Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $3,312,848

• 1e · Government grants (contributions)

  $1,004,870

• 1f · All other contributions, gifts and grants

  $26,478,337

• 1g · Noncash contributions included above

  $9,008,009

• 2a · Program service revenue: ADMISSION, TOURS, LECT

  total $4,049,954 · related or exempt $4,049,954

• 2b · Program service revenue: MEMBERSHIP

  total $3,158,119 · related or exempt $3,158,119

• 2c · Program service revenue: SCHOOL TUITION

  total $2,957,719 · related or exempt $2,957,719

• 2d · Program service revenue: EXHIBITION & OTHER INC

  total $968,991 · related or exempt $968,991

• 3 · Investment income

  total $37,614,644 · unrelated business $28,710,919 · excluded $8,903,725

• 5 · Royalties

  total $284,418 · excluded $284,418

• 6a · Gross rents

  real property $667,096

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $667,096

• 6d · Net rental income or loss

  total $667,096 · unrelated business $431,660 · excluded $235,436

• 7a · Gross sales of assets other than inventory

  securities $414,721,234

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

  securities $268,833,042

• 7c · Gain or loss

  securities $145,888,192

• 7d · Net gain or loss

  total $145,888,192 · excluded $145,888,192

• 8a · Fundraising events: gross income

  $259,240

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

  $3,312,848

• 8b · Fundraising events: direct expenses

  $1,053,891

• 8c · Net income from fundraising events

  total -$794,651 · excluded -$794,651

• 10a · Gross sales of inventory

  $3,397,609

• 10b · Cost of goods sold

  $3,819,169

• 10c · Net income from sales of inventory

  total -$421,560 · excluded -$421,560

• 11a · Other revenue: CHAIRMAN CIRCLE

  total $878,631 · related or exempt $878,631

• 11b · Other revenue: PARKING

  total $404,516 · excluded $404,516

• 11d · All other revenue

  total $318,982 · excluded $318,982

• 11e · Other revenue, total

  $1,602,129

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $158,440 · program services $158,440

• 5 · Compensation of officers, directors and key employees

  total $3,885,462 · program services $274,666 · management and general $3,095,383 · fundraising $515,413

• 7 · Other salaries and wages

  total $35,280,987 · program services $29,840,314 · management and general $3,572,532 · fundraising $1,868,141

• 8 · Pension plan contributions

  total $1,224,159 · program services $921,613 · management and general $212,233 · fundraising $90,313

• 9 · Other employee benefits

  total $6,792,076 · program services $4,895,934 · management and general $1,512,680 · fundraising $383,462

• 10 · Payroll taxes

  total $2,680,097 · program services $2,198,617 · management and general $327,558 · fundraising $153,922

• 11b · Fees: legal

  total $1,461,322 · program services $139,849 · management and general $1,318,932 · fundraising $2,541

• 11c · Fees: accounting

  total $299,033 · management and general $299,033

• 11e · Fees: professional fundraising services

  total $162,000 · fundraising $162,000

• 11f · Fees: investment management

  total $2,284,544 · management and general $2,284,544

• 11g · Fees: other

  total $4,978,958 · program services $3,934,982 · management and general $884,544 · fundraising $159,432

• 12 · Advertising and promotion

  total $1,905,805 · program services $1,655,819 · management and general $147,147 · fundraising $102,839

• 13 · Office expenses

  total $1,974,895 · program services $1,558,431 · management and general $330,456 · fundraising $86,008

• 14 · Information technology

  total $2,080,994 · program services $1,729,514 · management and general $267,200 · fundraising $84,280

• 16 · Occupancy

  total $5,485,408 · program services $5,073,136 · management and general $316,234 · fundraising $96,038

• 17 · Travel

  total $1,792,279 · program services $652,317 · management and general $244,413 · fundraising $895,549

• 19 · Conferences, conventions and meetings

  total $132,229 · program services $105,813 · management and general $12,776 · fundraising $13,640

• 20 · Interest

  total $2,884,134 · management and general $2,884,134

• 22 · Depreciation, depletion and amortization

  total $22,533,103 · program services $17,265,490 · management and general $4,371,362 · fundraising $896,251

• 23 · Insurance

  total $3,073,256 · program services $2,608,778 · management and general $460,592 · fundraising $3,886

