MUSEUM OF AMERICAN FINANCE

EIN: 133540880 501(c)(3)

NEW YORK, NY

Total Revenue
$1,410,380
Total Expenses
$1,649,745
Total Assets
$463,184
Net Assets
$-71,393
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1982
Legal Domicile
NY
Principal Officer
DAVID COWEN
Phone
2129084110
Tax Period
2023-01-01 to 2023-12-31

MUSEUM OF AMERICAN FINANCE, founded in 1982, is a community nonprofit that reported $1.4M in total revenue in fiscal year 2023. Revenue decreased 6% compared to the prior year. Expenses of $1.6M exceeded revenue, resulting in a 17% operating deficit.

Mission

FINANCE IMPACTS EVERYONE. AS A SOCIALLY RELEVANT ORGANIZATION, THE MUSEUM OF AMERICAN FINANCE SEEKS TO IMPROVE UNDERSTANDING OF THE INFLUENCE OF FINANCIAL INSTITUTIONS AND CAPITAL MARKETS ON THE U.S. AND GLOBAL ECONOMIES, AND ON INDIVIDUALS' LIVES. THE NATION'S ONLY INDEPENDENT MUSEUM DEDICATED TO FINANCE AND FINANCIAL HISTORY EDUCATES THE PUBLIC THROUGH EXHIBITS, FINANCIAL LITERACY PROGRAMS AND PUBLIC EVENTS. THE MUSEUM, AN AFFILIATE OF THE SMITHSONIAN INSTITUTION, SEEKS TO EMPOWER INDIVIDUALS OF ALL BACKGROUNDS TO STRIVE TOWARD FINANCIAL INDEPENDENCE, WHILE ENCOURAGING CURIOSITY AND DISCOVERY.

Program Service Accomplishments

Program 1
Expenses: $539,366 Revenue: $3,370

COLLECTION AND EXHIBITION PROGRAMSIN 2023, THE MUSEUM SHOWCASED OBJECTS FROM ITS COLLECTIONS AT SEVERAL LOCATIONS AND COMPLETED THE FIRST PHASE OF A MAJOR INITIATIVE TO DIGITIZE ITS EXTENSIVE...

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COLLECTION AND EXHIBITION PROGRAMSIN 2023, THE MUSEUM SHOWCASED OBJECTS FROM ITS COLLECTIONS AT SEVERAL LOCATIONS AND COMPLETED THE FIRST PHASE OF A MAJOR INITIATIVE TO DIGITIZE ITS EXTENSIVE ARCHIVES. IN JANUARY, THE MUSEUM LOANED ONE OF THE HIGHLIGHTS OF ITS 18TH CENTURY COLLECTION TO THE US CAPITOL VISITOR CENTER IN WASHINGTON, DC, FOR AN EXHIBIT TITLED "E PLURIBUS UNUM: OUT OF MANY, ONE." THE EXHIBIT, WHICH WAS ON VIEW THROUGH JULY, FEATURED THE US BOND CERTIFICATE SIGNED BY PATRICK HENRY FOR $416.04 OF "ASSUMED DEBT," DATED NOVEMBER 1792. IN OCTOBER, THE MUSEUM DISPLAYED HIGHLIGHTS FROM ITS COLLECTION TO ATTENDEES OF THE INTERNATIONAL MONEY EXHIBITION IN NASHVILLE, TN, WHICH ATTRACTED THOUSANDS OF VISITORS FROM AROUND THE WORLD.ALSO IN 2023, THE MUSEUM AND ITS ARCHIVAL PRESERVATION PARTNER, HERITAGE WERKS, COMPLETED PHASE ONE OF THE WIDE-RANGING, MULTI-YEAR COLLECTION DIGITIZATION INITIATIVE, WHICH WAS MADE POSSIBLE THROUGH SUPPORT RECEIVED FROM PREVIOUS GALAS AND GENEROUS DONATIONS FROM MOAF BOARD MEMBERS. THE MOAF COLLECTION RELOCATED TO AN ARCHIVAL FACILITY IN GEORGIA, WHERE IT WAS PROCESSED, EVALUATED AND PRIORITIZED FOR HIGH RESOLUTION SCANNING AND META-TAGGING. MORE THAN 2,500 OF THE HIGHEST PRIORITY OBJECTS WERE SCANNED, WITH THE SCANNING PROCESS CONTINUING IN 2024. THIS INITIATIVE WILL MAKE THE COLLECTION MORE ACCESSIBLE FOR BOTH DIGITAL AND PHYSICAL EXHIBITIONS, INCLUDING THE MUSEUM'S OFFICIAL TRAVELING EXHIBIT, WHICH WILL BE AVAILABLE IN THE FIRST HALF OF 2024.

