STERLING AND FRANCINE CLARK ART INSTITUTE

Financial Trends

Organization Details

STERLING AND FRANCINE CLARK ART INSTITUTE, founded in 1950, is a mid-sized nonprofit in the Arts, Culture & Humanities sector that reported $59.4M in total revenue in fiscal year 2024. Revenue surged 119% from the prior year, signaling strong growth momentum. The organization ran a surplus of $22.5M, a strong 38% operating margin.

Mission

AUDITED FINANCIAL STATEMENTS NOTE REGARDING ART AND LIBRARY COLLECTIONS AND DEACCESSION: THE ART AND LIBRARY COLLECTIONS, WHICH WERE ACQUIRED THROUGH PURCHASES AND CONTRIBUTIONS SINCE THE CLARK'S INCEPTION, ARE INCLUDED AS AN ASSET ON THE STATEMENT OF FINANCIAL POSITION VALUED AT A $1 AND ARE NOT RECOGNIZED ON THE STATEMENT OF FINANCIAL POSITION AS PERMITTED BY ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA AND IN CONFORMITY WITH THE PRACTICE FOLLOWED BY MANY MUSEUMS. PURCHASED COLLECTION ITEMS ARE REPORTED AS NON-OPERATING ITEMS WHICH DECREASE NET ASSETS WITHOUT DONOR RESTRICTIONS IN THE YEAR IN WHICH THE ITEMS ARE ACQUIRED, OR IN NET ASSETS WITH DONOR RESTRICTIONS IF THE ASSETS USED TO PURCHASE THE ITEMS ARE RESTRICTED BY DONORS. CONTRIBUTED COLLECTION ITEMS ARE EXCLUDED FROM THE FINANCIAL STATEMENTS. PROCEEDS FROM DEACCESSIONS OR INSURANCE RECOVERY ARE REFLECTED AS INCREASES IN THE APPROPRIATE NET ASSET CLASSES. THE ACQUISITION, ACCESSIONING, DEACCESSIONING, CARE, AND LOANS OF WORKS IN THE COLLECTIONS ARE CONDUCTED IN A MANNER THAT CONFORMS TO THE CLARK'S MISSION, COMPLIES WITH APPLICABLE LAW, AND CONFORMS TO THE AAM CODE OF ETHICS FOR MUSEUMS. DEACCESSIONING OF WORKS IN THE COLLECTIONS IS CONDUCTED IN ACCORDANCE WITH THE AAMD POLICY ON DEACCESSIONING AND THE CLARK'S BOARD-APPROVED COLLECTIONS MANAGEMENT POLICY. THE PURPOSE OF REMOVING WORKS OF ART FROM THE PERMANENT COLLECTION THROUGH SALE, EXCHANGE, OR OTHER MEANS IS SOLELY FOR THE ADVANCEMENT OF THE CLARK'S MISSION AND TO STRENGTHEN THE COLLECTION THROUGH THE ACQUISITION OF MORE RELEVANT AND MEANINGFUL WORKS FOR THE PERMANENT COLLECTION. THEREFORE, ANY ASSETS ACCRUED THROUGH DEACCESSIONING SHALL BE EMPLOYED ONLY TO ACQUIRE ADDITIONAL ACCESSIONED WORKS OF ART. THE CLARK'S POLICY IS TO MAINTAIN AND CONTINUE TO ACQUIRE SIGNIFICANT, RELEVANT AND MEANINGFUL WORKS OF ART FOR ITS COLLECTION AND BOOKS FOR ITS LIBRARY. EACH ITEM IS CATALOGED, PROTECTED, SECURED, PRESERVED, AND CARED FOR, AND ACTIVITIES VERIFYING THEIR EXISTENCE AND ASSESSING THEIR CONDITION ARE CONTINUOUSLY PERFORMED.

Program Service Accomplishments

Financial Overview (2024)

Year-over-Year Comparison

Governance

Special Practices & Reported Activities

Compensation of Officers, Directors & Key Employees

Historical Data