Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1b · Membership dues

  $2,028,668

• 1c · Fundraising events

  $7,224,127

• 1f · All other contributions, gifts and grants

  $98,763,419

• 1g · Noncash contributions included above

  $9,077,072

• 2a · Program service revenue: Admissions

  total $36,281,751 · related or exempt $36,281,751

• 2b · Program service revenue: Other Programs

  total $835,164 · related or exempt $161,250 · unrelated business $673,914

• 2c · Program service revenue: Exhibition Tour Income

  total $48,668 · related or exempt $48,668

• 3 · Investment income

  total $24,591,898 · unrelated business $1,093,662 · excluded $23,498,236

• 5 · Royalties

  total $48,283 · related or exempt $48,283

• 7a · Gross sales of assets other than inventory

  securities $245,758,071 · other assets $4,133,745

• 7b · Less cost or other basis and sales expenses

  securities $219,986,543 · other assets $0

• 7c · Gain or loss

  securities $25,771,528 · other assets $4,133,745

• 7d · Net gain or loss

  total $29,905,273 · related or exempt $4,133,745 · unrelated business $5,100,430 · excluded $20,671,098

• 8a · Fundraising events: gross income

  $149,520

• 8a · Fundraising events: contributions included on line 1c

  $7,224,127

• 8b · Fundraising events: direct expenses

  $1,925,727

• 8c · Net income from fundraising events

  total -$1,776,207 · excluded -$1,776,207

• 10a · Gross sales of inventory

  $74,330,893

• 10b · Cost of goods sold

  $37,237,543

• 10c · Net income from sales of inventory

  total $37,093,350 · related or exempt $29,647,633 · unrelated business $7,445,717

• 11a · Other revenue: Museum Restaurants

  total $1,369,488 · excluded $1,369,488

• 11b · Other revenue: Tax refund

  total $266,839 · excluded $266,839

• 11e · Other revenue, total

  $1,636,327

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $2,596,572 · program services $2,596,572

• 5 · Compensation of officers, directors and key employees

  total $13,348,996 · program services $3,826,658 · management and general $8,948,739 · fundraising $573,599

• 7 · Other salaries and wages

  total $67,109,742 · program services $49,716,852 · management and general $11,808,453 · fundraising $5,584,437

• 8 · Pension plan contributions

  total $7,622,922 · program services $5,072,886 · management and general $1,966,604 · fundraising $583,432

• 9 · Other employee benefits

  total $12,952,207 · program services $8,619,407 · management and general $3,341,482 · fundraising $991,318

• 10 · Payroll taxes

  total $5,613,982 · program services $3,735,981 · management and general $1,448,326 · fundraising $429,675

• 11b · Fees: legal

  total $1,466,180 · management and general $1,466,180

• 11c · Fees: accounting

  total $693,464 · management and general $693,464

• 11d · Fees: lobbying

  total $55,800 · management and general $55,800

• 11f · Fees: investment management

  total $10,014,249 · management and general $10,014,249

• 11g · Fees: other

  total $22,822,249 · program services $14,264,188 · management and general $6,662,355 · fundraising $1,895,706

• 12 · Advertising and promotion

  total $6,997,468 · program services $5,724,213 · fundraising $1,273,255

• 13 · Office expenses

  total $14,254,346 · program services $12,896,842 · management and general $1,025,544 · fundraising $331,960

• 14 · Information technology

  total $1,759,392 · management and general $1,759,392

• 15 · Royalties

  total $100,000 · program services $100,000

• 16 · Occupancy

  total $17,406,664 · program services $12,668,826 · management and general $4,363,940 · fundraising $373,898

• 17 · Travel

  total $3,250,888 · program services $2,648,406 · management and general $256,016 · fundraising $346,466

• 19 · Conferences, conventions and meetings

  total $274,960 · program services $38,496 · management and general $236,255 · fundraising $209

• 20 · Interest

  total $8,936,371 · program services $8,936,371

• 22 · Depreciation, depletion and amortization

  total $42,270,477 · program services $37,202,002 · management and general $5,068,475

• 23 · Insurance

  total $3,140,155 · program services $3,140,155

• 24a · Other expenses: ART ACQUISITION

  total $25,691,007 · program services $25,691,007

• 24b · Other expenses: EXHIBITION RELATED EXPE

  total $5,175,812 · program services $5,175,812

• 24c · Other expenses: TAX EXPENSE

  total $683,546 · program services $683,546

• 24d · Other expenses: DUES & SUBSCRIPTIONS

  total $414,379 · program services $313,793 · management and general $74,157 · fundraising $26,429

• 24e · All other expenses

  total $6,017,681 · program services $4,275,974 · management and general $1,461,596 · fundraising $280,111

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $8,861,065 · end of year $8,078,607

