PUBLIC ART FUND INC

EIN: 132898805 501(c)(3)

NEW YORK, NY

Total Revenue
$6,895,069
Total Expenses
$5,557,136
Total Assets
$10,243,666
Net Assets
$8,771,473
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1977
Legal Domicile
NY
Principal Officer
SUSAN K FREEDMAN
Phone
2122237800
Tax Period
2023-01-01 to 2023-12-31

PUBLIC ART FUND INC, founded in 1977, is a community nonprofit that reported $6.9M in total revenue in fiscal year 2023. Revenue surged 63% from the prior year, signaling strong growth momentum. The organization ran a surplus of $1.3M, a strong 19% operating margin.

Mission

AS THE LEADER IN ITS FIELD, PUBLIC ART FUND BRINGS DYNAMIC CONTEMPORARY ART TO A BROAD AUDIENCE IN NEW YORK CITY AND BEYOND BY MOUNTING AMBITIOUS FREE EXHIBITIONS OF INTERNATIONAL SCOPE AND IMPACT THAT OFFER THE PUBLIC POWERFUL EXPERIENCES WITH ART AND THE URBAN ENVIRONMENT.

Program Service Accomplishments

Program 1
Expenses: $3,437,011 Revenue: $983,547

EXHIBITION PROGRAMPUBLIC ART FUND (PAF) ENGAGES ARTISTS OF DIFFERENT BACKGROUNDS WHOSE WORKS REFLECT DIFFERENT POINTS OF VIEW AND THE DIVERSITY OF NEW YORK CITY. PAF'S MAJOR INITIATIVES INCLUDE...

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EXHIBITION PROGRAMPUBLIC ART FUND (PAF) ENGAGES ARTISTS OF DIFFERENT BACKGROUNDS WHOSE WORKS REFLECT DIFFERENT POINTS OF VIEW AND THE DIVERSITY OF NEW YORK CITY. PAF'S MAJOR INITIATIVES INCLUDE DYNAMIC EXHIBITIONS, INSTALLATIONS, AND NEW COMMISSIONS OF ARTWORK BY AN INTERNATIONAL ROSTER OF ARTISTS AT ALL POINTS IN THEIR CAREERS FROM EMERGING TO GLOBALLY RECOGNIZED. THESE PROJECTS BRING IMPORTANT WORKS OF ART OUTSIDE THE TRADITIONAL CONFINES OF MUSEUMS AND GALLERIES, DIRECTLY TO PLACES WHERE NEW YORKERS LIVE AND WORK-INCLUDING PARKS, PLAZAS, OUTDOOR ADVERTISING VENUES, AND OTHER UNEXPECTED SITES-WHERE THEY CAN BE EXPERIENCED FREE OF CHARGE. (SEE SCHEDULE O)EACH YEAR, PAF WORKS WITH ARTISTS TO CREATE SITE-RESPONSIVE WORKS FOR VARIED LOCATIONS THROUGHOUT NEW YORK CITY, AND TO DEBUT EXISTING SCULPTURES AND INSTALLATIONS. COMMISSIONING NEW WORKS INVOLVES DEVELOPING LONG-TERM RELATIONSHIPS BETWEEN PAF AND INDIVIDUAL ARTISTS; IT CAN TAKE FROM A FEW MONTHS TO SEVERAL YEARS TO DEVELOP A PROJECT AND ADDRESS THE COMPLEX TECHNICAL AND LOGISTICAL CONSIDERATIONS INVOLVED IN PRESENTING NEW WORKS IN THE PUBLIC REALM.PAF MAINTAINS A COLLABORATIVE APPROACH TO DEVELOPING PROJECTS, WHEREIN INDIVIDUAL ARTISTS RESPOND TO A SITE IN NEW YORK CITY. AS A RESULT, PAF'S INSTALLATIONS ARE CLOSELY INTEGRATED INTO THEIR LOCATIONS AND OFFER OPPORTUNITIES TO SEE THESE SITES IN NEW WAYS. TO MEET THE ORGANIZATION'S GOAL OF REACHING THE BROADEST POSSIBLE AUDIENCE, PROJECTS ARE LOCATED BOTH IN HIGHLY TRAFFICKED LOCATIONS AND SPREAD ACROSS NEW YORK CITY'S FIVE BOROUGHS. EDUCATION AND OUTREACH PROGRAMSPAF'S OUTREACH PROGRAMS EXPAND UPON ITS EXHIBITION ACTIVITIES BY MAKING THEM ACCESSIBLE TO A WIDER AUDIENCE. PAF PRODUCES DIDACTIC MATERIALS IN PRINT AND DIGITAL FORMATS TO SUPPORT EACH OF ITS PROJECTS, AND TO AID AUDIENCES IN ENJOYING AND UNDERSTANDING PUBLIC ART PROJECTS BY CONTEMPORARY ARTISTS. PAF'S AUDIENCE IS AS BROAD AND DIVERSE AS THE MAKE-UP OF NEW YORK CITY'S RESIDENTS AND VISITORS, AND IT IS ESTIMATED THAT SOME 11 MILLION PEOPLE EXPERIENCED A PAF EXHIBITION OR PROGRAM IN THE LAST YEAR.GIVEN THE UNIQUE CHALLENGES OF MOUNTING AN EXHIBITION OUTDOORS, PAF ALSO DEVOTES SIGNIFICANT RESOURCES TO ENGAGING WITH ITS ONLINE AUDIENCE THROUGH BOTH ITS WEBSITE AND SOCIAL MEDIA PLATFORMS. PUBLICARTFUND.ORG FEATURES EXTENDED INFORMATION ON EACH EXHIBITION AND ARTIST, AS WELL AS MAPS AND GENERAL INFORMATION ABOUT THE SHOWS. VIDEOS FOR EACH EXHIBITION ILLUMINATE THE ARTISTS' THOUGHT PROCESSES AND OFFER OPPORTUNITIES FOR ONLINE VIEWERS TO EXPERIENCE THE SHOWS FROM THE PERSPECTIVE OF AN IN-PERSON VISITOR. PUBLIC ART FUND CONTINUES TO PRESENT ITS SIGNATURE LECTURE SERIES, PUBLIC ART FUND TALKS, VIRTUALLY AND IN PERSON. ORGANIZED IN COLLABORATION WITH THE COOPER UNION, THEY CONNECT COMPELLING CONTEMPORARY ARTISTS TO A BROAD PUBLIC BY ESTABLISHING A DIALOGUE ABOUT ARTISTIC PRACTICES AND PUBLIC ART.

