Civic Intelligence

Heritage Museum of Asian Art

EIN 46-5327571 • 501(c)3 • Chicago, IL

Profile

To construct, maintain and operate a museum of art for the collection, care, study and exhibition of paintings, ceramics and other works of asian art for the benefit and eduation of the public.

3500 S MorganChicago, IL 60609

www.heritageasianart.org

Siviq Scores

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

Liabilities / Assets

67th percentile

0.01x

Higher debt load relative to assets than 67% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2024

Liabilities / Revenue

69th percentile

0.01x

Higher debt load relative to revenue than 69% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2024

Net Margin

70th percentile

15%

Higher net margin than 70% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2024

Top Officer Pay

95th percentile

$62,500

Higher top officer pay than 95% of similar nonprofits.

Top officer pay equals 13.6% of source-year revenue.

501(c)3 • <$500k nonprofits • Source year 2024

Asset Growth

31st percentile

-22%

Faster asset growth than 31% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2023 to 2024

Revenue Growth

84th percentile

50%

Faster revenue growth than 84% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets67th percentile

Assets

Down

$366,944

Down $106,014 (-22%) from 2023

Liabilities

Up

$4,210

Up $3,386 (+411%) from 2023

Net Assets

Down

$362,734

Down $109,400 (-23%) from 2023

Operations
Liabilities / Revenue69th percentileNet Margin70th percentile

Revenue

Up

$459,798

Up $154,013 (+50%) from 2023

Expenses

Up

$389,797

Up $34,258 (+9.6%) from 2023

Net Income

Up

$70,001

Up $119,755 (+241%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth31st percentile

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

$4.0M$3.0M$2.0M$1.0M$0Assets 2014: $261,840Liabilities 2014: $1,250Net Assets 2014: $260,5902014Assets 2015: $278,496Liabilities 2015: $1,328Net Assets 2015: $277,1682015Assets 2016: $258,869Liabilities 2016: $441Net Assets 2016: $258,4282016Assets 2017: $63,997Liabilities 2017: $2,327Net Assets 2017: $61,6702017Assets 2018: $3,511,501Liabilities 2018: $2,280,126Net Assets 2018: $1,231,3752018Assets 2019: $3,394,008Liabilities 2019: $2,299,280Net Assets 2019: $1,094,7282019Assets 2020: $3,380,750Liabilities 2020: $2,296,404Net Assets 2020: $1,084,3462020Assets 2021: $3,379,344Liabilities 2021: $2,349,139Net Assets 2021: $1,030,2052021Assets 2022: $524,345Liabilities 2022: $2,457Net Assets 2022: $521,8882022Assets 2023: $472,958Liabilities 2023: $824Net Assets 2023: $472,1342023Assets 2024: $366,944Liabilities 2024: $4,210Net Assets 2024: $362,7342024

Highlighted filing

2024

Assets$366,944
Liabilities$4,210
Net Assets$362,734
Open 2024 Filing

Operations Trend

Revenue Growth84th percentile

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

$1.5M$1.0M$500K$0-$500K-$1.0MRevenue 2014: $395,514Expenses 2014: $134,924Net Income 2014: $260,5902014Revenue 2015: $174,240Expenses 2015: $149,662Net Income 2015: $24,5782015Revenue 2016: $99,382Expenses 2016: $118,122Net Income 2016: -$18,7402016Revenue 2017: -$53,825Expenses 2017: $142,933Net Income 2017: -$196,7582017Revenue 2018: $1,334,052Expenses 2018: $164,347Net Income 2018: $1,169,7052018Revenue 2019: $196,983Expenses 2019: $333,630Net Income 2019: -$136,6472019Revenue 2020: $215,854Expenses 2020: $226,236Net Income 2020: -$10,3822020Revenue 2021: $131,626Expenses 2021: $185,767Net Income 2021: -$54,1412021Revenue 2022: -$165,895Expenses 2022: $342,422Net Income 2022: -$508,3172022Revenue 2023: $305,785Expenses 2023: $355,539Net Income 2023: -$49,7542023Revenue 2024: $459,798Expenses 2024: $389,797Net Income 2024: $70,0012024

Highlighted filing

2024

Revenue$459,798
Expenses$389,797
Net Income$70,001
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$366,944
Liabilities
$4,210
Net assets
$362,734
Revenue
$459,798
Expenses
$389,797
Net income
$70,001
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.37$0.00$0.36$0.46$0.39$0.07
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.47$0.00$0.47$0.31$0.36$0.05
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.52$0.00$0.52$0.17$0.34$0.51
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.38$2.35$1.03$0.13$0.19$0.05
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.38$2.30$1.08$0.22$0.23$0.01
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.39$2.30$1.09$0.20$0.33$0.14
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.51$2.28$1.23$1.33$0.16$1.17
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.06$0.00$0.06$0.05$0.14$0.20
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.26$0.00$0.26$0.10$0.12$0.02
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.28$0.00$0.28$0.17$0.15$0.02
2014Detailed filing. Detailed filing data is available for this year.$0.26$0.00$0.26$0.40$0.13$0.26
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Jan 28, 2025
Return Version
2024v5.0
Gross Receipts
$463,995
Mission and Program Overview

