Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1b · Membership dues

  $8,974,000

• 1c · Fundraising events

  $5,576,000

• 1e · Government grants (contributions)

  $463,000

• 1f · All other contributions, gifts and grants

  $39,204,000

• 1g · Noncash contributions included above

  $5,195,000

• 2a · Program service revenue: ADMISSION INCOME

  total $7,738,000 · related or exempt $7,738,000

• 2b · Program service revenue: TRAVELING EXHIBITIONS

  total $478,000 · related or exempt $478,000

• 2c · Program service revenue: ART LOAN FEES

  total $173,000 · related or exempt $173,000

• 3 · Investment income

  total $4,546,000 · unrelated business -$279,000 · excluded $4,825,000

• 5 · Royalties

  total $1,171,000 · excluded $1,171,000

• 6a · Gross rents

  real property $4,714,000

• 6b · Less rental expenses

  real property $257,000

• 6c · Rental income or loss

  real property $4,457,000

• 6d · Net rental income or loss

  total $4,457,000 · excluded $4,457,000

• 7a · Gross sales of assets other than inventory

  securities $108,843,000

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

  securities $63,726,000

• 7c · Gain or loss

  securities $45,117,000

• 7d · Net gain or loss

  total $45,117,000 · excluded $45,117,000

• 8a · Fundraising events: gross income

  $124,000

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

  $5,576,000

• 8b · Fundraising events: direct expenses

  $1,096,000

• 8c · Net income from fundraising events

  total -$972,000 · excluded -$972,000

• 10a · Gross sales of inventory

  $2,049,000

• 10b · Cost of goods sold

  $2,774,000

• 10c · Net income from sales of inventory

  total -$725,000 · related or exempt -$949,000 · unrelated business $224,000

• 11a · Other revenue: MISCELLANEOUS INCOME

  total $295,000 · excluded $295,000

• 11b · Other revenue: CATERING/EVENT INCOME

  total $245,000 · unrelated business $245,000

• 11e · Other revenue, total

  $540,000

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $526,000 · program services $526,000

• 5 · Compensation of officers, directors and key employees

  total $5,140,000 · program services $1,866,000 · management and general $2,196,000 · fundraising $1,078,000

• 7 · Other salaries and wages

  total $30,828,000 · program services $18,132,000 · management and general $11,629,000 · fundraising $1,067,000

• 8 · Pension plan contributions

  total $1,753,000 · program services $994,000 · management and general $654,000 · fundraising $105,000

• 9 · Other employee benefits

  total $4,758,000 · program services $2,414,000 · management and general $2,106,000 · fundraising $238,000

• 10 · Payroll taxes

  total $2,270,000 · program services $1,342,000 · management and general $792,000 · fundraising $136,000

• 11b · Fees: legal

  total $704,000 · program services $23,000 · management and general $681,000

• 11c · Fees: accounting

  total $243,000 · management and general $243,000

• 11f · Fees: investment management

  total $659,000 · management and general $659,000

• 11g · Fees: other

  total $4,130,000 · program services $2,389,000 · management and general $1,689,000 · fundraising $52,000

• 12 · Advertising and promotion

  total $2,340,000 · program services $2,115,000 · management and general $215,000 · fundraising $10,000

• 13 · Office expenses

  total $1,763,000 · program services $1,730,000 · management and general $22,000 · fundraising $11,000

• 16 · Occupancy

  total $6,053,000 · program services $4,136,000 · management and general $1,917,000

• 17 · Travel

  total $1,197,000 · program services $727,000 · management and general $344,000 · fundraising $126,000

• 20 · Interest

  total $1,187,000 · program services $792,000 · management and general $339,000 · fundraising $56,000

• 22 · Depreciation, depletion and amortization

  total $10,721,000 · program services $7,157,000 · management and general $3,055,000 · fundraising $509,000

