Civic Intelligence

Vero Beach Museum of Art

EIN 88-2160449 • 501(c)3 • Vero Beach, FL

Profile

The vero beach museum of art foundation is committed to managing endowments and extending the reach and sustaining the work of the vero beach museum of art, the supported organization, by securing both current and future financial commitments from its donors. An endowment, where principal remains intact and gifts are invested for growth and to generate earnings, will serve as a consistent revenue stream year after year.

3001 Riverside Park DriveVero Beach, FL 32963

n/A

Siviq Scores

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

Liabilities / Assets

13th percentile

0.01x

Higher debt load relative to assets than 13% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Liabilities / Revenue

20th percentile

0.08x

Higher debt load relative to revenue than 20% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Net Margin

96th percentile

77%

Higher net margin than 96% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Top Officer Pay

9th percentile

$0

Higher top officer pay than 9% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Asset Growth

100th percentile

4125924900%

Faster asset growth than 100% of similar nonprofits.

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

Revenue Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2023 to 2024

Assets

Up

$41,259,250

Up $41,259,250 from 2023

Liabilities

Up

$383,112

Up $383,112 from 2023

Net Assets

Up

$40,876,138

Up $40,876,138 from 2023

Revenue

Up

$5,068,515

Up $5,068,515 from 2023

Expenses

Up

$1,148,590

Up $1,148,590 from 2023

Net Income

Up

$3,919,925

Up $3,919,925 from 2023

Trend Graphs

Balance Sheet Trend

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

$60M$40M$20M$0Assets 2022: $0Liabilities 2022: $0Net Assets 2022: $02022Assets 2023: $0Liabilities 2023: $0Net Assets 2023: $02023Assets 2024: $41,259,250Liabilities 2024: $383,112Net Assets 2024: $40,876,1382024

Highlighted filing

2024

Assets$41,259,250
Liabilities$383,112
Net Assets$40,876,138

Operations Trend

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

$6.0M$4.0M$2.0M$0Revenue 2022: $0Expenses 2022: $0Net Income 2022: $02022Revenue 2023: $0Expenses 2023: $0Net Income 2023: $02023Revenue 2024: $5,068,515Expenses 2024: $1,148,590Net Income 2024: $3,919,9252024

Highlighted filing

2024

Revenue$5,068,515
Expenses$1,148,590
Net Income$3,919,925

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Apr 28, 2025
Return Version
2023v6.0
Gross Receipts
$6,992,236
Mission and Program Overview

Mission

See response to form 990, page 1, line 1.

The vero beach museum of art foundation is committed to managing endowments and extending the reach and sustaining the work of the vero beach museum of art, the supported organization, by securing both current and future financial commitments from its donors. An endowment, where principal remains intact and gifts are invested for growth and to generate earnings, will serve as a consistent revenue stream year after year.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$0$41,259,250▲ $41,259,250
Total Assets$0$41,259,250▲ $41,259,250
Liabilities
Other Liabilities$0$383,112▲ $383,112
Total Liabilities$0$383,112▲ $383,112
Net Assets / Fund Balance
Net Assets With Donor Restrictions$0$34,982,058▲ $34,982,058
Net Assets Without Donor Restrictions$0$5,894,080▲ $5,894,080
Total Net Assets Fund Balance$0$40,876,138▲ $40,876,138
Total Liabilities and Net Assets / Fund Balance$0$41,259,250▲ $41,259,250

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$0$40,110,622▲ $1,899,106$714,471$41,259,249
Compensation and Service Providers

Board Members and Trustees

NameTitle
Molly HartChair
Stephen ColeyVice Chair
Bradley AndersonDirector
Lisa BullockDirector
Michael HobenDirector
Ronald McglynnDirector
Thomas PiperDirector
Doug TansillSecretary
Harvey StruthersTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$3,514,967
Program Service Revenue
$0
Investment Income
$1,553,548
Other Revenue
$0
All Other Contributions
$3,514,967
Change in Net Assets
$3,919,925

