Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $79,660

• 1e · Government grants (contributions)

  $141,213

• 1f · All other contributions, gifts and grants

  $15,673,120

• 1g · Noncash contributions included above

  $580,479

• 2a · Program service revenue: Membership Dues

  total $817,965 · related or exempt $817,965

• 2b · Program service revenue: Museum School

  total $244,794 · related or exempt $244,794

• 2c · Program service revenue: Admissions

  total $177,700 · related or exempt $177,700

• 2d · Program service revenue: Exhibition Use Fees

  total $45,000 · related or exempt $45,000

• 2f · All other program service revenue

  total $13,350 · related or exempt $13,350

• 3 · Investment income

  total $1,220,089 · excluded $1,220,089

• 5 · Royalties

  total $298 · excluded $298

• 6a · Gross rents

  real property $488,909

• 6b · Less rental expenses

  real property $69,584

• 6c · Rental income or loss

  real property $419,325

• 6d · Net rental income or loss

  total $419,325 · excluded $419,325

• 7a · Gross sales of assets other than inventory

  securities $106,907 · other assets $500

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

  securities $0 · other assets $0

• 7c · Gain or loss

  securities $106,907 · other assets $500

• 7d · Net gain or loss

  total $107,407 · excluded $107,407

• 8a · Fundraising events: gross income

  $71,390

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

  $79,660

• 8b · Fundraising events: direct expenses

  $79,832

• 8c · Net income from fundraising events

  total -$8,442 · excluded -$8,442

• 10a · Gross sales of inventory

  $400,111

• 10b · Cost of goods sold

  $208,066

• 10c · Net income from sales of inventory

  total $192,045 · related or exempt $192,045

• 11a · Other revenue: Miscellaneous Revenue

  total $2,578 · related or exempt $2,578

• 11e · Other revenue, total

  $2,578

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $1,066,382 · program services $278,775 · management and general $396,329 · fundraising $391,278

• 7 · Other salaries and wages

  total $2,851,481 · program services $2,074,855 · management and general $135,026 · fundraising $641,600

• 8 · Pension plan contributions

  total $52,769 · program services $48,636 · management and general $4,133

• 9 · Other employee benefits

  total $243,601 · program services $168,416 · management and general $12,362 · fundraising $62,823

• 10 · Payroll taxes

  total $289,708 · program services $176,722 · management and general $37,662 · fundraising $75,324

• 11f · Fees: investment management

  total $58,517 · management and general $58,517

• 11g · Fees: other

  total $450,104 · program services $157,935 · management and general $219,399 · fundraising $72,770

• 12 · Advertising and promotion

  total $196,838 · program services $140,246 · management and general $54,792 · fundraising $1,800

• 13 · Office expenses

  total $580,557 · program services $478,529 · management and general $27,053 · fundraising $74,975

• 14 · Information technology

  total $97,578 · program services $19,514 · management and general $73,242 · fundraising $4,822

• 15 · Royalties

  total $63,715 · program services $63,715

• 16 · Occupancy

  total $667,694 · program services $516,106 · management and general $89,047 · fundraising $62,541

• 17 · Travel

  total $87,638 · program services $70,115 · management and general $8,695 · fundraising $8,828

• 22 · Depreciation, depletion and amortization

  total $640,454 · program services $560,189 · management and general $41,846 · fundraising $38,419

• 23 · Insurance

  total $122,165 · program services $115,749 · management and general $5,347 · fundraising $1,069

• 24a · Other expenses: Acquisition of Art

  total $254,359 · program services $254,359

• 24b · Other expenses: Food, Beverage, and Dec

  total $97,928 · program services $30,166 · management and general $13,560 · fundraising $54,202

• 24c · Other expenses: Exhibition Fees and Ins

  total $59,061 · program services $56,265 · management and general $2,213 · fundraising $583

• 24d · Other expenses: Receptions and Donor Re

  total $34,833 · program services $13,453 · management and general $16,066 · fundraising $5,314

• 24e · All other expenses

  total $130,827 · program services $112,580 · management and general $14,940 · fundraising $3,307

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $155,530 · end of year $5,837,775

• 2 · Savings and temporary cash investments

  beginning of year $10,042,281 · end of year $4,021,051

• 3 · Pledges and grants receivable

  beginning of year $18,168,640 · end of year $12,233,185

• 4 · Accounts receivable

  beginning of year $8,750 · end of year $13,730

• 8 · Inventories for sale or use

  beginning of year $292,459 · end of year $200,364

• 9 · Prepaid expenses and deferred charges

  beginning of year $187,202 · end of year $410,749

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

  $44,740,809

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

  $9,933,483

• 10c · Land, buildings and equipment, net

  beginning of year $23,771,113 · end of year $34,807,326

• 11 · Investments: publicly traded securities

  beginning of year $16,947,818 · end of year $25,182,783

• 12 · Investments: other securities

  beginning of year $706,499 · end of year $1,055,066

• 15 · Other assets

  beginning of year $41,489 · end of year $83,030

• 17 · Accounts payable and accrued expenses

  beginning of year $1,847,306 · end of year $2,901,765

• 19 · Deferred revenue

  beginning of year $293,340 · end of year $259,207

• 25 · Other liabilities

  beginning of year $40,303 · end of year $45,066

• 27 · Net assets without donor restrictions

  beginning of year $24,848,319 · end of year $26,013,594

• 28 · Net assets with donor restrictions

  beginning of year $43,292,513 · end of year $54,625,427

The filer's explanations (Part III)

Part I, Line 7

Bonuses are performance-based, and are determined by the employee's supervisor in concert with senior management. Performance is evaluated against management expectations for the employee's position and against the employee's contribution to departmental and organizational objectives. The Museum has a personnel sub-committee as a function of the Board of Trustees. The Personnel subcommittee chair is a member of the Executive Committee. Management and those charged with governance are committed to ensuring that all compensation decisions are fair, reasonable, and well-documented.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• Seven Magic Mountains LLC

  Art Production and Installation · NV · income $75 · assets $234,377

  Directly controlled by Nevada Museum of Art

• Latimer Properties LLC

  Hold and Manage Real and Personal Property · NV · income $0 · assets $387,743

  Directly controlled by Nevada Museum of Art