Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1b · Membership dues

  $443,959

• 1e · Government grants (contributions)

  $50,000

• 1f · All other contributions, gifts and grants

  $7,639,870

• 1g · Noncash contributions included above

  $1,343,037

• 2a · Program service revenue: Admissions

  total $648,132 · related or exempt $648,132

• 2b · Program service revenue: Program Revenues

  total $448,520 · related or exempt $448,520

• 3 · Investment income

  total $1,518,090 · excluded $1,518,090

• 7a · Gross sales of assets other than inventory

  securities $4,007,274

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

  securities $0

• 7c · Gain or loss

  securities $4,007,274

• 7d · Net gain or loss

  total $4,007,274 · excluded $4,007,274

• 10a · Gross sales of inventory

  $384,034

• 10b · Cost of goods sold

  $562,087

• 10c · Net income from sales of inventory

  total -$178,053 · excluded -$178,053

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $913,897 · program services $622,729 · fundraising $291,168

• 7 · Other salaries and wages

  total $4,957,235 · program services $3,044,019 · management and general $246,293 · fundraising $1,666,923

• 8 · Pension plan contributions

  total $157,272 · program services $91,516 · management and general $10,635 · fundraising $55,121

• 9 · Other employee benefits

  total $270,032 · program services $166,775 · management and general $12,674 · fundraising $90,583

• 10 · Payroll taxes

  total $424,103 · program services $264,291 · management and general $18,154 · fundraising $141,658

• 11b · Fees: legal

  total $184,232 · program services $150,648 · management and general $10,624 · fundraising $22,960

• 11c · Fees: accounting

  total $73,100 · program services $59,775 · management and general $4,215 · fundraising $9,110

• 11f · Fees: investment management

  total $258,890 · management and general $258,890

• 11g · Fees: other

  total $767,663 · program services $627,725 · management and general $44,268 · fundraising $95,670

• 12 · Advertising and promotion

  total $399,456 · program services $344,719 · management and general $3,485 · fundraising $51,252

• 13 · Office expenses

  total $60,971 · program services $54,064 · management and general $1,687 · fundraising $5,220

• 14 · Information technology

  total $329,062 · program services $288,628 · management and general $10,216 · fundraising $30,218

• 16 · Occupancy

  total $536,272 · program services $507,154 · management and general $5,280 · fundraising $23,838

• 17 · Travel

  total $87,475 · program services $79,196 · management and general $363 · fundraising $7,916

• 19 · Conferences, conventions and meetings

  total $23,415 · program services $13,775 · management and general $3,254 · fundraising $6,386

• 22 · Depreciation, depletion and amortization

  total $465,282 · program services $273,899 · management and general $72,132 · fundraising $119,251

• 23 · Insurance

  total $141,441 · program services $135,586 · management and general $1,030 · fundraising $4,825

• 24a · Other expenses: Acquisition of Art

  total $591,920 · program services $591,920

• 24b · Other expenses: Exhibition & Collection

  total $566,284 · program services $564,677 · management and general $282 · fundraising $1,325

• 24c · Other expenses: Fundraising

  total $329,505 · program services $257,484 · management and general $13,068 · fundraising $58,953

• 24d · Other expenses: Education

  total $297,116 · program services $287,257 · management and general $728 · fundraising $9,131

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $11,356,897 · end of year $13,424,815

• 3 · Pledges and grants receivable

  beginning of year $11,157,922 · end of year $4,558,755

• 4 · Accounts receivable

  beginning of year $232,896 · end of year $27,884

• 8 · Inventories for sale or use

  beginning of year $131,405 · end of year $218,892

• 9 · Prepaid expenses and deferred charges

  beginning of year $204,971 · end of year $170,575

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

  $35,263,539

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

  $18,221,199

• 10c · Land, buildings and equipment, net

  beginning of year $17,501,213 · end of year $17,042,340

• 11 · Investments: publicly traded securities

  beginning of year $21,826,444 · end of year $15,592,356

• 12 · Investments: other securities

  beginning of year $27,760,883 · end of year $37,522,046

• 15 · Other assets

  beginning of year $4,204,639 · end of year $7,527,144

• 17 · Accounts payable and accrued expenses

  beginning of year $1,638,818 · end of year $1,736,639

• 19 · Deferred revenue

  beginning of year $373,510 · end of year $350,002

• 27 · Net assets without donor restrictions

  beginning of year $26,657,463 · end of year $29,703,266

• 28 · Net assets with donor restrictions

  beginning of year $65,707,479 · end of year $64,294,900

The filer's explanations (Part III)

Part I, Line 1a

PMA paid $3,720 for a membership fee and dues to Portland's Cumberland Club, for Mark H.C. Bessire, Executive Director. The Cumberland Club is adjacent to the Portland Museum of Art, and membership allows the Director to host meetings for the purpose of conducting museum business. PMA paid travel expenses for a companion of Mark H.C. Bessire, Executive Director. The amount paid by PMA was not treated as taxable compensation. These expenses were documented and approved by the President of the Board of Trustees as bona fide business expenses.

Part I, Lines 4a-b

During the calendar year 2024, Graeme Kennedy, Past Creative Director and Director of Public Relations, received severance pay of $58,268. Mark Bessire, Executive Director, participates in a 457(f) plan. During the calendar year 2024, no contributions or disbursements from the plan were made.