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Nonprofiteer
← BUFFALO FINE ARTS ACADEMY

Form 990 for tax year 2022

Filed by BUFFALO FINE ARTS ACADEMY.

Totals

Total revenue
$64,481,892
Total expenses
$20,052,780
Contributions and grants received
$60,247,048
Grants paid
$0
Program service revenue
$803,958
Investment income
$3,503,683
Other revenue
-$72,797
Total assets, end of year
$350,110,444
Total liabilities, end of year
$8,546,706
Net assets or fund balances, end of year
$341,563,738
Program services expenses (Part IX)
$12,721,834
Management and general expenses
$5,964,982
Fundraising expenses
$1,365,964
Program service expenses (Part III)
$12,721,834

Program services were 63.4% 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.

  • 1c · Fundraising events

    $318,009

  • 1e · Government grants (contributions)

    $1,810,048

  • 1f · All other contributions, gifts and grants

    $58,118,991

  • 1g · Noncash contributions included above

    $321,509

  • 2a · Program service revenue: MEMBERSHIPS

    total $591,952 · related or exempt $591,952

  • 2b · Program service revenue: EDUCATION

    total $115,441 · related or exempt $115,441

  • 2c · Program service revenue: AUXILIARY SERVICES

    total $76,565 · related or exempt $76,565

  • 2d · Program service revenue: EXHIBITIONS

    total $20,000 · related or exempt $20,000

  • 3 · Investment income

    total $1,483,672 · excluded $1,483,672

  • 7a · Gross sales of assets other than inventory

    securities $64,098,834 · other assets $320,000

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

    securities $62,194,208 · other assets $204,615

  • 7c · Gain or loss

    securities $1,904,626 · other assets $115,385

  • 7d · Net gain or loss

    total $2,020,011 · related or exempt $320,000 · excluded $1,700,011

  • 8a · Fundraising events: gross income

    $488,001

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

    $318,009

  • 8b · Fundraising events: direct expenses

    $560,798

  • 8c · Net income from fundraising events

    total -$72,797 · excluded -$72,797

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,284,062 · program services $499,010 · management and general $642,080 · fundraising $142,972

  • 7 · Other salaries and wages

    total $4,705,297 · program services $1,828,564 · management and general $2,352,829 · fundraising $523,904

  • 8 · Pension plan contributions

    total $388,068 · program services $150,810 · management and general $194,049 · fundraising $43,209

  • 9 · Other employee benefits

    total $598,343 · program services $232,527 · management and general $299,195 · fundraising $66,621

  • 10 · Payroll taxes

    total $435,139 · program services $169,103 · management and general $217,586 · fundraising $48,450

  • 11f · Fees: investment management

    total $502,121 · management and general $502,121

  • 11g · Fees: other

    total $219,179 · program services $89,819 · management and general $126,301 · fundraising $3,059

  • 12 · Advertising and promotion

    total $38,681 · management and general $38,681

  • 13 · Office expenses

    total $157,526 · program services $40,940 · management and general $25,581 · fundraising $91,005

  • 14 · Information technology

    total $152,310 · program services $5,575 · management and general $145,122 · fundraising $1,613

  • 16 · Occupancy

    total $97,354 · program services $6,344 · management and general $91,010

  • 17 · Travel

    total $326,286 · program services $57,602 · management and general $102,022 · fundraising $166,662

  • 19 · Conferences, conventions and meetings

    total $34,517 · program services $14,623 · management and general $19,515 · fundraising $379

  • 20 · Interest

    total $152,675 · program services $52,362 · management and general $74,155 · fundraising $26,158

  • 22 · Depreciation, depletion and amortization

    total $991,732 · program services $328,704 · management and general $490,137 · fundraising $172,891

  • 23 · Insurance

    total $70,271 · management and general $70,271

  • 24a · Other expenses: ACQUISITION, PRESERVATI

    total $9,058,044 · program services $9,058,044

  • 24b · Other expenses: CLEANING & MAINTENANCE

    total $495,299 · program services $60,705 · management and general $384,055 · fundraising $50,539

  • 24c · Other expenses: SUPPLIES

    total $123,989 · program services $58,934 · management and general $61,085 · fundraising $3,970

  • 24d · Other expenses: BANK CHARGES

    total $59,872 · management and general $40,505 · fundraising $19,367

  • 24e · All other expenses

    total $162,015 · program services $68,168 · management and general $88,682 · fundraising $5,165

