimumAssetAmountGrp/FMVOtherNonExemptUseAssetGrp/CurrentYearAmt00
IRS990ScheduleA/MinimumAssetAmountGrp/FMVOtherNonExemptUseAssetGrp/PriorYearAmt03050101
IRS990ScheduleA/MinimumAssetAmountGrp/NetVlNonExemptUseAssetsGrp/CurrentYearAmt00
IRS990ScheduleA/MinimumAssetAmountGrp/NetVlNonExemptUseAssetsGrp/PriorYearAmt016680321
IRS990ScheduleA/MinimumAssetAmountGrp/PctOfNetVlNonExemptUseAstGrp/CurrentYearAmt00
IRS990ScheduleA/MinimumAssetAmountGrp/PctOfNetVlNonExemptUseAstGrp/PriorYearAmt0583811
IRS990ScheduleA/MinimumAssetAmountGrp/RecoveriesPYDistriMinAssetGrp/CurrentYearAmt00
IRS990ScheduleA/MinimumAssetAmountGrp/RecoveriesPYDistriMinAssetGrp/PriorYearAmt00
IRS990ScheduleA/MinimumAssetAmountGrp/TotalFMVOfNonExemptUseAssetGrp/CurrentYearAmt00
IRS990ScheduleA/MinimumAssetAmountGrp/TotalFMVOfNonExemptUseAssetGrp/PriorYearAmt016934336
IRS990ScheduleA/MinimumAssetAmountGrp/TotalMinimumAssetGrp/CurrentYearAmt00
IRS990ScheduleA/MinimumAssetAmountGrp/TotalMinimumAssetGrp/PriorYearAmt0583811
IRS990ScheduleA/OtherSupportSumAmt00
IRS990ScheduleA/SupportedOrganizationsCnt01
IRS990ScheduleA/SupportedOrganizationsTotalCnt01
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IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd0true
IRS990ScheduleA/SupportedOrgInformationGrp/OrganizationTypeCd07
IRS990ScheduleA/SupportedOrgInformationGrp/OtherSupportAmt00
IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt0609219
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0GRAND RAPIDS ART MUSEUM
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine2Txt0GRAND RAPIDS ART MUSEUM
IRS990ScheduleA/SupportingOrganization509a3Ind0X
IRS990ScheduleA/SupportingOrgType3NonFuncInd0X
IRS990ScheduleA/SupportSumAmt0609219
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BoardDesignatedBalanceEOYPct00.06680
IRS990ScheduleD/CYEndwmtFundGrp/AdministrativeExpensesAmt091155
IRS990ScheduleD/CYEndwmtFundGrp/BeginningYearBalanceAmt016985226
IRS990ScheduleD/CYEndwmtFundGrp/ContributionsAmt0800
IRS990ScheduleD/CYEndwmtFundGrp/EndYearBalanceAmt017634772
IRS990ScheduleD/CYEndwmtFundGrp/InvestmentEarningsOrLossesAmt01349120
IRS990ScheduleD/CYEndwmtFundGrp/OtherExpendituresAmt0609219
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/AdministrativeExpensesAmt084920
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/BeginningYearBalanceAmt017686056
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/ContributionsAmt0979803
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/EndYearBalanceAmt016985226
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt0-961206
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/OtherExpendituresAmt0634507
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/AdministrativeExpensesAmt078381
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/BeginningYearBalanceAmt017152042
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/ContributionsAmt088641
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/EndYearBalanceAmt017686056
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt01178785
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/OtherExpendituresAmt0655030
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/AdministrativeExpensesAmt078945
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/BeginningYearBalanceAmt016535556
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/ContributionsAmt09998
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/EndYearBalanceAmt017152042
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt01381861
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/OtherExpendituresAmt0696428
IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/AdministrativeExpensesAmt084708
IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/BeginningYearBalanceAmt015106737
IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/ContributionsAmt05820
IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/EndYearBalanceAmt016535556
IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt02274707
IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/OtherExpendituresAmt0767000
IRS990ScheduleD/EndowmentsHeldRelatedOrgInd0false
IRS990ScheduleD/EndowmentsHeldUnrelatedOrgInd0false
IRS990ScheduleD/ExpensesSubtotalAmt0700374
IRS990ScheduleD/NetUnrealizedGainsInvstAmt0986576
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt014020283
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt11589313
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt21460788
IRS990ScheduleD/OtherSecuritiesGrp/Desc0MUTUAL FUNDS
IRS990ScheduleD/OtherSecuritiesGrp/Desc1HEDGE FUND
IRS990ScheduleD/OtherSecuritiesGrp/Desc2PUBLICLY TRADED PARTNERSHIP