Program 2
Expenses: $497,082 Revenue: $500

COMMUNITY OUTREACH AND EDUCATIONFINANCIAL EDUCATION IS AT THE HEART OF THE MUSEUM'S MISSION, AND MORE THAN 112,000 STUDENTS HAVE PARTICIPATED IN ITS EDUCATION PROGRAMS SINCE 2009. A HIGHLIGHT OF THE...

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COMMUNITY OUTREACH AND EDUCATIONFINANCIAL EDUCATION IS AT THE HEART OF THE MUSEUM'S MISSION, AND MORE THAN 112,000 STUDENTS HAVE PARTICIPATED IN ITS EDUCATION PROGRAMS SINCE 2009. A HIGHLIGHT OF THE MUSEUM'S EDUCATIONAL INITIATIVES IS THE MUSEUM FINANCE ACADEMY (MFA), A UNIQUE PERSONAL FINANCE CERTIFICATE COURSE OFFERED FREE OF CHARGE TO HIGH SCHOOL JUNIORS AND SENIORS. THE PROGRAM WHICH IS CURRENTLY PRESENTED IN AN ONLINE FORMAT PROVIDES A FOUNDATION IN PERSONAL FINANCE. THIS PROGRAM IS OFFERED IN THE SPRING AND FALL, WITH THE OPPORTUNITY FOR THE TOP-ACHIEVING STUDENTS TO EARN PARTIAL COLLEGE SCHOLARSHIPS. THIS PAST JULY, THE MUSEUM EXPANDED THE MFA WITH A PILOT PROGRAM IN PARTNERSHIP WITH THE NEW YORK PUBLIC LIBRARY THAT REACHED 642 STUDENTS.THE MUSEUM ALSO OFFERS A ROBUST SERIES OF MORE THAN 30 PUBLIC EVENTS PER YEAR. AMONG THE DISTINGUISHED PARTICIPANTS ARE NOBEL LAUREATES AND INDUSTRY LEADERS, AS WELL AS AWARD-WINNING AUTHORS. MUCH OF THE MUSEUM'S PROGRAMMING SHIFTED TO A VIRTUAL FORMAT IN MARCH 2020, LEADING TO AN EXPANDED NUMBER OF EVENTS AND A FOUR-FOLD INCREASE IN ATTENDANCE. IN 2023, PROGRAMS WERE OFFERED IN BOTH IN-PERSON AND VIRTUAL FORMATS. FEATURED SPEAKERS INCLUDED DARON ACEMOGLU, ROB ARNOTT, ALAN BLINDER, DAVID BOOTH, LEON COOPERMAN, CHERYL STRAUSS EINHORN, EUGENE FAMA, MARIO GABELLI, DIANA HENRIQUES, EDMUND PHELPS, PULAK PRASAD, AMONG MANY OTHERS. THE MAJORITY OF THE MUSEUM'S PROGRAMS ARE PRESENTED IN PARTNERSHIP WITH THE FORDHAM UNIVERSITY GABELLI CENTER FOR GLOBAL SECURITY ANALYSIS. IN 2023, THE MUSEUM ALSO CONTINUED ITS PARTNERSHIP WITH THE NEW YORK PUBLIC LIBRARY'S THOMAS YOSELOFF BUSINESS CENTER ON A FREE FINANCIAL EDUCATION SERIES FOR ADULTS, TITLED "INVESTING A TO Z," AS WELL AS A FREE SERIES ON RETIREMENT PLANNING, TITLED "RETIREMENT A TO Z." BOTH OF THESE PROGRAMS ATTRACTED LARGE NATIONAL AND INTERNATIONAL AUDIENCES IN 2023 WITH MORE THAN 5,000 TOTAL PARTICIPANTS AND CONTINUE IN 2024.

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Trantor Score

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

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $1,517,994
Program Service Revenue $3,870
Investment Income $3,796
Other Revenue $-115,280
TOTAL REVENUE $1,410,380

Expense Breakdown

Grants Paid $0
Salaries & Benefits $1,236,865
Fundraising Expenses $311,129
Program Expenses $1,036,448
Other Expenses $412,880
TOTAL EXPENSES $1,649,745

Year-over-Year Comparison

2023 2022 Change
Revenue $1,410,380 $1,493,048 -0.1%
Expenses $1,649,745 $1,642,801 +0.0%
Net Income $-239,365 $-149,753 +0.6%
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
41
Independent Members
41
Employees
9
Volunteers
43