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,343,064 · end of year $3,287,593

  • 3 · Pledges and grants receivable

    beginning of year $8,947,793 · end of year $12,792,704

  • 4 · Accounts receivable

    beginning of year $568,049 · end of year $512,558

  • 5 · Loans and receivables from officers and key people

    beginning of year $335,000 · end of year $335,000

  • 8 · Inventories for sale or use

    end of year $153,479

  • 9 · Prepaid expenses and deferred charges

    beginning of year $791,041 · end of year $1,022,040

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

    $184,814,730

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

    $12,110,016

  • 10c · Land, buildings and equipment, net

    beginning of year $117,840,062 · end of year $172,704,714

  • 12 · Investments: other securities

    beginning of year $145,816,631 · end of year $148,036,799

  • 15 · Other assets

    beginning of year $15,492,828 · end of year $11,265,557

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,677,365 · end of year $7,018,113

  • 19 · Deferred revenue

    beginning of year $47,932 · end of year $194,133

  • 23 · Secured mortgages and notes payable

    beginning of year $42,177 · end of year $84,460

  • 24 · Unsecured notes and loans payable

    end of year $1,250,000

  • 27 · Net assets without donor restrictions

    beginning of year $20,062,242 · end of year $13,246,860

  • 28 · Net assets with donor restrictions

    beginning of year $265,304,752 · end of year $328,316,878

Mission and programs · 2022

Mission

THE BUFFALO FINE ARTS ACADEMY WAS INCORPORATED IN 1862 TO PROMOTE, CULTIVATE AND GENERALLY FOSTER ART IN ALL ITS BRANCHES. IT IS THE PARENT ORGANIZATION OF THE BUFFALO AKG ART MUSEUM ONE OF THE COUNTRY'S MOST PROMINENT ART MUSEUMS, AS WELL AS AN IMPORTANT CULTURAL AND EDUCATIONAL CENTER IN WESTERN NEW YORK. THE MUSEUM IS DEDICATED TO SERVING BOTH THE LOCAL COMMUNITY AND A WIDER ART AUDIENCE THROUGH A RECOGNIZED AND ACTIVE PROGRAM OF COLLECTING, EDUCATING, EXHIBITING AND INTERPRETING ART WORKS, WITH PARTICULAR EMPHASIS ON THE CREATIVE ACCOMPLISHMENTS OF THE 20TH AND 21ST CENTURY.

Activities or mission (Part I)

THE BUFFALO FINE ARTS ACADEMY WAS INCORPORATED IN 1862 TO PROMOTE, CULTIVATE AND GENERALLY FOSTER ART IN ALL ITS BRANCHES. IT IS THE PARENT ORGANIZATION OF THE BUFFALO AKG ART MUSEUM, ONE OF THE COUNTRY'S MOST PROMINENT ART MUSEUMS, AS WELL AS AN IMPORTANT CULTURAL AND EDUCATIONAL CENTER FOR WESTERN NEW YORK. THE MUSEUM IS DEDICATED TO SERVING BOTH THE LOCAL COMMUNITY AND WIDER ART AUDIENCE THROUGH A RECOGNIZED AND ACTIVE PROGRAM OF COLLECTING, EDUCATING, EXHIBITING AND INTERPRETING ART WORKS, WITH PARTICULAR EMPHASIS ON THE CREATIVE ACCOMPLISHMENTS OF THE 20TH AND 21ST CENTURIES.

  • PURCHASE AND CONSERVATION OF WORKS OF ART- ART PURCHASED FOR THE PERMANENT COLLECTION AND RELATED CONSERVATION ACTIVITIES.

    Expenses $9,058,044 · Revenue $320,000

  • GALLERY OPERATIONS- MAINTENANCE AND SECURITY OF THE COLLECTION AND VARIOUS ACTIVITIES RELATING TO THE PERMANENT COLLECTION.

    Expenses $668,033 · Revenue $668,517

  • EXHIBITIONS- EXHIBITIONS OF VARIOUS ARTISTS WORKS WHICH ARE NOT USUALLY INCLUDED IN THE PERMANENT COLLECTION.