• 23 · Insurance

  total $1,351,000 · management and general $1,351,000

• 24a · Other expenses: ART ACQUISITIONS

  total $7,145,000 · program services $7,145,000

• 24b · Other expenses: EXHIBITION EXPENSES

  total $2,359,000 · program services $2,359,000

• 24c · Other expenses: BUILDING SUPPLIES & REP

  total $2,289,000 · program services $121,000 · management and general $2,168,000

• 24d · Other expenses: ART PACKING/SHIPPING

  total $886,000 · program services $886,000

• 24e · All other expenses

  total $3,597,000 · program services $2,091,000 · management and general $1,192,000 · fundraising $314,000

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $21,846,700 · end of year $16,623,000

• 2 · Savings and temporary cash investments

  beginning of year $29,565,300 · end of year $113,759,000

• 3 · Pledges and grants receivable

  beginning of year $18,938,000 · end of year $21,438,000

• 4 · Accounts receivable

  beginning of year $12,816,000 · end of year $2,183,000

• 8 · Inventories for sale or use

  beginning of year $4,348,000 · end of year $4,118,000

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,639,000 · end of year $3,067,000

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

  $486,811,000

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

  $112,621,000

• 10c · Land, buildings and equipment, net

  beginning of year $371,102,000 · end of year $374,190,000

• 11 · Investments: publicly traded securities

  beginning of year $105,400,000 · end of year $86,817,000

• 12 · Investments: other securities

  beginning of year $392,470,000 · end of year $379,736,000

• 15 · Other assets

  beginning of year $13,684,000 · end of year $15,378,000

• 17 · Accounts payable and accrued expenses

  beginning of year $11,908,000 · end of year $7,333,000

• 19 · Deferred revenue

  beginning of year $2,829,000 · end of year $1,916,000

• 20 · Tax-exempt bond liabilities

  beginning of year $94,028,000 · end of year $91,538,000

• 25 · Other liabilities

  beginning of year $17,041,000 · end of year $16,834,000

• 27 · Net assets without donor restrictions

  beginning of year $400,751,000 · end of year $396,094,000

• 28 · Net assets with donor restrictions

  beginning of year $446,252,000 · end of year $503,594,000

The filer's explanations (Part III)

PART I, LINE 1A

HOUSING ALLOWANCE: THE WHITNEY MUSEUM PROVIDED A HOUSING ALLOWANCE TO ADAM D. WEINBERG DURING HIS TENURE AS THE ALICE PRATT BROWN DIRECTOR PURSUANT TO THE TERMS OF HIS WRITTEN EMPLOYMENT CONTRACT. TO THE EXTENT THAT HOUSING WAS TAXABLE, IT IS INCLUDED IN HIS TAXABLE WAGES AND REPORTED IN SCHEDULE J, PART II, COLUMN B(III).

PART I, LINE 4B

NON-QUALIFIED RETIREMENT PLAN: IN CALENDAR YEAR 2023, ADAM D. WEINBERG RECEIVED A DISTRIBUTION FROM THE DEFERRED COMPENSATION PLAN IN THE AMOUNT OF $232,436. THIS AMOUNT WAS PREVIOUSLY REPORTED AS DEFERRED COMPENSATION ON EARLIER FORMS 990; IT IS REPORTED IN BOTH COLUMNS (B)(III) AND (F) IN THIS YEAR'S 990 TO REFLECT THAT THE COMPENSATION IS BEING REPORTED AGAIN IN THE YEAR IT IS TAXED.

PART I, LINE 7

AMOUNTS REPORTED IN COLUMN B(II) REPRESENT BONUSES EMPLOYEES RECEIVED IN CALENDAR YEAR 2023 TO RECOGNIZE THEM FOR MEETING CERTAIN PERFORMANCE RELATED OBJECTIVES. IN RECOGNITION OF HIS 20 YEARS OF SERVICE TO THE WHITNEY MUSEUM OF AMERICAN ART, AND ACCOMPLISHING KEY STRATEGIC GOALS, OUTGOING ALICE PRATT BROWN DIRECTOR, ADAM WEINBERG, RECEIVED A ONE-TIME BONUS IN CALENDAR YEAR 2023. THIS BONUS WAS GRANTED BY THE BOARD OF DIRECTORS, IN ITS SOLE DISCRETION, AND MEMORIALIZED IN COMPENSATION COMMITTEE MEETING MINUTES.