Civic Intelligence

Figge Art Museum

990 • Fiscal year 2021 • EIN 42-6090398

Jul 01, 2020 to Jun 30, 2021 • Filed on May 12, 2022

225 West 2nd StreetDavenport, IA 52801-1804

(563) 326-7804

Siviq Scores

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

Liabilities / Assets

34th percentile

0.07x

Higher debt load relative to assets than 34% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

49th percentile

0.21x

Higher debt load relative to revenue than 49% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Net Margin

48th percentile

12%

Higher net margin than 48% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

45th percentile

$158,595

Higher top officer pay than 45% of similar nonprofits.

Top officer pay equals 4.7% of source-year revenue.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Asset Growth

77th percentile

25%

Faster asset growth than 77% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Revenue Growth

50th percentile

12%

Faster revenue growth than 50% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Assets

Up

$10,043,110

Up $1,981,179 (+25%) from 2020

Net Assets

Up

$9,336,890

Up $1,882,583 (+25%) from 2020

Liabilities

Up

$706,220

Up $98,596 (+16%) from 2020

Revenue

Up

$3,376,823

Up $355,933 (+12%) from 2020

Expenses

Up

$2,987,557

Up $409,981 (+16%) from 2020

Net Income

Down

$389,266

Down $54,048 (-12%) from 2020

Historical Trend

Balance Sheet Trend

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

$15M$10M$5.0M$0Assets 2010: $11,866,349Liabilities 2010: $5,349,657Net Assets 2010: $6,516,6922010Assets 2011: $11,834,156Liabilities 2011: $5,024,827Net Assets 2011: $6,809,3292011Assets 2012: $10,942,887Liabilities 2012: $4,305,317Net Assets 2012: $6,637,5702012Assets 2013: $10,391,011Liabilities 2013: $3,633,494Net Assets 2013: $6,757,5172013Assets 2014: $10,525,446Liabilities 2014: $3,206,358Net Assets 2014: $7,319,0882014Assets 2015: $9,615,211Liabilities 2015: $2,916,735Net Assets 2015: $6,698,4762015Assets 2016: $9,282,216Liabilities 2016: $3,238,839Net Assets 2016: $6,043,3772016Assets 2017: $9,403,430Liabilities 2017: $2,669,336Net Assets 2017: $6,734,0942017Assets 2018: $7,353,683Liabilities 2018: $375,173Net Assets 2018: $6,978,5102018Assets 2019: $7,508,408Liabilities 2019: $360,923Net Assets 2019: $7,147,4852019Assets 2020: $8,061,931Liabilities 2020: $607,624Net Assets 2020: $7,454,3072020Assets 2021: $10,043,110Liabilities 2021: $706,220Net Assets 2021: $9,336,8902021Assets 2022: $9,720,453Liabilities 2022: $818,198Net Assets 2022: $8,902,2552022Assets 2023: $12,485,866Liabilities 2023: $380,770Net Assets 2023: $12,105,0962023Assets 2024: $14,051,175Liabilities 2024: $405,316Net Assets 2024: $13,645,8592024

Highlighted filing

2021

Assets$10,043,110
Liabilities$706,220
Net Assets$9,336,890

Operations Trend

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

$8.0M$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $2,404,0972010Expenses 2011: $2,278,0062011Expenses 2012: $2,216,2902012Revenue 2013: $2,135,714Expenses 2013: $2,335,090Net Income 2013: -$199,3762013Revenue 2014: $2,847,398Expenses 2014: $2,657,127Net Income 2014: $190,2712014Revenue 2015: $2,403,148Expenses 2015: $2,974,957Net Income 2015: -$571,8092015Revenue 2016: $2,544,994Expenses 2016: $3,137,048Net Income 2016: -$592,0542016Revenue 2017: $3,555,828Expenses 2017: $2,865,093Net Income 2017: $690,7352017Revenue 2018: $3,408,851Expenses 2018: $3,148,464Net Income 2018: $260,3872018Revenue 2019: $3,229,266Expenses 2019: $3,104,528Net Income 2019: $124,7382019Revenue 2020: $3,020,890Expenses 2020: $2,577,576Net Income 2020: $443,3142020Revenue 2021: $3,376,823Expenses 2021: $2,987,557Net Income 2021: $389,2662021Revenue 2022: $3,771,273Expenses 2022: $3,013,024Net Income 2022: $758,2492022Revenue 2023: $6,473,157Expenses 2023: $3,691,002Net Income 2023: $2,782,1552023Revenue 2024: $4,843,843Expenses 2024: $3,875,286Net Income 2024: $968,5572024