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
5
$217,539
Total Directors
43
$0
Key Employees
0
$0
Highest Compensated
3
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
PETER A COHEN CHAIR 1.00
Officer Director
$0 $0 $0
ANDREA DE CHOLNOKY CO-VICE CHAIR 1.00
Officer Director
$0 $0 $0
KAREN SEITZ CO-VICE CHAIR 1.00
Officer Director
$0 $0 $0
SANFORD F CRYSTAL TREASURER 1.00
Officer Director
$0 $0 $0
ALVI ABUAF TRUSTEE 1.00
Director
$0 $0 $0
PETER AKWABOAH TRUSTEE 1.00
Director
$0 $0 $0
SABRINA BAILEY TRUSTEE 1.00
Director
$0 $0 $0
GREGORY W BAUER TRUSTEE 1.00
Director
$0 $0 $0
DOUGLAS CIFU TRUSTEE 1.00
Director
$0 $0 $0
MARCY COHEN TRUSTEE 1.00
Director
$0 $0 $0
LAWRENCE CUNNINGHAM TRUSTEE 1.00
Director
$0 $0 $0
PATRICK CURTIN TRUSTEE 1.00
Director
$0 $0 $0
JOHN P DAVIDSON III TRUSTEE 1.00
Director
$0 $0 $0
PETER DAVIS TRUSTEE THRU JAN 2023 1.00
Director
$0 $0 $0
RIC EDELMAN TRUSTEE 1.00
Director
$0 $0 $0
CHARLES ELSON TRUSTEE 1.00
Director
$0 $0 $0
EILEEN FAHEY TRUSTEE 1.00
Director
$0 $0 $0
MARTIN FRIDSON TRUSTEE 1.00
Director
$0 $0 $0
ADAM GOLDSTEIN TRUSTEE 1.00
Director
$0 $0 $0
MARTHA CLARK GOSS TRUSTEE 1.00
Director
$0 $0 $0
CORY GUNDERSON TRUSTEE 1.00
Director
$0 $0 $0
KIRK HALDEMAN TRUSTEE 1.00
Director
$0 $0 $0
BRADFORD HU TRUSTEE 1.00
Director
$0 $0 $0
CAROL KAIMOWITZ TRUSTEE 1.00
Director
$0 $0 $0
GLENN KAUFMAN TRUSTEE 1.00
Director
$0 $0 $0
RANCH KIMBALL TRUSTEE 1.00
Director
$0 $0 $0
MITTI LIEBERSOHN TRUSTEE 1.00
Director
$0 $0 $0
CONSUELO MACK TRUSTEE 1.00
Director
$0 $0 $0
JOE MECANE TRUSTEE 1.00
Director
$0 $0 $0
ANDERS NEMETH TRUSTEE 1.00
Director
$0 $0 $0
EAMON NOLAN TRUSTEE 1.00
Director
$0 $0 $0
ELIZABETH O'MELIA TRUSTEE 1.00
Director
$0 $0 $0
CHRIS PERRY TRUSTEE 1.00
Director
$0 $0 $0
BRAD PETERSON TRUSTEE 1.00
Director
$0 $0 $0
BOB PISANI TRUSTEE 1.00
Director
$0 $0 $0
SCOTT REDDEL TRUSTEE 1.00
Director
$0 $0 $0
MARK SHENKMAN TRUSTEE 1.00
Director
$0 $0 $0
DAVID L SHULER TRUSTEE 1.00
Director
$0 $0 $0
MARIA E SMITH TRUSTEE THRU NOV 2023 1.00
Director
$0 $0 $0
RICHARD SYLLA PH D TRUSTEE 1.00
Director
$0 $0 $0
SAUL VAN BEURDEN TRUSTEE 1.00
Director
$0 $0 $0
DENNISON VERU TRUSTEE 1.00
Director
$0 $0 $0
CHARLES V WAIT TRUSTEE 1.00
Director
$0 $0 $0
DAVID COWEN PRESIDENT/CEO 40.00
Officer
$210,000 $7,539 $217,539
MINDY ROSS DIRECTOR OF EXTERNAL RELATIONS 40.00
Highest
$157,500 $33,851 $191,351
KRISTIN AGUILERA DEPUTY DIRECTOR 40.00
Highest
$121,000 $45,341 $166,341
LINDA RAPACKI MANAGING DIR. OF BUSINESS 40.00
Highest
$108,500 $5,143 $113,643
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 $1,410,380 $1,649,745 $463,184 $-239,365
2022 $1,493,048 $1,642,801 $534,602 $-149,753
2021 $1,965,365 $1,619,312 $795,079 $346,053
2020 $1,935,781 $1,638,305 $779,386 $297,476
2019 $1,323,499 $1,652,231 $237,433 $-328,732
2018 $3,102,554 $2,360,324 $582,375 $742,230
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