Knoxville Museum of Art

“Permanent art collection - the museum's collections are made up of art objects that are held for exhibition and curatorial purposes. Each of the items are cataloged, preserved, and cared for. The value of the permanent art collection is not reflected in the accompanying statement of financial position nor are donations of art to the permanent art collection recognized in the statement of activities. There were donations of art in the current year valued at $778,500. Purchased art totaled $106,875. It is the policy of the museum that proceeds from the sale of any collection items are to be used to purchase additional collection items or for the direct care of existing collections. The museum defines direct care of collections as any activity that involves the protection and preservation of the collection. Proceeds received from deaccessioned items were $0 for the year ended june 30, 2025. Management estimates that the market value of the permanent art collection is approximately $12,057,375 as of june 30, 2025.”

“The knoxville museum of art collects works of art of the highest quality in all media from circa 1900 to the present with an emphasis on those representing the most significant recent developments and with greatest local and regional relevance. The collection includes approximately 800 objects representing 20th- and 21st-century works on paper, paintings, mixed media works, sculpture, and fine craft that form an important record of regional, national, and international art developments. It continues to grow through gifts from noted artists, galleries, collectors, and foundations, and purchases funded by the collectors circle of important works by artists of regional and international significance. Internationally-known artists represented in the collection include david bates, charles burchfield, tomory dodge, robert longo, loretta lux, dante marioni, william morris, kenneth snelson, to cite just a few. Choice examples by catherine wiley, lloyd branson, joseph delaney, walter stevens, carl sublett, whitney leland, richard jolley, andrew saftel and bessie harvey represent the development of the visual arts in eastern tennessee over the past century. Many of these are featured in higher ground: a century of the visual arts in east tennessee, an ongoing installation devoted to the history of art in the region from the late 19th century to the present. The kma collection also includes nine thorne miniature rooms, period rooms created by renowned miniaturist mrs. James ward thorne in the 1930s that were recently conserved and reinstalled in a special gallery on the museum's lower level.”

“The knoxville museum of art foundation holds and invests endowments, the income from which is available for the benefit of the knoxville museum of art.”

“Income tax status the museum and the foundation are exempt from federal income tax as qualifying 501(c)(3) organizations. The knoxville museum of art and the knoxville museum of art foundation are exempt from federal and state income taxes under section 501(c)(3) of the internal revenue code. Accordingly, no provision for income taxes is made in the accompanying financial statements as the organization had no net unrelated business income. Effective july 1, 2009, the organization adopted the authoritative guidance for the uncertainty in income taxes recognized in an entity's financial statements and prescribe a threshold of "more likely than not" for recognition and derecognition of tax positions taken or expected to be taken in a tax return. The organization performed an evaluation of uncertain tax positions for the year ended june 30, 2025, and determined that there were no matters that would require recognition in the financial statements or which may have any affect on its tax-exempt status. As of june 30, 2025, the statute of limitations for tax years 2022 through 2024 remains open with the u.s. Federal jurisdiction or the various states and local jurisdictions in which the organization files tax returns. It is the organization's policy to recognize interest and/or penalties related to uncertain tax if any, in income tax expense. As of june 30, 2025, the organization had no accruals for interest and/or penalties.”