The Phillips Collection

“Works of art in the museum's collection are not recognized as assets on the statements of financial position. Purchases of art are recorded as decreases in net assets without donor restrictions if purchased with assets without donor restrictions and are recorded as decreases in net assets with donor restrictions if purchased with donor-restricted assets. Contributions of collection items are not recognized in the statements of activities and changes in net assets; however, certain contributions are recorded as increases in net assets with donor restrictions if a donor makes a contribution intended to fund the subsequent purchase of art. Proceeds from the sale of deaccessions or insurance recoveries are reflected on the statements of activities and changes in net assets based on the absence or existence and nature of donor- imposed restrictions. There were 6 deaccessions of artwork during the year ended july 31, 2024, although none were sold.”

“As stated in article 3 of the collection's articles of incorporation, the focus of the permanent collection is the emergence of modern art in europe and the united states in the late nineteenth and the twentieth centuries (now the 21st as well), and in particular the expressive, individualistic, colorful, nature-based art favored by duncan phillips. Phillips wished for the museum to continue to collect contemporary art of the kind he favored so that living and emerging artists would have a venue to show the results of their research and their aesthetic adventures. The collection permits the museum to provide outstanding exhibitions and related art programming for the education of the public.”

“The museum's endowment is invested to provide income for operations, for programs and exhibitions, for display and preservation of the permanent collection.”

“Endowment earnings transferred for operations 6,084,632. Included in revenue on the financial statements and excluded from revenue on form 990, part viii. Exhibition participation expense fees included in expenses 133,923. On the financial statement and netted against revenue on form 990, part viii.”

“Realized gains, non-operating, reported as an "other item" 325,395. On the financial statements and included as revenue on form 990, part viii. Gala expenses excluded from revenue on the financial -212,943. Statements and netted against revenue on form 990, part viii. Shop cost of goods sold excluded from revenue on -527,683. The financial statements and netted against revenue on form 990, part viii. Interest, non-operating, reported as an "other item" 3,436,694. On the financial statements and included as revenue on form 990, part viii.”

“Gala expenses included in expenses on the financial 212,943. Statements and netted against revenue on form 990, part viii. Shop cost of goods sold included in expenses on the 527,683. Financial statements and netted against revenue on form 990, part viii. Exhibition participation expense fees included in expenses 133,923. On the financial statement and netted against revenue on form 990, part viii.”

“Ubit tax expense reported as an "other item" on the -19,692. Financial statements and included as an expense on form 990, part ix. Investment fees, non-operating, reported as an "other item" 289,961. On the financial statements and included as an expense on form 990, part ix.”