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Nonprofiteer
← FRICK COLLECTION

Form 990 for tax year 2022

Filed by FRICK COLLECTION.

Totals

Total revenue
$47,000,287
Total expenses
$29,233,056
Contributions and grants received
$24,313,127
Grants paid
$35,000
Program service revenue
$1,568,094
Investment income
$21,078,650
Other revenue
$40,416
Total assets, end of year
$669,514,480
Total liabilities, end of year
$131,035,623
Net assets or fund balances, end of year
$538,478,857
Program services expenses (Part IX)
$17,267,306
Management and general expenses
$7,870,736
Fundraising expenses
$4,095,014
Program service expenses (Part III)
$17,267,306

Program services were 59.1% 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.

  • 1b · Membership dues

    $2,076,013

  • 1c · Fundraising events

    $1,474,360

  • 1e · Government grants (contributions)

    $1,476,845

  • 1f · All other contributions, gifts and grants

    $19,285,909

  • 1g · Noncash contributions included above

    $3,567,690

  • 2a · Program service revenue: Admissions

    total $924,552 · excluded $924,552

  • 2b · Program service revenue: Educational Programs

    total $21,926 · excluded $21,926

  • 2c · Program service revenue: Membership Dues

    total $621,616 · excluded $621,616

  • 3 · Investment income

    total $1,617,720 · excluded $1,617,720

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $30,742 · related or exempt $30,742

  • 6d · Net rental income or loss

    total $0

  • 7a · Gross sales of assets other than inventory

    securities $61,081,339

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

    securities $41,620,409

  • 7c · Gain or loss

    securities $19,460,930

  • 7d · Net gain or loss

    total $19,460,930 · excluded $19,460,930

  • 8a · Fundraising events: gross income

    $151,135

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

    $1,323,226

  • 8b · Fundraising events: direct expenses

    $325,391

  • 8c · Net income from fundraising events

    total -$174,256 · excluded -$174,256

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $358,050

  • 10b · Cost of goods sold

    $174,120

  • 10c · Net income from sales of inventory

    total $183,930 · related or exempt $115,772 · unrelated business $68,158

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $35,000 · program services $35,000

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $2,737,423 · program services $594,141 · management and general $1,544,952 · fundraising $598,330

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $13,203,103 · program services $4,761,634 · management and general $7,182,624 · fundraising $1,258,845

  • 8 · Pension plan contributions

    total $1,108,741 · program services $668,855 · management and general $274,782 · fundraising $165,104

  • 9 · Other employee benefits

    total $2,957,099 · program services $1,769,000 · management and general $592,199 · fundraising $595,900

  • 10 · Payroll taxes

    total $1,208,727 · program services $729,172 · management and general $299,562 · fundraising $179,993

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $141,090 · program services $85,113 · management and general $34,967 · fundraising $21,010

  • 11c · Fees: accounting

    total $145,295 · program services $87,650 · management and general $36,009 · fundraising $21,636

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $1,338,154 · management and general $1,338,154

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $85,601 · management and general $85,601

  • 13 · Office expenses

    total $587,994 · program services $181,650 · management and general $322,061 · fundraising $84,283

  • 14 · Information technology

    total $144,294 · program services $87,046 · management and general $35,761 · fundraising $21,487

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $1,367,131 · management and general $1,367,131

  • 17 · Travel

    total $326,288 · program services $180,659 · management and general $131,467 · fundraising $14,162

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $14,567 · management and general $14,567

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $1,577,270 · program services $951,498 · management and general $390,899 · fundraising $234,873

  • 23 · Insurance

    total $442,045 · management and general $442,045

  • 24a · Other expenses: Exhibition & Conservation Cost

    total $1,276,200 · program services $1,269,229 · management and general $6,971

  • 24b · Other expenses: Service Contracts

    total $715,133 · program services $49,618 · management and general $615,936 · fundraising $49,579

  • 24c · Other expenses: Membership Costs

    total $566,592 · fundraising $566,592

  • 24d · Other expenses: Consultants & Outside Services

    total $518,042 · program services $409,806 · management and general $74,110 · fundraising $34,126

  • 24e · All other expenses

    total -$1,262,733 · program services $5,407,235 · management and general -$6,919,062 · fundraising $249,094