Mission

To construct, maintain and operate a museum of art for the collection, care, study and exhibition of paintings, ceramics and other works of asian art for the benefit and education of the public.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$147,292$239,177▲ $91,885
Land, Buildings, and Equipment, Net$97,681$99,073▲ $1,392
Pledges and Grants Receivable$42,500$22,285▼ $20,215
Inventories for Sale or Use$6,085$6,409▲ $324
Total Assets$293,558$366,944▲ $73,386
Liabilities
Accounts Payable and Accrued Expenses$524$4,210▲ $3,686
Other Liabilities$300--
Total Liabilities$824$4,210▲ $3,386
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$292,734$362,734▲ $70,000
Total Net Assets Fund Balance$292,734$362,734▲ $70,000
Total Liabilities and Net Assets / Fund Balance$293,558$366,944▲ $73,386

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$99,073$54,639$153,712
Compensation and Service Providers
Top Officer Pay95th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Raymond MoyTreasurerPT$62,500$62,500

Board Members and Trustees

NameTitle
Jeffrey MoyPresident
Chris HuangDirector
Dr Kim TeeDirector
Johnny ZhengDirector
Jonathan LustigDirector
Vivian ZuDirector
Catherine WangSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$439,717
Program Service Revenue
$11,919
Investment Income
$0
Other Revenue
$8,162
All Other Contributions
$381,773
Change in Net Assets
$70,001
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$241,994
Salaries, Compensation, and Employee Benefits$147,803
Total Fundraising Expense$38,479
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$159,893$21,490$3,100$184,483
Other Salaries and Wages$50,000$59,430$30,000$139,430
Insurance$5,124$5,502$2,200$12,826
Office Expenses$1,180$9,445$1,370$11,995
Depreciation Depletion$8,608--$8,608
Payroll Taxes$2,997$3,567$1,809$8,373
Fees for Services Legal-$3,928-$3,928
Fees for Services Accounting-$3,600-$3,600
Advertising-$1,115-$1,115
Fees for Services Management-$963-$963
Travel-$776-$776
Other Expenses$4,726$292-$292
Total Functional Expenses$239,879$111,439$38,479$389,797
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$3,475
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Fundraising Eve$47,296-$3,475-
Total Events$47,296-$3,475$-3,475
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
Yes
Annual disclosure for covered persons
Yes
Backup withholding compliance
No
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
No
Other officer compensation reviewed
No
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 2

“Jeffrey moy raymond moy president treasurer nephew”

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

“Form 990 is requested to be provided to all officers by the preparer for their review.”

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

“Conflict of interest policy reviewed by directors annually. Transactions are reviewed for conflicts of interest. The limited scope and limited number of transactions of the organizations assists in the review.”

Form 990, Page 6, Part VI, Line 19

“The organizations 990 and governing documents are made available upon request.”

Filing and Contact Details

Filer

Filer Name
Heritage Museum of Asian Art
EIN
46-5327571
Phone
3128428884
Address
3500 S MORGAN, CHICAGO, IL 60609

Signing Officer

Name
Raymond Moy
Title
Treasurer
Phone
3128428884
Signed
2025-01-28
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jeffrey Moy
Formed
2014
Legal Domicile
Il
Voting Board Members
8
Independent Board Members
6
Employees
4

Preparer

Firm
Definitive Solutions Inc
Address
340 BRIDGE ST, BURLINGTON, WI 53105
Preparer
Walter O Bahr CPA
Phone
2627635556
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Book / tax depreciation difference -1”

Raw XML AppendixShowing 400 of 401 raw XML fields

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

Path#Value
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IRS990/ConsolidatedAuditFinclStmtInd0false
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IRS990/CostOfGoodsSoldAmt0722
IRS990/CreditCounselingInd0false
IRS990/CYBenefitsPaidToMembersAmt00
IRS990/CYContributionsGrantsAmt0439717
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IRS990/DepreciationDepletionGrp/ProgramServicesAmt08608
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IRS990/Desc0ESTABLISH A MUSEUM TO DEVELOP EXHIBITIONS ON ALL ASPECTS OF ASIAN ART PARTICULARLY THOSE NOT EMPHASIED BY MAIN STREAM ASIAN ART DEPARTMENTS. ALSO TO UNDERTAKE RESEARCH IN THESE NEGLECTED AREAS AND PUBLISH CATALOGS RELATING TO THE EXHIBITIONS.
IRS990/DescribedInSection501c3Ind0true
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IRS990/EmployeeCnt04
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0JEFFREY MOY RAYMOND MOY PRESIDENT TREASURER NEPHEW
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1FORM 990 IS REQUESTED TO BE PROVIDED TO ALL OFFICERS BY THE PREPARER FOR THEIR REVIEW.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2CONFLICT OF INTEREST POLICY REVIEWED BY DIRECTORS ANNUALLY. TRANSACTIONS ARE REVIEWED FOR CONFLICTS OF INTEREST. THE LIMITED SCOPE AND LIMITED NUMBER OF TRANSACTIONS OF THE ORGANIZATIONS ASSISTS IN THE REVIEW.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATIONS 990 AND GOVERNING DOCUMENTS ARE MADE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4BOOK / TAX DEPRECIATION DIFFERENCE -1
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 12C
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ReturnHeader/BusinessOfficerGrp/SignatureDt02025-01-28
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0HERITAGE MUSEUM OF ASIAN ART
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ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0DEFINITIVE SOLUTIONS INC
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ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0BURLINGTON
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ReturnHeader/PreparerPersonGrp/PreparationDt02025-07-23
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0WALTER O BAHR CPA
ReturnHeader/ReturnTs02025-07-29T09:29:46-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02024-01-01
ReturnHeader/TaxPeriodEndDt02024-12-31

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