Highlighted filing

2021

Revenue$3,376,823
Expenses$2,987,557
Net Income$389,266
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
May 12, 2022
Return Version
2020v4.0
Gross Receipts
$5,631,684
Mission and Program Overview

Mission

The figge art museum actively serves the public by promoting appreciation and creation of visual art through education and by collecting, conserving, and exhibiting art. As a vital, responsive institution, the museum brings art and people together, we enrich our community with the experience of art through education, collections, exhibitions and preservation. We endeavor to transform our community through the power of art.

The figge art museum actively serves the public by promoting appreciation and creation of visual art through education and by collecting, conserving, and exhibiting art. As a vital, responsive institution, the museum brings art and people together. We enrich our community with the experience of art through education, collections, exhibitions and preservation and we endeavor to transform our community through the power of art.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$6,181,976$7,559,470▲ $1,377,494
Savings and Temporary Cash Investments$1,162,597$1,143,147▼ $19,450
Pledges and Grants Receivable$120,805$737,039▲ $616,234
Prepaid Expenses and Deferred Charges$223,099$262,803▲ $39,704
Land, Buildings, and Equipment, Net$277,205$237,292▼ $39,913
Accounts Receivable$49,326$66,846▲ $17,520
Inventories for Sale or Use$45,758$35,348▼ $10,410
Cash and Non-Interest-Bearing Accounts$1,165$1,165→ $0
Total Assets$8,061,931$10,043,110▲ $1,981,179
Liabilities
Accounts Payable and Accrued Expenses$254,478$394,235▲ $139,757
Other Liabilities$276,900$254,295▼ $22,605
Deferred Revenue$76,246$57,690▼ $18,556
Total Liabilities$607,624$706,220▲ $98,596
Net Assets / Fund Balance
Net Assets With Donor Restrictions$5,445,564$6,892,177▲ $1,446,613
Net Assets Without Donor Restrictions$2,008,743$2,444,713▲ $435,970
Total Net Assets Fund Balance$7,454,307$9,336,890▲ $1,882,583
Total Liabilities and Net Assets / Fund Balance$8,061,931$10,043,110▲ $1,981,179

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$173,373$1,562,807$1,736,180
Leasehold Improvements$63,919-$63,919

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$5,588,540$1,800▲ $1,651,935-$6,933,324
2019$5,712,968$27,485▲ $58,736-$5,588,540
2018$5,440,600$222,055▲ $264,505-$5,712,968
2017$5,202,082$441,435▲ $350,007-$5,440,600
2016$4,196,772$772,533▲ $482,977-$5,202,082
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Michelle HargraveExecutive DiFT$158,595$158,595
Michelle HargraveExecutive Director-$158,595$158,595
Todd WoeberCFOFT$110,719$110,719

Board Members and Trustees

NameTitle
Ken KoupalPresident
Aleeza SinghDirector
Carmen DarlandDirector
Carolyn MartinDirector
Dana WilkinsonDirector
Debby StaffordDirector
Denise GarrettDirector
JOE D'SOUZADirector
Kay HallDirector
Kyle CarterDirector
Marion MeginnisDirector
Mary Lou KoteckiDirector
Nancy DanicoDirector
Susan QuailDirector
Tom TerronezDirector
Cindy CarlsonPast Preside
Samuel SkorepaSecretary
J Hunt HarrisTreasurer
Don DoucetteVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$2,097,967
Program Service Revenue
$857,097
Investment Income
$240,791
Other Revenue
$180,968
All Other Contributions
$1,585,149
Change in Net Assets
$389,266