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    end of year $0

  • 2 · Savings and temporary cash investments

    beginning of year $56,006,335 · end of year $43,836,499

  • 3 · Pledges and grants receivable

    beginning of year $36,737,372 · end of year $32,094,935

  • 4 · Accounts receivable

    end of year $0

  • 5 · Loans and receivables from officers and key people

    end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 7 · Other notes and loans receivable

    end of year $0

  • 8 · Inventories for sale or use

    beginning of year $609,015 · end of year $860,040

  • 9 · Prepaid expenses and deferred charges

    end of year $131,479

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

    $264,368,468

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

    $44,162,217

  • 10c · Land, buildings and equipment, net

    beginning of year $141,294,441 · end of year $220,206,251

  • 11 · Investments: publicly traded securities

    beginning of year $61,792,935 · end of year $140,850,112

  • 12 · Investments: other securities

    beginning of year $240,318,725 · end of year $229,067,967

  • 13 · Investments: program-related

    end of year $0

  • 14 · Intangible assets

    end of year $0

  • 15 · Other assets

    beginning of year $2,718,551 · end of year $2,467,197

  • 17 · Accounts payable and accrued expenses

    beginning of year $11,735,509 · end of year $19,797,993

  • 25 · Other liabilities

    beginning of year $12,999,111 · end of year $111,237,630

  • 27 · Net assets without donor restrictions

    beginning of year $295,007,536 · end of year $302,593,960

  • 28 · Net assets with donor restrictions

    beginning of year $219,735,218 · end of year $235,884,897

Mission and programs · 2022

Mission

The Frick Collection (the "Collection") operates an internationally recognized art museum and library program for the inspiration and enjoyment of the public and for the advancement of the study of fine arts and kindred subjects.

  • Museum Program: The Collection maintains and conserves over 1,100 works of art as part of its permanent art collection and the historic interiors of the Gilded Age mansion that houses them. The permanent art collection is made accessible to the public through exhibitions, research, and publications, as well as an array of education programs. The museum moved to a temporary location known as Frick Madison while the renovation and enhancement of its building at 1 East 70th Street. The museum will remain at this location, 945 Madison Avenue, during the renovation and enhancement of the building at 1 East 70th Street. Attendance during the 2022 tax year was approximately 82,000 visitors. See Schedule O for additional information.

    Expenses $11,759,154

  • Library Program: The mission of the Frick Art Reference Library is to provide public access to materials and programs focused on the study of fine and decorative arts created primarily in the Western tradition from the fourth to the mid-twentieth century. It serves an international research community and supports institutional initiatives as well. The Library provided on-site and remote services for all of the 2022 tax year by welcoming 1,088 visitors, answering 999 research questions in person, answering 1,221 research questions by email, and filing 1,511 interlibrary loan and 2,333 document delivery requests. See Schedule O for additional information.

    Expenses $5,508,152 · Grants $35,000

As filed on the 2022 return.

Listed in Part VII

  • Ian Wardropper

    Kellen Dir& CEO

    Total calculated
    $1,152,927
    From this org
    $1,097,292
    From related orgs
    $0
    Other
    $55,635
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $917,292
    Bonus
    not reported
    Other
    $180,000
    Deferred
    $34,200
    Nontaxable benefits
    $21,435
    Filer's total
    $1,152,927
  • Joseph Shatoff

    Deputy Director & COO

    Total calculated
    $390,137
    From this org
    $334,502
    From related orgs
    $0
    Other
    $55,635
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $284,502
    Bonus
    $50,000
    Other
    not reported
    Deferred
    $34,200
    Nontaxable benefits
    $21,435
    Filer's total
    $390,137
  • Katharine Chapman

    Deputy Director External Affairs

    Total calculated
    $378,777
    From this org
    $323,142
    From related orgs
    $0
    Other
    $55,635
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $323,142
    Bonus
    not reported
    Other
    not reported
    Deferred
    $34,200
    Nontaxable benefits
    $21,435
    Filer's total
    $378,777
  • Xavier Salomon

    Peter Jay Sharp Chief Curator

    Total calculated
    $343,400
    From this org
    $300,695
    From related orgs
    $0
    Other
    $42,705
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $300,695
    Bonus
    not reported
    Other
    not reported
    Deferred
    $34,200
    Nontaxable benefits
    $8,505
    Filer's total
    $343,400
  • Michael Paccione

    CFO & Asst Trea

    Total calculated
    $335,461
    From this org
    $300,380
    From related orgs
    $0
    Other
    $35,081
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $300,380
    Bonus
    not reported
    Other
    not reported
    Deferred
    $34,200
    Nontaxable benefits
    $881
    Filer's total
    $335,461
  • Carolyn Straub

    Ass. Dir. Cap Proj

    Total calculated
    $252,408
    From this org
    $206,226
    From related orgs
    $0
    Other
    $46,182
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $206,226
    Bonus
    not reported
    Other
    not reported
    Deferred
    $24,747
    Nontaxable benefits
    $21,435
    Filer's total
    $252,408
  • Dennis Sweeney

    Head of Operations

    Total calculated
    $237,442
    From this org
    $192,488
    From related orgs
    $0
    Other
    $44,954
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $192,488
    Bonus
    not reported
    Other
    not reported
    Deferred
    $23,099
    Nontaxable benefits
    $21,855
    Filer's total
    $237,442
  • Stephen Bury

