Civic Intelligence

Asheville Art Museum Association Inc

EIN 56-6060776 • 501(c)3 • Asheville, NC

View Organization Page

Profile

The Asheville Art Museum Association, Inc. (the Museum) mission is to engage, enlighten and inspire individuals and enrich the community through dynamic experiences in American Art of the 20th and 21st centuries.

PO Box 1717Asheville, NC 28802-1717

www.ashevilleart.org

Siviq Scores

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

Liabilities / Assets

21st percentile

0.01x

Higher debt load relative to assets than 21% of similar nonprofits.

NTEE A • $25M-$50M nonprofits • Source year 2024

Liabilities / Revenue

34th percentile

0.12x

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

NTEE A • $25M-$50M nonprofits • Source year 2024

Net Margin

9th percentile

-50%

Higher net margin than 9% of similar nonprofits.

NTEE A • $25M-$50M nonprofits • Source year 2024

Top Officer Pay

27th percentile

$178,939

Higher top officer pay than 27% of similar nonprofits.

Top officer pay equals 8.3% of source-year revenue.

NTEE A • $25M-$50M nonprofits • Source year 2024

Asset Growth

28th percentile

-1.1%

Faster asset growth than 28% of similar nonprofits.

NTEE A • $25M-$50M nonprofits • Annualized from 2023 to 2024

Revenue Growth

73rd percentile

22%

Faster revenue growth than 73% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets21st percentile

Assets

Down

$29,582,340

Down $343,439 (-1.1%) from 2023

Liabilities

Up

$252,569

Up $66,905 (+36%) from 2023

Net Assets

Down

$29,329,771

Down $410,344 (-1.4%) from 2023

Operations
Liabilities / Revenue34th percentileNet Margin9th percentile

Revenue

Up

$2,153,498

Up $382,712 (+22%) from 2023

Expenses

Down

$3,233,152

Down $89,121 (-2.7%) from 2023

Net Income

Up

-$1,079,654

Up $471,833 (+30%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth28th percentile

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

$40M$30M$20M$10M$0Assets 2011: $5,556,012Liabilities 2011: $23,348Net Assets 2011: $5,532,6642011Assets 2012: $6,586,405Liabilities 2012: $32,890Net Assets 2012: $6,553,5152012Assets 2013: $7,302,851Liabilities 2013: $68,726Net Assets 2013: $7,234,1252013Assets 2014: $7,818,547Liabilities 2014: $31,022Net Assets 2014: $7,787,5252014Assets 2015: $10,241,404Liabilities 2015: $49,743Net Assets 2015: $10,191,6612015Assets 2016: $10,388,455Liabilities 2016: $24,861Net Assets 2016: $10,363,5942016Assets 2017: $13,005,194Liabilities 2017: $514,264Net Assets 2017: $12,490,9302017Assets 2018: $20,585,671Liabilities 2018: $1,750,111Net Assets 2018: $18,835,5602018Assets 2019: $25,398,766Liabilities 2019: $3,754,411Net Assets 2019: $21,644,3552019Assets 2020: $28,901,662Liabilities 2020: $3,589,029Net Assets 2020: $25,312,6332020Assets 2021: $32,695,907Liabilities 2021: $1,194,211Net Assets 2021: $31,501,6962021Assets 2022: $30,717,963Liabilities 2022: $690,066Net Assets 2022: $30,027,8972022Assets 2023: $29,925,779Liabilities 2023: $185,664Net Assets 2023: $29,740,1152023Assets 2024: $29,582,340Liabilities 2024: $252,569Net Assets 2024: $29,329,7712024