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0F
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd1F
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd2F
IRS990ScheduleD/PrmnntEndowmentBalanceEOYPct00.93320
IRS990ScheduleD/RevenueNotReportedAmt0986576
IRS990ScheduleD/RevenueSubtotalAmt0363344
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ENDOWMENT FUNDS ARE INTENDED TO BE USED TO PROVIDE FINANCIAL SUPPORT FOR THE GRAND RAPIDS ART MUSEUM.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 2, PART V, LINE 4
IRS990ScheduleD/TotalBookValueSecuritiesAmt017070384
IRS990ScheduleD/TotalExpensesPerForm990Amt0700374
IRS990ScheduleD/TotalRevenuePerForm990Amt0363344
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01349920
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0700374
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IRS990ScheduleI/RecipientTable/CashGrantAmt0609219
IRS990ScheduleI/RecipientTable/IRCSectionDesc0501C3
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0GENERAL SUPPORT
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0GRAND RAPIDS ART MUSEUM
IRS990ScheduleI/RecipientTable/RecipientEIN0381387136
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt0101 MONROE CENTER
IRS990ScheduleI/RecipientTable/USAddress/CityNm0GRAND RAPIDS
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0MI
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd049503
IRS990ScheduleI/Total501c3OrgCnt01
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0TO PROVIDE FINANCIAL SUPPORT FOR THE GRAND RAPIDS ART MUSEUM'S OPERATIONS AND SPECIAL PROJECTS. THE GRAND RAPIDS ART MUSEUM FOUNDATION TRUST WAS FORMED TO GENERATE AND RECEIVE CONTRIBUTIONS OF PROPERTY OF ANY KIND, BOTH REAL AND PERSONAL, GIVEN TO IT, AND TO ADMINISTER SUCH PROPERTY IN A MANNER CONSISTENT WITH AND IN SUPPORT OF THE PRINCIPLES, OBJECTIVES AND PROGRAMS OF THE GRAND RAPIDS ART MUSEUM BY PROVIDING FINANCIAL SUPPORT FOR ITS OPERATIONS AND SPECIAL PROJECTS. THE FUNDS COLLECTED ARE SUBJECT TO DONOR RESTRICTIONS, WHICH REQUIRE THAT THE PRINCIPAL IS INVESTED AND THE INCOME DERIVED FROM INVESTMENTS BE USED FOR SUPPORT OF THE GRAND RAPIDS ART MUSEUM OPERATIONS. THE GRAND RAPIDS ART MUSEUM FOUNDATION TRUST ALSO MAKES GRANTS TO ENTITIES THAT HAVE THE SOLE PURPOSE TO SUPPORT THE PRINCIPLES, OBJECTIVES AND PROGRAMS OF THE GRAND RAPIDS ART MUSEUM.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1UNDER THE BYLAWS OF THE FOUNDATION, THE GRAND RAPIDS ART MUSEUM IS THE SOLE MEMBER.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE GRAND RAPIDS ART MUSEUM APPOINTS THE MEMBERS OF THE BOARD OF TRUSTEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE FOUNDATION DOES NOT HAVE COMMITTEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4A DIGITAL COPY OF FORM 990 IS PROVIDED TO THE FOUNDATION'S GOVERNING BODY FOR REVIEW AND APPROVAL BEFORE FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THIS IS DONE ANNUALLY DURING THE DISCUSSION PHASE OF VOTING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE IN THE OFFICE OF THE FINANCE DIRECTOR AND CAN BE PROVIDED UPON REQUEST.

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$17,715,066
Liabilities
$80,294
Net assets
$17,634,772
Revenue
$363,344
Expenses
$700,374
Net income
-$337,030
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$26.7$0.00$26.7$0.84$1.78$0.94
2023Detailed filing. Detailed filing data is available for this year.$23.0$0.03$23.0$0.80$1.08$0.28
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$21.3$0.04$21.2$0.95$0.98$0.03
2021Detailed filing. Detailed filing data is available for this year.$26.2$0.00$26.2$1.46$0.09$1.37
2020Detailed filing. Detailed filing data is available for this year.$21.4$0.06$21.4$0.67$0.10$0.56
2019Detailed filing. Detailed filing data is available for this year.$20.5$0.07$20.4$0.80$0.10$0.71
2018Detailed filing. Detailed filing data is available for this year.$19.9$0.01$19.8$0.82$0.73$0.09
2017Detailed filing. Detailed filing data is available for this year.$19.2$0.02$19.2$0.52$0.72$0.19
2016Detailed filing. Detailed filing data is available for this year.$17.7$0.08$17.6$0.36$0.70$0.34
2015Detailed filing. Detailed filing data is available for this year.$17.0$0.01$17.0$1.37$0.72$0.65
2014Detailed filing. Detailed filing data is available for this year.$17.7$0.00$17.7$0.39$0.73$0.35
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$17.3$0.18$17.2$0.49$0.78$0.29
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$17.0$0.42$16.5$0.85
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$15.3$0.21$15.1$0.87
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$16.1$0.22$15.8$1.00