Noncash Contribution Practices

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

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,341,475
Revenue Not Reported on Financial Statements
$35,348
Revenue Not Reported on Form 990
$2,606,653
Total Revenue per Audited Statements
$5,948,128
Total Revenue per Form 990
$3,376,823
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,393,092
Other Expenses$1,358,647
Total Fundraising Expense$292,351
Grants and Similar Amounts Paid$235,818
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$693,890$6,242$181,125$881,257
Occupancy$340,905$7,390$10,470$358,765
Current Officers, Directors, Trustees, and Key Employees$81,346$211,026-$292,372
Office Expenses$245,225$4,407$22,098$271,730
Grants to Domestic Orgs$235,818--$235,818
Other Employee Benefits$115,525$39,943$47,206$202,674
Fees for Services Other$160,044$3,274-$163,318
Insurance$23,315$61,446-$84,761
Advertising$60,888$31$5,112$66,031
Depreciation Depletion$50,798$13,109$1,639$65,546
Conferences and Meetings$38,293--$38,293
Fees for Service Investment Mgmnt Fees-$35,348-$35,348
Fees for Services Accounting$283$21,207-$21,490
Other Expenses$3,204$8,032$5,813$17,049
Payroll Taxes$9,570$3,309$3,910$16,789
All Other Expenses$475$1,841$3,398$5,714
Travel$4,753--$4,753
Fees for Services Legal$15$1,140-$1,155
Total Functional Expenses$2,271,505$423,701$292,351$2,987,557

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$4,065,545
Total Expenses per Form 990$2,987,557
Expenses per Audited Statements$2,952,209
Expenses Not Reported on Form 990$1,113,336
Expenses Not Reported on Financial Statements$35,348
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Museum of Art FoundationDavenport, IA501c3Capital & Progam Pur$235,818
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$165,146
Fundraising Direct Expenses$25,238
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Gala$120,000$120,000$8,847$111,153
Art Off the Wal$10,558$10,558-$10,558
Total Events$165,146$165,146$25,238$139,908
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Tom TerronezBoard MemberWebsite Dev & SupporNo$2,515
Nancy DanicoBoard MemberMaintenance & RepairNo$1,441
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Refundable Advance - Ppp$252,855
Due to Related Organization$1,440
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
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

The audit committee of the board is provided a copy of the return for review and approval before it is filed. Each board member is also provided a full copy of the 990 before filing.

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

The organization monitors and enforces compliance with the conflict of interest policy through annual certifications by employees, officers, and directors.

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

The executive director's compensation is annually reviewed by the executive committee of the board using surveys of compensation levels at comparable organizations. The executive director's compensation is also approved by the entire board

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

The compensation of all employees other than the executive director is annually reviewed by the executive director by comparing to compensation surveys specific to the museum industry. When hiring new employees, the executive director uses surveys of compensation levels at comparable organizations.

Form 990, Page 6, Part VI, Line 19

The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request. Additionally, annual financial statements are posted on the art museum's website as part of an annual report.

Filing and Contact Details

Filer

Filer Name
Figge Art Museum
EIN
42-6090398
Phone
5633267804
Address
225 WEST 2ND STREET, DAVENPORT, IA 52801-1804

Signing Officer

Name
Todd Woeber
Title
CFO
Phone
5633267804
Signed
2022-05-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michelle Hargrave
Formed
1925
Legal Domicile
Ia
Voting Board Members
20
Independent Board Members
20
Employees
37
Volunteers
350

Preparer

Firm
Anderson Lower Whitlow Pc
Address
1805 STATE ST STE 201, BETTENDORF, IA 52722
Preparer
Barry L Anderson
Phone
5633594757
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

The figge art museum actively serves the public by promoting appreciation and creation of visual art through education and by collecting, conserving, and exhibiting art. As a vital, responsive institution, the museum brings art and people together. We enrich our community with the experience of art through education, collections, exhibitions and preservation and we endeavor to transform our community through the power of art.