Highlighted filing

2024

Assets$29,582,340
Liabilities$252,569
Net Assets$29,329,771
Open 2024 Filing

Operations Trend

Revenue Growth73rd percentile

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

$10M$5.0M$0-$5.0MRevenue 2011: $1,114,967Expenses 2011: $948,663Net Income 2011: $166,3042011Expenses 2012: $972,2662012Expenses 2013: $1,166,6752013Revenue 2014: $1,708,897Expenses 2014: $1,355,497Net Income 2014: $353,4002014Revenue 2015: $3,862,505Expenses 2015: $1,458,369Net Income 2015: $2,404,1362015Revenue 2016: $1,684,176Expenses 2016: $1,508,214Net Income 2016: $175,9622016Revenue 2017: $3,640,246Expenses 2017: $1,512,910Net Income 2017: $2,127,3362017Revenue 2018: $8,071,355Expenses 2018: $1,731,598Net Income 2018: $6,339,7572018Revenue 2019: $4,547,714Expenses 2019: $1,741,152Net Income 2019: $2,806,5622019Revenue 2020: $6,171,367Expenses 2020: $2,500,339Net Income 2020: $3,671,0282020Revenue 2021: $8,810,292Expenses 2021: $2,611,615Net Income 2021: $6,198,6772021Revenue 2022: $3,167,007Expenses 2022: $2,894,429Net Income 2022: $272,5782022Revenue 2023: $1,770,786Expenses 2023: $3,322,273Net Income 2023: -$1,551,4872023Revenue 2024: $2,153,498Expenses 2024: $3,233,152Net Income 2024: -$1,079,6542024

Highlighted filing

2024

Revenue$2,153,498
Expenses$3,233,152
Net Income-$1,079,654
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$29,582,340
Liabilities
$252,569
Net assets
$29,329,771
Revenue
$2,153,498
Expenses
$3,233,152
Net income
-$1,079,654
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$29.6$0.25$29.3$2.15$3.23$1.08
2023Detailed filing. Detailed filing data is available for this year.$29.9$0.19$29.7$1.77$3.32$1.55
2022Detailed filing. Detailed filing data is available for this year.$30.7$0.69$30.0$3.17$2.89$0.27
2021Detailed filing. Detailed filing data is available for this year.$32.7$1.19$31.5$8.81$2.61$6.20
2020Detailed filing. Detailed filing data is available for this year.$28.9$3.59$25.3$6.17$2.50$3.67
2019Detailed filing. Detailed filing data is available for this year.$25.4$3.75$21.6$4.55$1.74$2.81
2018Detailed filing. Detailed filing data is available for this year.$20.6$1.75$18.8$8.07$1.73$6.34
2017Detailed filing. Detailed filing data is available for this year.$13.0$0.51$12.5$3.64$1.51$2.13
2016Detailed filing. Detailed filing data is available for this year.$10.4$0.02$10.4$1.68$1.51$0.18
2015Detailed filing. Detailed filing data is available for this year.$10.2$0.05$10.2$3.86$1.46$2.40
2014Detailed filing. Detailed filing data is available for this year.$7.82$0.03$7.79$1.71$1.36$0.35
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.30$0.07$7.23$1.17
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.59$0.03$6.55$0.97
2011Summary only. Only limited summary data is available for this year.$5.56$0.02$5.53$1.11$0.95$0.17
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Jul 7, 2025
Return Version
2023v6.0
Gross Receipts
$2,623,048
Mission and Program Overview

Mission

The Asheville Art Museum Association, Inc. (the Museum) mission is to engage, enlighten and

The mission of the Asheville Art Museum Association, Inc. is to engage, enlighten and inspire individuals and enrich the community through dynamic experiences in American Art of the 20th and 21st centuries.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$20,994,376$20,512,010▼ $482,366
Investments in Publicly Traded Securities$7,147,234$7,782,528▲ $635,294
Savings and Temporary Cash Investments$1,121,137$841,669▼ $279,468
Cash and Non-Interest-Bearing Accounts$124,688$131,236▲ $6,548
Pledges and Grants Receivable$334,346$114,133▼ $220,213
Accounts Receivable$71,987$101,907▲ $29,920
Inventories for Sale or Use$78,204$75,562▼ $2,642
Total Assets$29,925,779$29,582,340▼ $343,439
Other Assets Total$53,807$23,295▼ $30,512
Liabilities
Accounts Payable and Accrued Expenses$118,426$177,438▲ $59,012
Deferred Revenue$67,238$75,131▲ $7,893
Total Liabilities$185,664$252,569▲ $66,905
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$22,006,822$20,922,876▼ $1,083,946
Net Assets With Donor Restrictions$7,733,293$8,406,895▲ $673,602
Total Net Assets Fund Balance$29,740,115$29,329,771▼ $410,344
Total Liabilities and Net Assets / Fund Balance$29,925,779$29,582,340▼ $343,439