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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%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $5,744,443
Program Service Revenue $974,831
Investment Income $164,462
Other Revenue $11,333
TOTAL REVENUE $6,895,069

Expense Breakdown

Grants Paid $0
Salaries & Benefits $3,207,852
Fundraising Expenses $916,562
Program Expenses $3,437,011
Other Expenses $2,349,284
TOTAL EXPENSES $5,557,136

Year-over-Year Comparison

2023 2022 Change
Revenue $6,895,069 $4,219,910 +0.6%
Expenses $5,557,136 $5,360,791 +0.0%
Net Income $1,337,933 $-1,140,881 -2.2%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
27
Independent Members
26
Employees
34
Volunteers
26

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
7
$769,636
Total Directors
27
$356,223
Key Employees
0
$0
Highest Compensated
1
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
ELIZABETH FEARON PEPPERMAN CHAIR 6.00
Officer Director
$0 $0 $0
SUSAN K FREEDMAN PRESIDENT 40.00
Officer Director
$337,294 $18,929 $356,223
ANDREW R BROWNSTEIN ESQ VICE PRESIDENT 1.00
Officer Director
$0 $0 $0
HOLLY LIPTON VICE PRESIDENT 1.00
Officer Director
$0 $0 $0
JENNIFER NEW SECRETARY 1.00
Officer Director
$0 $0 $0
CHARLES B SHORT TREASURER 2.50
Officer Director
$0 $0 $0
ELLEN CELLI BOARD MEMBER 1.00
Director
$0 $0 $0
ANGELO CHAN BOARD MEMBER 1.00
Director
$0 $0 $0
WENDY FISHER BOARD MEMBER 1.00
Director
$0 $0 $0
SARA FITZMAURICE BOARD MEMBER 1.00
Director
$0 $0 $0
WILLIAM FLOYD BOARD MEMBER 1.00
Director
$0 $0 $0
JENNIFER HARRIS BOARD MEMBER 1.00
Director
$0 $0 $0
PATRICIA E HARRIS BOARD MEMBER 1.00
Director
$0 $0 $0
ANDREA KRANTZ BOARD MEMBER 1.00
Director
$0 $0 $0
LINDA LENNON BOARD MEMBER 1.00
Director
$0 $0 $0
RAFAEL LOZANO-HEMMER BOARD MEMBER 1.00
Director
$0 $0 $0
RONAY MENSCHEL BOARD MEMBER 1.00
Director
$0 $0 $0
RUTHARD C MURPHY BOARD MEMBER 1.00
Director
$0 $0 $0
DOUGLAS POLLEY BOARD MEMBER 1.00
Director
$0 $0 $0
FARAH AL QASIMI BOARD MEMBER 1.00
Director
$0 $0 $0
RASIKA REDDY BOARD MEMBER 1.00
Director
$0 $0 $0
ALLISON RUSSO BOARD MEMBER 1.00
Director
$0 $0 $0
KAREN SEYMOUR BOARD MEMBER 1.00
Director
$0 $0 $0
PATRICIA SILVERSTEIN BOARD MEMBER 1.00
Director
$0 $0 $0
MICHAEL STERNBERG BOARD MEMBER 1.00
Director
$0 $0 $0
AI WEIWEI BOARD MEMBER 1.00
Director
$0 $0 $0
DAVID WINE BOARD MEMBER 1.00
Director
$0 $0 $0
NICHOLAS BAUME ARTISTIC & EXECUTIVE DIRECTOR 40.00
Officer
$398,933 $14,480 $413,413
LARRY GIANNECHINI DEPUTY DIRECTOR - PROGRAMS/OPERATION 40.00
Highest
$160,000 $0 $160,000
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
2024 No data No data No data No data
2023 $6,895,069 $5,557,136 $10,243,666 $1,337,933
2022 $4,219,910 $5,360,791 $8,654,486 $-1,140,881
2021 $4,378,132 $2,365,111 $9,627,066 $2,013,021
2021 $5,904,315 $3,773,927 $8,950,195 $2,130,388
2020 $3,775,928 $4,758,014 $6,383,326 $-982,086
2019 $6,287,437 $5,468,999 $6,768,512 $818,438
2018 $5,872,231 $6,350,554 $6,177,479 $-478,323
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