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,032,507
Revenue Not Reported on Financial Statements
$36,008
Revenue Not Reported on Form 990
$345,558
Total Revenue per Audited Statements
$5,378,065
Total Revenue per Form 990
$5,068,515
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,083,589
Other Expenses$65,001
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$1,083,589--$1,083,589
Fees for Service Investment Mgmnt Fees-$36,008-$36,008
Fees for Services Legal-$21,767-$21,767
Fees for Services Accounting-$3,725-$3,725
Insurance-$3,099-$3,099
Office Expenses-$402-$402
Total Functional Expenses$1,083,589$65,001$0$1,148,590

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$1,148,590
Expenses per Audited Statements$1,112,582
Total Expenses per Audited Statements$1,112,582
Expenses Not Reported on Financial Statements$36,008
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Vero Beach Museum of Art IncVero Beach, FL501(c)(3)TO PROVIDE SUSTAINING SUPPORT FOR THE SUPPORTED ORGANIZATION'S ACTIVITIES IN ACCORDANCE WITH THE ENDOWMENT'S ADOPTED SPENDING POLICY.$1,083,589
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Affiliate$383,112
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 7A

In accordance with the foundation's bylaws, a majority of the governing board is appointed by the foundation's supported organization, vero beach museum of art, inc.

Form 990, Part VI, Section A, Line 7B

In accordance with the foundation's bylaws, the supported organization, vero beach museum of art, inc.'s board of trustees has the power to change and approve changes to the foundation's governing documents and make related decisions.

Form 990, Part VI, Section B, Line 11B

The return is reviewed and approved by the chairman and treasurer of the board and made available to all members of the board of trustees.

Form 990, Part VI, Section B, Line 12C

The organization maintains a conflict of interest policy and perfoms periodic reviews of compensation arrangements prospectively.

Form 990, Part VI, Section C, Line 19

The organization's governing documents and financial statements are available for public inspection upon request.

Filing and Contact Details

Filer

Filer Name
Vero Beach Museum of Art
EIN
88-2160449
Phone
7722310707
Address
3001 RIVERSIDE PARK DRIVE, VERO BEACH, FL 32963

Signing Officer

Name
Molly Hart
Title
Chair
Phone
7722310707
Signed
2025-04-28
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Molly Hart
Formed
2022
Legal Domicile
Fl
Voting Board Members
9
Independent Board Members
9
Employees
0
Volunteers
9

Preparer

Firm
Jacoby and Handley Pllc
Address
3383 OCEAN DRIVE, VERO BEACH, FL 32963
Preparer
Emily P Handley CPA
Phone
7723654180
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Net asset transfer from supported organization 36,610,655.

Form 990, Part XII, Line 2C

The foundation's finance committee serves as audit committee on behalf of the board of directors in oversight of the audit process.

Financial Statement Notes

PART V, LINE 4:

These permanent and board designated endowment funds are maintained and available for the sole use of vero beach museum of art, inc.

PART X, LINE 2:

The organization is generally exempt from federal and state income taxes under section 501(c)(3) of the internal revenue code. In accordance with the internal revenue code, the organization is not considered a private foundation. The organization's income tax filings are subject to audit by various taxing authorities. The organization's open audit periods are 2021 - 2024.