• 24a · Other expenses: COLLECTIONS ACCESSIONS

  total $33,437,235 · program services $33,437,235

• 24b · Other expenses: TAX EXPENSE

  total $6,361,612 · management and general $6,361,612

• 24c · Other expenses: PROGRAMS & PREVIEWS

  total $2,589,269 · program services $2,576,963 · management and general $12,446 · fundraising -$140

• 24d · Other expenses: POSTAGE & SHIPPING

  total $2,346,072 · program services $2,286,020 · management and general $35,997 · fundraising $24,055

• 24e · All other expenses

  total $3,971,255 · program services $3,541,328 · management and general $308,522 · fundraising $121,405

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $64,072,939 · end of year $64,022,710

• 2 · Savings and temporary cash investments

  beginning of year $65,234,353 · end of year $70,736,633

• 3 · Pledges and grants receivable

  beginning of year $14,691,847 · end of year $9,526,516

• 4 · Accounts receivable

  beginning of year $952,754 · end of year $1,064,646

• 5 · Loans and receivables from officers and key people

  beginning of year $522,046 · end of year $465,309

• 8 · Inventories for sale or use

  beginning of year $786,782 · end of year $790,509

• 9 · Prepaid expenses and deferred charges

  beginning of year $921,568 · end of year $1,423,748

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

  $601,496,394

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

  $207,151,168

• 10c · Land, buildings and equipment, net

  beginning of year $414,874,557 · end of year $394,345,226

• 11 · Investments: publicly traded securities

  beginning of year $1,270,951,251 · end of year $1,391,583,430

• 12 · Investments: other securities

  beginning of year $342,495,630 · end of year $367,620,069

• 15 · Other assets

  beginning of year $1,914,648 · end of year $1,570,164

• 17 · Accounts payable and accrued expenses

  beginning of year $25,096,330 · end of year $30,167,424

• 19 · Deferred revenue

  beginning of year $15,493,491 · end of year $15,214,853

• 25 · Other liabilities

  beginning of year $99,183,912 · end of year $99,212,972

• 27 · Net assets without donor restrictions

  beginning of year $620,807,270 · end of year $622,393,751

• 28 · Net assets with donor restrictions

  beginning of year $1,416,837,372 · end of year $1,536,159,960

The filer's explanations (Part III)

PART I, LINE 1A

HOUSING ALLOWANCE - RECEIVED BY THE DIRECTOR. TAXABLE HOUSING ALLOWANCE, ALONG WITH ALL OTHER COMPENSATION, WAS CONSIDERED WHEN SETTING TOTAL COMPENSATION USING THE METHODS INDICATED IN SCHEDULE J, LINE 3. SOCIAL CLUB DUES - RECEIVED BY THE DIRECTOR. NONTAXABLE CLUB DUES ARE PAID BY THE ORGANIZATION AND ARE USED EXCLUSIVELY FOR THE ORGANIZATION'S BUSINESS PURPOSES.

PART I, LINE 4B

THE MUSEUM MAINTAINS A DEFERRED COMPENSATION AGREEMENT WITH THE DIRECTOR OF THE MUSEUM. THE DEFERRAL TERM OF THE AGREEMENT IS THROUGH JANUARY 2027, WITH TEN 12 MONTH DEFERRAL PERIODS ACCRUING ON A STRAIGHT-LINE BASIS ON EACH ANNIVERSARY OF THE AGREEMENT. NO DEFERRED COMPENSATION WAS PAID IN 2024. THE DEFERRED COMPENSATION LIABILITY AS OF JUNE 30, 2024 TOTALED $1,229,000.

PART I, LINE 7

THE COMPENSATION COMMITTEE DETERMINES BONUSES BY REVIEWING PERFORMANCE OVER THE PREVIOUS YEAR AND ASSESSING ACCOMPLISHMENTS MADE TO GROW, PROTECT, PRESENT, AND PRESERVE THE ASSETS AND PROGRAMS OF THE MUSEUM OF FINE ARTS, HOUSTON. PRIOR TO FINAL APPROVAL OF NON-FIXED PAYMENTS, THE TOTAL COMPENSATION PACKAGE, INCLUDING BONUSES, ARE REVIEWED USING THE METHODS INDICATED IN SCHEDULE J, LINE 3.

Related corporations and trusts

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

• ART OF THE SPIRITS INC

  C · BEVERAGE SERVICE · TX