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

Exhibition & collections: the figge's 2020-2021 exhibition highlights included: a collaborative exhibition with the non-profit organization, living proof exhibit, titled a visualization of hope. This exhibit focuses on cancer survivors who use art to celebrate and reflect upon survival using a wide range of media and stylistic approaches around the common theme of hope. For america: 200 years of painting from the national academy of design featuring american masterpieces and comprising nearly 100 paintings made between 1809 and 2013. The exhibition is a remarkable chronicle of the american art drawn from the collections of the national academy of the design in new york. The exhibition features representative works and portraits given to the academy by its members; some of the most recognizable names in american art. Lesley dill wilderness: light sizzles around me features an inspired collection of painted and sewn textile sculptures from renowned artist lesley dill. A blend of painstaking research and fine art, her sculptures feature the words and writing of many historic american visionaries.

Form 990, Part XI, Line 9

Special events expenses netted with revenues on return 25,238 rental expenses 6,051 special events expenses netted with revenues on return -25,238 rental expenses -6,051

Financial Statement Notes

Schedule D, Page 2, Part V, Line 4

Income from the permanent endowment is used to fund the art museum's purchase of art objects or for other purposes as set forth by the board.

Schedule D, Page 3, Part X

The art museum has received notification that it qualifies as a tax-exempt organization under section 501(c)(3) of the u.s. Internal revenue code and the corresponding provisions of iowa law and, accordingly, is not subject to federal or state income taxes. The art museum evaluates the tax benefits of a tax position using the "more likely than not" threshold. As of june 30, 2021, management is not aware of any uncertain tax positions and related tax benefits which would be material to the art museum's financial statements. The art museum files u.s. Federal informational return which for fiscal years subsequent to 2017 is subject to examination by taxing authorities.

Schedule D, Page 4, Part XI, Line 2D

Special events expenses netted with revenues on return 25,238 rental expenses 6,051

Schedule D, Page 4, Part XII, Line 2D

Special events expenses netted with revenues on return 25,238 rental expenses 6,051