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IRS990ScheduleD/CYEndwmtFundGrp/OtherExpendituresAmt0714471
IRS990ScheduleD/EndowmentsHeldRelatedOrgInd00
IRS990ScheduleD/EndowmentsHeldUnrelatedOrgInd00
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt036008
IRS990ScheduleD/ExpensesSubtotalAmt01112582
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/InvestmentExpensesNotIncld2Amt036008
IRS990ScheduleD/InvestmentExpensesNotIncldAmt036008
IRS990ScheduleD/NetUnrealizedGainsInvstAmt0345558
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0383112
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0DUE TO AFFILIATE
IRS990ScheduleD/PrmnntEndowmentBalanceEOYPct00.63739
IRS990ScheduleD/RevenueNotReportedAmt0345558
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt036008
IRS990ScheduleD/RevenueSubtotalAmt05032507
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THESE PERMANENT AND BOARD DESIGNATED ENDOWMENT FUNDS ARE MAINTAINED AND AVAILABLE FOR THE SOLE USE OF VERO BEACH MUSEUM OF ART, INC.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION IS GENERALLY EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. IN ACCORDANCE WITH THE INTERNAL REVENUE CODE, THE ORGANIZATION IS NOT CONSIDERED A PRIVATE FOUNDATION. THE ORGANIZATION'S INCOME TAX FILINGS ARE SUBJECT TO AUDIT BY VARIOUS TAXING AUTHORITIES. THE ORGANIZATION'S OPEN AUDIT PERIODS ARE 2021 - 2024.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART V, LINE 4:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART X, LINE 2:
IRS990ScheduleD/TermEndowmentBalanceEOYPct00.21942
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalExpensesPerForm990Amt01148590
IRS990ScheduleD/TotalLiabilityAmt0383112
IRS990ScheduleD/TotalRevenuePerForm990Amt05068515
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt05378065
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01112582
IRS990ScheduleI/GrantRecordsMaintainedInd00
IRS990ScheduleI/RecipientTable/CashGrantAmt01083589
IRS990ScheduleI/RecipientTable/IRCSectionDesc0501(C)(3)
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt00
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0TO PROVIDE SUSTAINING SUPPORT FOR THE SUPPORTED ORGANIZATION'S ACTIVITIES IN ACCORDANCE WITH THE ENDOWMENT'S ADOPTED SPENDING POLICY.
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0VERO BEACH MUSEUM OF ART INC
IRS990ScheduleI/RecipientTable/RecipientEIN0591867408
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt03001 RIVERSIDE PARK DRIVE
IRS990ScheduleI/RecipientTable/USAddress/CityNm0VERO BEACH
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0FL
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd032963
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0IN ACCORDANCE WITH THE FOUNDATION'S BYLAWS, A MAJORITY OF THE GOVERNING BOARD IS APPOINTED BY THE FOUNDATION'S SUPPORTED ORGANIZATION, VERO BEACH MUSEUM OF ART, INC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1IN ACCORDANCE WITH THE FOUNDATION'S BYLAWS, THE SUPPORTED ORGANIZATION, VERO BEACH MUSEUM OF ART, INC.'S BOARD OF TRUSTEES HAS THE POWER TO CHANGE AND APPROVE CHANGES TO THE FOUNDATION'S GOVERNING DOCUMENTS AND MAKE RELATED DECISIONS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE RETURN IS REVIEWED AND APPROVED BY THE CHAIRMAN AND TREASURER OF THE BOARD AND MADE AVAILABLE TO ALL MEMBERS OF THE BOARD OF TRUSTEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION MAINTAINS A CONFLICT OF INTEREST POLICY AND PERFOMS PERIODIC REVIEWS OF COMPENSATION ARRANGEMENTS PROSPECTIVELY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION'S GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5NET ASSET TRANSFER FROM SUPPORTED ORGANIZATION 36,610,655.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE FOUNDATION'S FINANCE COMMITTEE SERVES AS AUDIT COMMITTEE ON BEHALF OF THE BOARD OF DIRECTORS IN OVERSIGHT OF THE AUDIT PROCESS.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART XI, LINE 9:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART XII, LINE 2C
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd01
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0VERO BEACH MUSEUM OF ART INC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0591867408
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0MUSEUM
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0FL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0ART MUSEUM
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0LINE 10
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt03001 RIVERSIDE PARK DRIVE
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0VERO BEACH
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0FL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd032963
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd01
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd01
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd01
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt01083589
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt128993
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt236610655
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0CASH
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt1CASH
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt2FAIR MARKET VALUE
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0VERO BEACH MUSEUM OF ART INC
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt1VERO BEACH MUSEUM OF ART INC
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt2VERO BEACH MUSEUM OF ART INC
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt0B
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt1P
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt2S
IRS990ScheduleR/TransferFromOtherOrgInd01
IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt00
IRS990/TotalAssetsEOYAmt041259250
IRS990/TotalAssetsGrp/BOYAmt00
IRS990/TotalAssetsGrp/EOYAmt041259250
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt03514967
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt065001
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01083589
IRS990/TotalFunctionalExpensesGrp/TotalAmt01148590
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt00
IRS990/TotalLiabilitiesEOYAmt0383112
IRS990/TotalLiabilitiesGrp/BOYAmt00
IRS990/TotalLiabilitiesGrp/EOYAmt0383112
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt00
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt040876138
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt01083589
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt01553548
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00

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