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$19,550,096$2,286,969$21,837,065
Equipment$951,925$335,903$1,287,828
Other Land Buildings$9,989$8,739$18,728
Land$0--
Other Assets Org$15,857--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$6,375,383$358,955▲ $835,938$275,554$7,277,996
2022$5,798,162$28,473▲ $570,419-$6,375,383
2021$6,919,401$1,000▼ $1,086,702$4,550$5,798,162
2020$101,563$6,679,770▲ $142,711$1,930$6,919,401
2019$106,904$0▼ $354$4,230$101,563
Compensation and Service Providers
Top Officer Pay27th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Pamela MyersExecutive DirectorFT$167,866$11,073$178,939
Pamela Myers--$167,866$11,073$178,939

Board Members and Trustees

NameTitle
Paul Lentz SaengerChair
Herbert Butch PatrickImmediate Past Chair
Paula DawkinsVice Chair
Betsy CunaginTrustee
Carolyn CowardTrustee
Chris CavanaughTrustee
George StoweTrustee
Joey GigliottiTrustee
Lei HanTrustee
Robert BenitesTrustee
Rose ChambersTrustee
Rufus DollarTrustee
Tami BebberTrustee
Tyler Emerson-DorschTrustee
Julia PetersonSecretary
Karen PraytorTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,140,058
Program Service Revenue
$761,473
Investment Income
$201,845
Other Revenue
$50,122
All Other Contributions
$868,111
Change in Net Assets
$-1,079,654

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
Other Non Cash Contri Table39$61,351Fair Market Value
Securities Publicly Traded3$28,355Stock Market Value
Total Noncash Contributions42$89,706-

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,136,772
Revenue Not Reported on Financial Statements
$16,726
Revenue Not Reported on Form 990
$1,295,045
Total Revenue per Audited Statements
$3,431,817
Total Revenue per Form 990
$2,153,498
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,652,855
Salaries, Compensation, and Employee Benefits$1,580,297
Total Fundraising Expense$183,553
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$928,648$124,121$135,574$1,188,343
Depreciation Depletion$503,340$49,781$0$553,121
Occupancy$311,859$4,715$2,638$319,212
Current Officers, Directors, Trustees, and Key Employees$76,876$115,314$0$192,190
Fees for Services Other$60,943$83,256$0$144,199
Payroll Taxes$77,284$17,250$9,633$104,167
Office Expenses$69,401$4,695$13,260$87,356
Other Employee Benefits$65,875$8,514$10,978$85,367
Information Technology$32,966$12,388$6,129$51,483
Advertising$27,819$0$0$27,819
All Other Expenses$13,975$9,405$1,719$25,099
Fees for Services Accounting$0$23,680$0$23,680
Insurance$15,165$7,927$0$23,092
Fees for Service Investment Mgmnt Fees$0$16,726$0$16,726
Travel$9,688$3,524$691$13,903
Pension Plan Contributions$3,354$3,945$2,931$10,230
Other Expenses$1,079$0$0$1,079
Total Functional Expenses$2,563,951$485,648$183,553$3,233,152

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$3,842,161
Total Expenses per Form 990$3,233,152
Expenses per Audited Statements$3,216,426
Expenses Not Reported on Form 990$625,735
Expenses Not Reported on Financial Statements$16,726
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$158,730
Fundraising Gross Income$87,900
Gaming Gross Income$1,100
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Dance Party$156,155$68,050$65,102$2,948
Gala$11,561$9,590$4,098$5,492
Total Events$177,976$87,900$158,730$-70,830
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
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
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No
Filing and Contact Details

Filer

Filer Name
Asheville Art Museum Association Inc
EIN
56-6060776
Phone
8282533227
Address
PO Box 1717, Asheville, NC 28802-1717

Signing Officer

Name
Karen Praytor
Title
Treasurer
Phone
8282533227
Signed
2025-07-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Karen Praytor
Formed
1948
Legal Domicile
Nc
Voting Board Members
17
Independent Board Members
16
Employees
54
Volunteers
87

Preparer

Firm
Corliss & Solomon Pllc
Address
242 CHARLOTTE ST SUITE 1, ASHEVILLE, NC 28801
Preparer
Todd Oldenburg
Phone
8282360206
Supplemental Narrative

Additional Explanations

Pt VI, Line 11B

“The 990 is prepared by independent accountants, reviewed by management, and presented to the Board for review.”

