Museum of Modern Art

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1929

Legal Domicile

Principal Officer

Glenn Lowry

Phone

2127089400

Tax Period

2022-07-01 to 2023-06-30

Museum of Modern Art, founded in 1929, is a major nonprofit in the Arts, Culture & Humanities sector that reported $236.7M in total revenue in fiscal year 2022. Revenue decreased 11% compared to the prior year. Expenses of $280.7M exceeded revenue, resulting in a 19% operating deficit.

Mission

The Museum of Modern Art is a private, non-profit institution chartered by the State of New York Department of Education in 1929 to foster public awareness of modern and contemporary art. (Continued in Schedule O)

Program Service Accomplishments

Program 1

Expenses: $134,892,901 Revenue: $66,187,585

Museum Operations - Curatorial and curatorial support departments include conservation, learning and engagement programming, exhibitions, creative, publications, library and archives. The Museum was founded in 1929 as an educational institution and maintains a vast breadth of educational programming, which increased in the years after the openings of the renovations and expansions in 2004, 2006, and 2019. (Continued in Schedule O)

Program 2

Expenses: $25,691,007 Revenue: $4,133,745

In FY 2023, over approximately 570 works were added to this collection, both by donation and by purchase.

Program 3

Expenses: $46,744,079 Revenue: $0

Security, operations, and maintenance of exhibition galleries and art collection.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2022)

Revenue Breakdown

Contributions & Grants $108,016,214

Program Service Revenue $37,165,583

Investment Income $54,497,171

Other Revenue $37,001,753

TOTAL REVENUE $236,680,721

Expense Breakdown

Grants Paid $2,596,572

Salaries & Benefits $106,647,849

Fundraising Expenses $12,690,495

Program Expenses $207,327,987

Other Expenses $171,425,088

TOTAL EXPENSES $280,669,509

Year-over-Year Comparison

	2022	2021	Change
Revenue	$236,680,721	$265,321,760	-0.1%
Expenses	$280,669,509	$247,824,189	+0.1%
Net Income	$-43,988,788	$17,497,571	-3.5%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✓ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