    A.W. Mellon Chief Librarian

    Total calculated
    $234,471
    From this org
    $201,717
    From related orgs
    $0
    Other
    $32,754
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $201,717
    Bonus
    not reported
    Other
    not reported
    Deferred
    $24,206
    Nontaxable benefits
    $8,548
    Filer's total
    $234,471
  • Dana Winfield

    Chief HR Officer

    Total calculated
    $220,866
    From this org
    $196,828
    From related orgs
    $0
    Other
    $24,038
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $196,828
    Bonus
    not reported
    Other
    not reported
    Deferred
    $23,619
    Nontaxable benefits
    $419
    Filer's total
    $220,866
  • Angie Calderwood

    Asst Dir of Devlop

    Total calculated
    $193,847
    From this org
    $173,078
    From related orgs
    $0
    Other
    $20,769
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $173,078
    Bonus
    not reported
    Other
    not reported
    Deferred
    $20,769
    Nontaxable benefits
    not reported
    Filer's total
    $193,847
  • Alison Lonshein thru 41522

    GC & Asst Secr

    Total calculated
    $183,987
    From this org
    $162,867
    From related orgs
    $0
    Other
    $21,120
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $162,867
    Bonus
    not reported
    Other
    not reported
    Deferred
    $19,544
    Nontaxable benefits
    $1,576
    Filer's total
    $183,987
  • Megan Flynn Zinger

    Controller

    Total calculated
    $182,956
    From this org
    $162,739
    From related orgs
    $0
    Other
    $20,217
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $162,739
    Bonus
    not reported
    Other
    not reported
    Deferred
    $19,529
    Nontaxable benefits
    $688
    Filer's total
    $182,956
  • Luisa Herrara

    Sen.Man.Spec. Proj

    Total calculated
    $178,921
    From this org
    $159,751
    From related orgs
    $0
    Other
    $19,170
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $159,751
    Bonus
    not reported
    Other
    not reported
    Deferred
    $19,170
    Nontaxable benefits
    not reported
    Filer's total
    $178,921
  • Alexis Sandler start 102422

    GC & Asst Secr

    Total calculated
    $108,748
    From this org
    $48,548
    From related orgs
    $0
    Other
    $60,200
    Hours/week
    35
  • Virginia Barbato

    Trustee

    Total calculated
    $0
    Hours/week
    1
  • Margot Bogert

    Trustee

    Total calculated
    $0
    Hours/week
    1
  • Ayesha Bulchandani

    Trustee

    Total calculated
    $0
    Hours/week
    1
  • Tai- Heng Cheng

    Trustee

    Total calculated
    $0
    Hours/week
    1
  • Suzzara Durocher

    Trustee

    Total calculated
    $0
    Hours/week
    1
  • R Bradford Evans

    Trustee

    Total calculated
    $0
    Hours/week
    1
  • Elizabeth Eveillard

    Trustee & Chair

    Total calculated
    $0
    Hours/week
    5
  • Kathleen Feldstein

    Trustee & Secr

    Total calculated
    $0
    Hours/week
    3
  • Emily Frick

    Trustee

    Total calculated
    $0
    Hours/week
    1
  • Michael Horvitz

    Trustee&V.Chair

    Total calculated
    $0
    Hours/week
    3
  • Christian Keesee

    Trustee

    Total calculated
    $0
    Hours/week
    1
  • Karen Gray- Krehbiel

    Trustee

    Total calculated
    $0
    Hours/week
    1
  • Rafael Mason

    Trustee

    Total calculated
    $0
    Hours/week
    1
  • Jane Moss

    Trustee

    Total calculated
    $0
    Hours/week
    1
  • James Reibel

    Trustee

    Total calculated
    $0
    Hours/week
    1
  • Charles Royce

    Trustee

    Total calculated
    $0
    Hours/week
    1
  • Juan Sabater

    Trustee& Treas

    Total calculated
    $0
    Hours/week
    3
  • Stephen Schwarzman

    Trustee

    Total calculated
    $0
    Hours/week
    1
  • Bernard Selz

    Trustee

    Total calculated
    $0
    Hours/week
    1
  • Victoria Lea Smith

    Trustee

    Total calculated
    $0
    Hours/week
    1
  • J Fife Symington IV

    Trustee

    Total calculated
    $0
    Hours/week
    1
  • David Tobey

    Trustee

    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

  • 1a · Travel for companions
  • 1a · Housing allowance or residence for personal use
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

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

The filer's explanations (Part III)

Part I, Line 1a: Relevant information in regards to selections on 1a.
Pursuant to a written employment agreement with the Director and Chief Executive Officer (the "Director"), the Collection provided a housing allowance. The housing allowance was part of the Directors compensation, as reviewed and approved by the Board of Trustees, and the value of this benefit was treated as taxable compensation. In addition, travel expenses for the Director's spouse are reimbursed when such travel is determined to be for a bona fide business purpose.

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

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2022
Filed
14 May 2024
IRS schema version
2022v5.0
Source object
202431359349307098

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