Pt VI, Line 12C

“Conflict of interest statements are required to be signed by each Trustee annually. The statements affirm that the policy has been read & either that no conflict of interest exists or discloses any such conflict.”

Pt VI, Line 15A

“In the annual budgeting process, individual salaries and salary increases for employees are proposed by the Executive Director after performance reviews and a check of comparable salary information for equivalent positions at museums with similar budgets. Any proposed salary increases are then approved by the Executive Committee. The Executive Directors salary is determined by the Executive Committee after a performance review and a check of comparable salary information at museums with similar budgets. The Board of Trustees then approves a budget including aggregate salary expenses.”

Pt VI, Line 18

“Forms 1023 and the public inspection copy of the Form 990 are available upon request and online.”

Pt VI, Line 19

“All requests for Governing documents, conflict of interest policy and audited financial statements will be considered.”

Other

“Schedule D, Part V, Endowment Funds has been revised to correspond more directly to the organizations audit.”

Financial Statement Notes

Pt III, Line 4

“Collections and Relation to Exempt Purpose: The Museum has established its expertise in the collection, preservation, and interpretation of American art beginning in the 20th century and in all aspects of public programming, making innovative and outstanding exhibition experiences available to residents of and visitors to Western North Carolina. The Museum preserves important aspects of our national and regional heritage through strategic collecting and the conscientious stewardship of great works of art.”

Pt V, Line 4

“In 2004, the Museum began a capital campaign for a major construction, renovation and historic preservation project to create new facilities and secure significant endowment reserves for the long-term sustainability of the facilities and organization. The Museum completed construction in November 2019, and secured all remaining funding in FY2021 to complete the construction portion of the Capital Campaign. The Museum continues to raise funds for Endowment purposes.”

Pt X, Line 2

“The Museum is exempt from federal income taxes under 501(c)(3) of the Internal Revenue Code. Under the Code, income from certain activities not related to the organizations tax-exempt purpose may be subject to taxation as unrelated business income. The organization had no income from unrelated business activities in the 2023-24 fiscal year and was, therefore, not required to file Federal Form 990-T (Exempt Organization Business Income Tax Return). The organization believes that it has appropriate support for all tax positions taken, and as such, does not have any uncertain tax positions that are material to the financial statements.”

Pt III, Line 4

“The Collection, which was acquired through purchases and contributions, is not recognized as an asset on the Statement of Financial Position. Purchases of Collection items are recorded as expenses in the year in which the items are acquired. Contributed Collection items are not reflected on the financial statements.”

Pt XI, Line 2D

“Fundraising Expenses and Rent Expenses”

Pt XII, Line 2D

“Fundraising Expenses and Rent Expenses”

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IRS990/ProgSrvcAccomActy2Grp/Desc0In FY23/24, the Museum served 64,060 participants including 7,971 children through educational programs and presented 16 onsite and 6 digital exhibitions drawing from its own Collection and borrowed works. The Museum curates exhibitions and programs focusing on themes of contemporary interest and invites internationally acclaimed artists, scholars, and educators to contribute their skills. The Museum provides vital and otherwise unavailable cultural and educational services to adults and children of all ages including school and adult tours, teacher training, classes and workshops for adults and children, films, book club, artist talks, as well as volunteer and entertainment experiences. Arts-based educational programming is an important focus, and every year the Museum provides visual arts programming to audiences of all ages through a diverse range of Museum programming and activities, including outreach educational programs, group tours for K-12 groups, adults, and families, family days, after-school programs, and more. Returning arts programming to the schools, coupled with integrating the arts into the exploration of academic disciplines such as math, social studies, and visual literacy has been shown to improve critical thinking, performance, lifelong learning, and success. Strong and long-standing Museum partners include institutions throughout the region serving pre-kindergarten students through older adults. Museum programs offer access to the visual arts to at-risk, low-income youth from across WNC.
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