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Nonprofiteer
← GRAND RAPIDS ART MUSEUM FOUNDATION

Form 990 for tax year 2023

Filed by GRAND RAPIDS ART MUSEUM FOUNDATION.

Totals

Total revenue
$837,471
Total expenses
$1,776,557
Contributions and grants received
$61,581
Grants paid
$1,679,200
Program service revenue
$0
Investment income
$775,890
Other revenue
$0
Total assets, end of year
$26,683,490
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$26,683,490
Program services expenses (Part IX)
$1,679,200
Management and general expenses
$97,357
Fundraising expenses
$0
Program service expenses (Part III)
$1,679,200

Program services were 94.5% 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.

  • 1f · All other contributions, gifts and grants

    $61,581

  • 1g · Noncash contributions included above

    $4,243

  • 3 · Investment income

    total $736,405 · excluded $736,405

  • 7a · Gross sales of assets other than inventory

    securities $3,652,430

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

    securities $3,612,945

  • 7c · Gain or loss

    securities $39,485

  • 7d · Net gain or loss

    total $39,485 · excluded $39,485

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,679,200 · program services $1,679,200

  • 11c · Fees: accounting

    total $21,570 · management and general $21,570

  • 11f · Fees: investment management

    total $75,617 · management and general $75,617

  • 24a · Other expenses: FEES

    total $170 · management and general $170

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $63,775 · end of year $37,720

  • 3 · Pledges and grants receivable

    beginning of year $35,042 · end of year $27,195

  • 4 · Accounts receivable

    beginning of year $2,895 · end of year $2,751

  • 11 · Investments: publicly traded securities

    beginning of year $22,906,322 · end of year $26,615,824

  • 17 · Accounts payable and accrued expenses

    beginning of year $26,899

  • 27 · Net assets without donor restrictions

    beginning of year $1,441,596 · end of year $1,707,163

  • 28 · Net assets with donor restrictions

    beginning of year $21,539,539 · end of year $24,976,327

Mission and programs · 2023

Mission

TO PROVIDE FINANCIAL SUPPORT FOR THE GRAND RAPIDS ART MUSEUM.

  • TO PROVIDE FINANCIAL SUPPORT FOR THE GRAND RAPIDS ART MUSEUM'S OPERATIONS AND SPECIAL PROJECTS. THE GRAND RAPIDS ART MUSEUM FOUNDATION WAS FORMED TO GENERATE AND RECEIVE CONTRIBUTIONS OF PROPERTY OF ANY KIND, BOTH REAL AND PERSONAL, GIVEN TO IT, AND TO ADMINISTER SUCH PROPERTY IN A MANNER CONSISTENT WITH AND IN SUPPORT OF THE PRINCIPLES, OBJECTIVES AND PROGRAMS OF THE GRAND RAPIDS ART MUSEUM BY PROVIDING FINANCIAL SUPPORT FOR ITS OPERATIONS AND SPECIAL PROJECTS. THE FUNDS COLLECTED ARE SUBJECT TO DONOR RESTRICTIONS, WHICH REQUIRE THAT THE PRINCIPAL IS INVESTED AND THE INCOME DERIVED FROM INVESTMENTS BE USED FOR SUPPORT OF THE GRAND RAPIDS ART MUSEUM OPERATIONS.

    Expenses $1,679,200 · Grants $1,679,200

As filed on the 2023 return.

Listed in Part VII

  • Cindy Meyers Foley

    DIRECTOR AND

    Total calculated
    $169,531
    From this org
    $0
    From related orgs
    $141,100
    Other
    $28,431
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    not reported + $141,100 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported + $28,431 related
    Filer's total
    not reported + $169,531 related

  • Lauretta K Murphy

    PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • Jim Overbeck

    SECRETARY/TR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Thomas A Demeester

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • William Lowry

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Janet Nisbett

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Douglas Padnos

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Jeff Smith

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Corinne Sprague

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2023
Filed
6 August 2025
IRS schema version
2023v6.0
Source object
202522239349300217

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