1045

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✓ Engaged in Lobbying

✗ Operated Donor Advised Fund

✓ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$3,983,005

Total Directors

Key Employees

$5,991,799

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Ronald S Lauder	Honorary Chair/Trustee	1.00	Officer Director	$0	$0	$0
Richard E Salomon	Vice Chair/Treasurer/Trustee	1.00	Officer Director	$0	$0	$0
Jerry I Speyer	Chairman Emeritus/Trustee	1.00	Officer Director	$0	$0	$0
Agnes Gund	President Emerita/Trustee	0.50	Officer Director	$0	$0	$0
Maja Oeri	Vice Chair/Trustee	1.00	Officer Director	$0	$0	$0
Marie-Josee Kravis	Chair/Trustee	5.00	Officer Director	$0	$0	$0
Ronnie Heyman	President/Trustee	5.00	Officer Director	$0	$0	$0
Sid R Bass	Vice Chairman/Trustee	1.00	Officer Director	$0	$0	$0
Mimi Haas	Vice Chair/Trustee	1.00	Officer Director	$0	$0	$0
Marlene Hess	Vice Chair/Trustee	1.00	Officer Director	$0	$0	$0
Sarah Arison	Trustee	1.00	Director	$0	$0	$0
Alexandre Arnault	Trustee (Beg 06/23)	1.00	Director	$0	$0	$0
Lawrence B Benenson	Trustee	1.00	Director	$0	$0	$0
David Booth	Trustee	1.00	Director	$0	$0	$0
Leon D Black	Trustee	1.00	Director	$0	$0	$0
Clarissa Alcock Bronfman	Trustee	1.00	Director	$0	$0	$0
Patricia Phelps de Cisneros	Trustee	1.00	Director	$0	$0	$0
Edith Cooper	Trustee	1.00	Director	$0	$0	$0
Paula Crown	Trustee	1.00	Director	$0	$0	$0
Steven Cohen	Trustee	1.00	Director	$0	$0	$0
David Dechman	Trustee	1.00	Director	$0	$0	$0
Anne Dias Griffin	Trustee	1.00	Director	$0	$0	$0
Glenn Dubin	Trustee	1.00	Director	$0	$0	$0
Lonti Ebers	Trustee	1.00	Director	$0	$0	$0
Joel S Ehrenkranz	Trustee	1.00	Director	$0	$0	$0
John Elkann	Trustee	1.00	Director	$0	$0	$0
Laurence D Fink	Trustee	1.00	Director	$0	$0	$0
Glenn Fuhrman	Trustee	1.00	Director	$0	$0	$0
Kathleen Fuld	Trustee	1.00	Director	$0	$0	$0
AC Hudgins	Trustee	1.00	Director	$0	$0	$0
Barbara Jakobson	Trustee	1.00	Director	$0	$0	$0
Pamela Joyner	Trustee	1.00	Director	$0	$0	$0
Jill Kraus	Trustee	1.00	Director	$0	$0	$0
Khalil Gibran Muhammad	Trustee	1.00	Director	$0	$0	$0
Philip S Niarchos	Trustee	1.00	Director	$0	$0	$0
James G Niven	Trustee	1.00	Director	$0	$0	$0
Peter Norton	Trustee	1.00	Director	$0	$0	$0
Daniel S Och	Trustee	1.00	Director	$0	$0	$0
Eyal Ofer	Trustee	1.00	Director	$0	$0	$0
Michael S Ovitz	Trustee	1.00	Director	$0	$0	$0
Sharon Percy Rockefeller	Trustee	1.00	Director	$0	$0	$0
Emily Rauh Pulitzer	Trustee	1.00	Director	$0	$0	$0
Richard Roth	Trustee	1.00	Director	$0	$0	$0
Anna Marie Shapiro	Trustee	1.00	Director	$0	$0	$0
Anna Deavere Smith	Trustee	1.00	Director	$0	$0	$0
Jon Stryker	Trustee	1.00	Director	$0	$0	$0
Daniel Sundheim	Trustee	1.00	Director	$0	$0	$0
Tony Tamer	Trustee	1.00	Director	$0	$0	$0
Steve Tananbaum	Trustee	0.50	Director	$0	$0	$0
Alice M Tisch	Trustee	1.00	Director	$0	$0	$0
Edgar Wachenheim III	Trustee	1.00	Director	$0	$0	$0
Garry Winnick	Trustee	1.00	Director	$0	$0	$0
Xin Zhang	Trustee	1.00	Director	$0	$0	$0
Wallis Annenberg	Life Trustee	0.50	Director	$0	$0	$0
David Rockefeller Jr	Life Trustee	0.50	Director	$0	$0	$0
Glenn D Lowry	Director/Ex-Officio Trustee	40.00	Officer	$1,551,777	$705,709	$2,257,486
James Gara	COO/Assistant Treasurer	40.00	Officer	$952,306	$140,509	$1,092,815
James Grooms	General Counsel/Secretary	40.00	Officer	$589,663	$43,041	$632,704
Sarah Suzuki	Associate Museum Director	40.00	Key Emp	$495,931	$112,785	$608,716
Beverly Morgan-Welch	Sr. Deputy Dr of External Affairs	40.00	Key Emp	$468,867	$104,732	$573,599
Ann Temkin	Chief Curator-Painting & Sculpture	40.00	Key Emp	$412,675	$131,785	$544,460
Jan Postma	Chief Financial Officer	40.00	Key Emp	$433,569	$80,737	$514,306
Christophe Cherix	Chief Curator - Drawings and Prints	40.00	Key Emp	$406,901	$95,162	$502,063
Rajendra Roy	Chief Curator - Film	40.00	Key Emp	$394,759	$80,017	$474,776
Odessa Matsubara	Chief Human Resources Officer	40.00	Key Emp	$407,683	$60,837	$468,520
Christy Thompson	Sr. Deputy Dr of Exhibitions & Collections	40.00	Key Emp	$389,359	$50,317	$439,676
Roxana Marcoci	Senior Curator- Photography	40.00	Key Emp	$212,872	$208,078	$420,950
Tunji Adeniji	Chief Facilities and Safety Officer	40.00	Key Emp	$341,465	$46,086	$387,551
Stuart Comer	Chief Curator-Media&Performance Art	40.00	Key Emp	$330,410	$35,481	$365,891
Clement Cheroux	Chief Curator - Photography	40.00	Key Emp	$323,398	$25,625	$349,023
Martino Stierli	Chief Curator - Arch. and Design	40.00	Key Emp	$297,220	$45,048	$342,268
Gabriel Morrow	Director, Investments	40.00	Highest	$559,243	$95,566	$654,809
Jean Savitsky	Dir. Real Estate and Construction	40.00	Highest	$537,695	$54,284	$591,979
Jesse Goldstine	General Manager - Retail	40.00	Highest	$447,759	$57,034	$504,793
Emmanuel Plat	Director, Merchandising	40.00	Highest	$423,764	$67,196	$490,960
Diana Pan	Chief Technology Officer	40.00	Highest	$374,447	$35,932	$410,379
Michael Shay	Director of Investments (Thru 4/22)	0.00		$175,109	$8,337	$183,446
Anthony Wai	Chief Investment Officer (Thru 6/22)	0.00		$680,417	$40,856	$721,273

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	No data	No data	No data	No data
2024	No data	No data	No data	No data
2023	$236,680,721	$280,669,509	$2,490,307,043	$-43,988,788
2022	$265,321,760	$247,824,189	$2,507,036,549	$17,497,571
2021	$251,623,479	$236,065,058	$2,699,458,083	$15,558,421
2020	$262,144,582	$270,711,724	$2,331,703,503	$-8,567,142
2019	$443,982,645	$266,556,359	$2,359,955,416	$177,426,286
2018	$283,314,866	$274,032,845	$2,206,703,573	$9,282,021