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← TRUSTEES OF THE CORCORAN GALLERY OF ART

Form 990 for tax year 2023

Filed by TRUSTEES OF THE CORCORAN GALLERY OF ART.

Totals

Total revenue
$195,021
Total expenses
$432,697
Contributions and grants received
$0
Grants paid
$120,000
Program service revenue
$0
Investment income
$195,021
Other revenue
$0
Total assets, end of year
$1,836,234
Total liabilities, end of year
$7,200
Net assets or fund balances, end of year
$1,829,034
Program services expenses (Part IX)
$352,230
Management and general expenses
$80,467
Fundraising expenses
$0
Program service expenses (Part III)
$352,230

Program services were 81.4% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 3 · Investment income

    total $72,663 · excluded $72,663

  • 7a · Gross sales of assets other than inventory

    securities $1,264,807

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

    securities $1,142,449

  • 7c · Gain or loss

    securities $122,358

  • 7d · Net gain or loss

    total $122,358 · excluded $122,358

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $120,000 · program services $120,000

  • 11b · Fees: legal

    total $211,750 · program services $177,977 · management and general $33,773

  • 11c · Fees: accounting

    total $23,629 · management and general $23,629

  • 11f · Fees: investment management

    total $17,650 · management and general $17,650

  • 11g · Fees: other

    total $34,130 · program services $30,717 · management and general $3,413

  • 13 · Office expenses

    total $2,370 · program services $2,133 · management and general $237

  • 23 · Insurance

    total $9,596 · program services $8,636 · management and general $960

  • 24a · Other expenses: STORAGE

    total $8,048 · program services $7,243 · management and general $805

  • 24b · Other expenses: SETTLEMENTS

    total $5,524 · program services $5,524

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $152,905 · end of year $123,772

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,088 · end of year $838

  • 11 · Investments: publicly traded securities

    beginning of year $2,891,125 · end of year $1,711,624

  • 17 · Accounts payable and accrued expenses

    beginning of year $48,059 · end of year $7,200

  • 25 · Other liabilities

    beginning of year $884,476 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $2,113,583 · end of year $1,829,034

Mission and programs · 2023

Mission

THE CORCORAN CONTINUES AS A SEPARATELY INCORPORATED ENTITY DEDICATED TO ART AND ENCOURAGING AMERICAN GENIUS. AS A CONTINUING ENTITY, THE CORCORAN WILL SEEK TO SUPPORT STEWARDSHIP OF THE CORCORAN NAME AND LEGACY, TO CONSULT WITH NGA AND GW ON PROGRAMS AND INTERCONNECTED ACTIVITIES OF SUCH INSTITUTIONS, AND TO PROMOTE THE IMPORTANT ROLE OF CONTEMPORARY ART AND ARTISTS IN PROVOKING NEW THINKING AND REALIZING NEW EXCITING CULTURAL INITIATIVES.

Activities or mission (Part I)

THE GALLERY WAS FORMED TO ESTABLISH AN INSTITUTION IN WASHINGTON, DC DEDICATED TO ART AND USED FOR THE PURPOSE OF ENCOURAGING AMERICAN GENIUS IN THE PRODUCTION AND PRESERVATION OF WORKS PERTAINING TO THE FINE ARTS AND KINDRED OBJECTS.

  • WIND DOWN - ACTIVITIES RELATED TO WINDING DOWN THE PREVIOUS OPERATIONS OF THE ORGANIZATION, AND RELATED TO DETERMINING THE FUTURE DIRECTION OF THE ORGANIZATION.

    Expenses $232,230

  • GRANTS AND DONATIONS

    Expenses $120,000 · Grants $120,000

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Harry F Hopper

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • Fred Knops

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Molly Rolandi

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Michela English

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Shannon Finley

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Linda Fine

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Debbie Feinberg

    INTERIM VP FINANCE

    Total calculated
    $0
    Hours/week
    2

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

Provenance

Return type
form_990
Tax year
2023
Filed
14 February 2025
IRS schema version
2023v6.0
Source object
202530509349301108

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