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IRS990/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt1PAST PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt2VICE PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt3TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt4SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19EXECUTIVE DI
IRS990/Form990PartVIISectionAGrp/TitleTxt20CFO
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IRS990/MissionDesc0THE FIGGE ART MUSEUM ACTIVELY SERVES THE PUBLIC BY PROMOTING APPRECIATION AND CREATION OF VISUAL ART THROUGH EDUCATION AND BY COLLECTING, CONSERVING, AND EXHIBITING ART. AS A VITAL, RESPONSIVE INSTITUTION, THE MUSEUM BRINGS ART AND PEOPLE TOGETHER. WE ENRICH OUR COMMUNITY WITH THE EXPERIENCE OF ART THROUGH EDUCATION, COLLECTIONS, EXHIBITIONS AND PRESERVATION AND WE ENDEAVOR TO TRANSFORM OUR COMMUNITY THROUGH THE POWER OF ART.
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IRS990/OtherExpensesGrp/Desc1ACQUISITION OF ART
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IRS990/OtherExpensesGrp/Desc3DUES & SUBSCRIPTIONS
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IRS990/PrincipalOfficerNm0MICHELLE HARGRAVE
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IRS990/ProgramServiceRevenueGrp/BusinessCd1713990
IRS990/ProgramServiceRevenueGrp/BusinessCd2533110
IRS990/ProgramServiceRevenueGrp/Desc0ANNUAL SUPPORT - CITY OF DAV
IRS990/ProgramServiceRevenueGrp/Desc1ADMISSIONS
IRS990/ProgramServiceRevenueGrp/Desc2TRAVELING EXHIBTION FEES
IRS990/ProgramServiceRevenueGrp/Desc3ROYALTIES
IRS990/ProgramServiceRevenueGrp/Desc4TOUR AND CLASS FEES
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt141458
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt225000
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt319683
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt417956
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0753000
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt141458
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt225000
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt319683
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt417956
IRS990/ProgSrvcAccomActy2Grp/Desc0EDUCATION: THE FIGGE SERVED STUDENTS FROM LOCAL ELEMENTARY AND SECONDARY SCHOOLS, COLLEGES, AND UNIVERSITIES, AS WELL AS PRIVATE SCHOOL STUDENTS, SENIOR CITIZENS, COMMUNITY ORGANIZATIONS AND TOURISTS WITH A BROAD PROGRAM OF ONSITE TOURS, LECTURES, HANDS-ON ACTIVITIES. THE "BIG PICTURE" OUTREACH PROGRAM PROVIDED HANDS-ON ART EXPERIENCES TO OVER 20,000 STUDENTS AND OTHER COMMUNITY MEMBERS THROUGHOUT THE REGION. IN ADDITION, FREE FAMILY DAYS, THURSDAY NIGHT PROGRAMS, AND OTHER ACTIVITIES ATTRACTED THOUSANDS OF VISITORS FOR INNOVATIVE, ART-BASED LEARNING.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0511311
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt017956
IRS990/ProgSrvcAccomActy3Grp/Desc0AUXILARY ACTIVITIES: THE FIGGE HAS IDENTIFIED THE SUPPLEMENTAL ACTIVITIES RELATED TO OPERATING THE STORE AND ITS CAF/CATERING OPERATIONS INTO A THIRD PROGRAM CALLED AUXILIARY ACTIVITIES. THE MUSEUM OPERATES A STORE OFFERING FOR SALE VARIOUS ART-ORIENTED ITEMS, MANY OF WHICH ARE THEMED AROUND EXHIBITIONS CURRENTLY OR RECENTLY ON DISPLAY. IN ADDITION, THE MUSEUM HAS ENGAGED THE SERVICES OF A THIRD PARTY CATERER WHO OPERATES A CAFE TO PROVIDE AFTER HOUR CATERING FOR PRIVATE EVENTS. THE MUSEUM IS PAID CERTAIN FEES BY THE CATERER IN ACCORDANCE WITH THE ASSOCIATED CONTRACT.
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt095232

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$14.1$0.41$13.6$4.84$3.88$0.97
2023Detailed filing. Detailed filing data is available for this year.$12.5$0.38$12.1$6.47$3.69$2.78
2022Detailed filing. Detailed filing data is available for this year.$9.72$0.82$8.90$3.77$3.01$0.76
2021Detailed filing. Detailed filing data is available for this year.$10.0$0.71$9.34$3.38$2.99$0.39
2020Detailed filing. Detailed filing data is available for this year.$8.06$0.61$7.45$3.02$2.58$0.44
2019Detailed filing. Detailed filing data is available for this year.$7.51$0.36$7.15$3.23$3.10$0.12
2018Detailed filing. Detailed filing data is available for this year.$7.35$0.38$6.98$3.41$3.15$0.26
2017Detailed filing. Detailed filing data is available for this year.$9.40$2.67$6.73$3.56$2.87$0.69
2016Detailed filing. Detailed filing data is available for this year.$9.28$3.24$6.04$2.54$3.14$0.59
2015Detailed filing. Detailed filing data is available for this year.$9.62$2.92$6.70$2.40$2.97$0.57
2014Detailed filing. Detailed filing data is available for this year.$10.5$3.21$7.32$2.85$2.66$0.19
2013Summary only. Only limited summary data is available for this year.$10.4$3.63$6.76$2.14$2.34$0.20
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$10.9$4.31$6.64$2.22
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$11.8$5.02$6.81$2.28
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$11.9$5.35$6.52$2.40