• 2 · Savings and temporary cash investments

  beginning of year $179,139,868 · end of year $129,232,436

• 3 · Pledges and grants receivable

  beginning of year $89,070,334 · end of year $34,966,847

• 4 · Accounts receivable

  beginning of year $7,024,204 · end of year $7,047,799

• 8 · Inventories for sale or use

  beginning of year $14,148,499 · end of year $18,812,118

• 9 · Prepaid expenses and deferred charges

  beginning of year $10,699,588 · end of year $11,292,735

• 10a · Land, buildings and equipment: cost or other basis

  $1,139,186,981

• 10b · Land, buildings and equipment: accumulated depreciation

  $511,389,940

• 10c · Land, buildings and equipment, net

  beginning of year $655,533,126 · end of year $627,797,041

• 11 · Investments: publicly traded securities

  beginning of year $733,953,679 · end of year $733,635,097

• 12 · Investments: other securities

  beginning of year $755,725,000 · end of year $816,984,000

• 15 · Other assets

  beginning of year $52,881,186 · end of year $102,460,363

• 17 · Accounts payable and accrued expenses

  beginning of year $37,058,278 · end of year $39,184,924

• 19 · Deferred revenue

  beginning of year $2,146,467 · end of year $1,304,970

• 20 · Tax-exempt bond liabilities

  beginning of year $262,855,406 · end of year $181,898,907

• 24 · Unsecured notes and loans payable

  beginning of year $100,000,000 · end of year $100,000,000

• 25 · Other liabilities

  beginning of year $71,535,764 · end of year $53,743,434

• 27 · Net assets without donor restrictions

  beginning of year $1,177,950,136 · end of year $1,206,403,497

• 28 · Net assets with donor restrictions

  beginning of year $855,490,498 · end of year $907,771,311

The filer's explanations (Part III)

Part I, Line 1a

As a condition of employment, the Museum requires the director to reside in the Museum's apartment on the premises in Museum tower in furtherance of the Museum's operations and mission and for the convenience of the Museum. Health club membership dues of the director are paid for by the Museum and included in the director's compensation.

Part I, Line 4b

Glenn Lowry received a supplemental retirement plan payment described in comment below.

Part I, Line 7

Glenn Lowry - Director full-time employee, officer and ex-officio trustee. In 2022 Glenn Lowry earned $992,121 in base compensation. Column B (ii) includes a annual bonus of $456,037, a previously scheduled payment of a multi-year supplemental retirement plan, dating to 2014, of $72,000, and a partial retention payment of $28,418 for a total of $556,455. The retention payment was based on Mr. Lowry remaining an active employee at the Museum for a specific period of time. These amounts compare to $817,177 of base compensation and a annual bonus of $376,342 in 2021. Column C includes a 2023 accrual of $36,000 under the supplemental retirement plan to be paid next year. The following individuals listed received a bonus in calendar year 2022 based on meeting certain objective performance criteria/metrics or service requirements. These bonuses were authorized by management. The following individuals had no input into the awarding of their own bonuses: James Gara (Chief Operating Officer and Assistant Treasurer), Anthony Wai (Chief Investment Officer), Gabriel Morrow (Director of Investments), Jean Savitsky (Director of Real Estate and Construction), Jesse Goldstine (General Manager Retail), and Emmanuel Platt (Director Merchandising). The following individuals listed received discretionary bonuses in calendar year 2022 (as part of a museum wide plan for any employee who was within certain time compliance) for their retention during the COVID-19 pandemic. The bonus was approved by the board of directors and documented in committee minutes. The individuals are: James Gara (Chief Operating Officer and Assistant Treasurer) Gabriel Morrow (Director of Investments) James Grooms (General Counsel/Secretary) Sarah Suzuki (Associate Museum Director) Jean Savitsky (Director of Real Estate and Construction) Ann Temkin (Chief Curator - Painting and Sculpture) Jan Postma (Chief Financial Officer) Jesse Goldstine (General Manager Retail) Christophe Cherix (Chief Curator - Drawings and Prints) Emmanuel Platt (Director - Merchandising) Rajendra Roy (Chief Curator - Film) Odessa Matsubara (Chief Human Resources Officer) Roxana Marcoci (Senior Curator - Photography) Diana Pan (Chief Technology Officer) Tunji Adeniji (Chief Facilities and Safety Officer) Stuart Comer (Chief Curator - Media and Performance Art) Clement Cheroux (Chief Curator - Photography) Martino Stierli (Chief Curator - Arch. and Design)

Part II, Column (C):

Amounts reported as deferred compensation, to the extent they include evaluation increases, are based on actuarial calculations done for June 30, 2023 as opposed to calendar year 2022. Compensation Reporting Generally: All compensation reported on Form 990 in Part VII and Schedule J, including bonuses, are based on calendar year 2022, pursuant to employee contracts with the persons listed.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• AFE LLC

  Real Estate · NY · income -$298,515 · assets $2,456,886

  Directly controlled by Museum of Modern Art

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• Alta Cultura

  C · General Business Corporation · DE · 100% owned · controlled entity