    Expenses $2,164,229 · Revenue $20,000

  • EDUCATIONAL PROGRAMS AND AUXILIARY ACTIVITIES INCLUDE TOURS, WORKSHOPS, ART CLASSES, LECTURES, CONCERTS, FILMS, AND COMMUNITY PROGRAMS.

    Expenses $831,528 · Revenue $115,441

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Jonathan Amoia

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Monica Angle

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Susan O'Connor Baird

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Jennifer Balbach

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Charles W Banta

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Robert J Bojdak

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Ann Bonte

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Robert T Brady

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Amy Cappellazzo

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Helen Cappuccino MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • James W Derrick

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Pamela Dinsmore

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Christopher J Feeney

    ASST. TREASURER

    Total calculated
    $0
    Hours/week
    5

  • Catherine B Foley

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    5 + 1 related

  • Sally Gioia

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Roscoe C Henderson III

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Ln Hopkins MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Peter Fhunt

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Thomas R Hyde

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Alice F Jacobs

    PRESIDENT

    Total calculated
    $0
    Hours/week
    5 + 1 related

  • Michael Lee Joseph

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Roberta S Joseph

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Will Keresztes EdD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Northrup R Knox Jr

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Seymour H Knox IV

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Jody B Lippes

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Francois Rochon

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Kevin D Robinson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Christine Sabuda

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • John R Sanderson

    TREASURER

    Total calculated
    $0
    Hours/week
    5 + 1 related

  • Adnan H Siddiqui MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Harris Schwalb

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Rachel Stenclik

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Nicole Swift

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Thurman Thomas

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Heather Williams

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Elisabeth Roche Wilmers

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Frederick G Pierce II

    SECRETARY

    Total calculated
    $0
    Hours/week
    5

  • Melissa Arena CPA

    CFO

    Total calculated
    $164,233
    From this org
    $141,521
    From related orgs
    $0
    Other
    $22,712
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $141,521
    Bonus
    $0
    Other
    $0
    Deferred
    $9,961
    Nontaxable benefits
    $12,751
    Filer's total
    $164,233

  • Janne Siren PhD

    MUSEUM DIRECTOR

    Total calculated
    $507,866
    From this org
    $468,609
    From related orgs
    $0
    Other
    $39,257
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $468,609
    Bonus
    $0
    Other
    $0
    Deferred
    $12,200
    Nontaxable benefits
    $27,057
    Filer's total
    $507,866

  • Joe Lin-Hill

    DEPUTY DIRECTOR

    Total calculated
    $186,054
    From this org
    $159,957
    From related orgs
    $0
    Other
    $26,097
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $159,957
    Bonus
    $0
    Other
    $0
    Deferred
    $13,337
    Nontaxable benefits
    $12,760
    Filer's total
    $186,054

  • William J Robideau

    DIRECTOR OF FACILITIES

    Total calculated
    $159,819
    From this org
    $148,889
    From related orgs
    $0
    Other
    $10,930
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $148,889
    Bonus
    $0
    Other
    $0
    Deferred
    $10,701
    Nontaxable benefits
    $229
    Filer's total
    $159,819

  • Jillian Jones

    DIRECTOR OF ADVANCEMENT

    Total calculated
    $144,392
    From this org
    $126,540
    From related orgs
    $0
    Other
    $17,852
    Hours/week
    35

  • Bryan Gawronski

    DIRECTOR OF INFORMATION TE

    Total calculated
    $147,135
    From this org
    $122,499
    From related orgs
    $0
    Other
    $24,636
    Hours/week
    35

  • Andrea Harden

    DIRECTOR OF HUMAN RESOURCE

    Total calculated
    $124,543
    From this org
    $116,047
    From related orgs
    $0
    Other
    $8,496
    Hours/week
    35

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

  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Written employment contract
  • 3 · Compensation survey or study

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

No itemized grants to organizations 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.

  • ALKSAW INC

    501(C)(2) · HOLD TITLE TO PROPERTY. COLLECT INCOME FROM PROPERTY, AND REMIT NET · NY

    Directly controlled by BUFFALO FINE ARTS ACADEMY

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

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

  • ALBRIGHT KNOX RESTAURANTINC

    C · RESTAURANT OPERATIONS · NY · 100% owned · share of assets $418,319

    Directly controlled by BUFFALO FINE ARTS ACADEMY

Provenance

Return type
form_990
Tax year
2022
Filed
20 December 2023
IRS schema version
2022v5.0
Source object
202313549349301131

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