NORTH CAROLINA MUSEUM OF ART FOUND… - Form 990 Financial Data

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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

1969

Legal Domicile

Principal Officer

VALERIE HILLINGS

Phone

9198396262

Tax Period

2024-07-01 to 2025-06-30

NORTH CAROLINA MUSEUM OF ART FOUNDATION, founded in 1969, is a mid-sized nonprofit in the Arts, Culture & Humanities sector that reported $32.3M in total revenue in fiscal year 2024. Revenue surged 59% from the prior year, signaling strong growth momentum. The organization ran a surplus of $7.2M, a strong 22% operating margin.

Mission

THE NORTH CAROLINA MUSEUM OF ART STEWARDS AND SHARES THE PEOPLE'S ART COLLECTION AND INSPIRES CREATIVITY BY CONNECTING OUR DIVERSE COMMUNITIES TO CULTURAL AND NATURAL RESOURCES.

Program Service Accomplishments

Program 1

Expenses: $17,164,565 Revenue: $1,102,151

THE MUSEUM OF ART IS PARTIALLY SUPPORTED BY STATE APPROPRIATIONS THAT LARGELY FUND STATE STAFF POSITIONS AND THEIR RELATED BENEFITS, AND A PORTION OF THE OPERATING COSTS OF RUNNING THE MUSEUM. THE...

THE MUSEUM OF ART IS PARTIALLY SUPPORTED BY STATE APPROPRIATIONS THAT LARGELY FUND STATE STAFF POSITIONS AND THEIR RELATED BENEFITS, AND A PORTION OF THE OPERATING COSTS OF RUNNING THE MUSEUM. THE FOUNDATION PROVIDES THE MAJORITY OF FINANCIAL SUPPORT NEEDED FOR EDUCATION, CURATORIAL, PROGRAMMING AND MARKETING OF THE MUSEUM INCLUDING SUPPORT FOR STATEWIDE AND MUSEUM-BASED EDUCATION PROGRAMMING, SPECIAL TRAVELING ART EXHIBITIONS, SUPPLEMENTAL ART CONSERVATIONS FUNDS, AND PUBLIC PROGRAMMING. THE FOUNDATION ALSO CULTIVATES DONORS FOR COMMISSIONED WORKS OF ART AND CONTRIBUTIONS FOR ART ACQUISITIONS. ALL ART PURCHASED OR COMMISSIONED IS GIFTED BY THE FOUNDATION TO THE MUSEUM. A LARGE MAJORITY OF THE ARTWORK HELD IN THE MUSEUM'S ART COLLECTION HAS BEEN GIFTED BY THE FOUNDATION.

Program 2

Expenses: $1,019,972

THE FOUNDATION MANAGES APPROXIMATELY 33 ACRES OF REAL ESTATE ADJACENT TO THE MUSEUM PARK, WHICH ENCOMPASSES LANDSCAPING AND PARKING.

Program 3

Expenses: $558,158 Revenue: $552,987

THE NORTH CAROLINA MUSEUM OF ART FOUNDATION PROVIDES OVERSIGHT MANAGEMENT TO THE OUTSOURCED ON-SITE FULL SERVICE RESTAURANT AND CONCESSION FOOD SERVICES. THE NORTH CAROLINA MUSEUM OF ART FOUNDATION PROVIDES DAY-TO-DAY MANAGEMENT OF THE MUSEUM'S RETAIL STORE. IN ADDITION, THE FOUNDATION ALSO PLANS AND MANAGES A PORTFOLIO OF SPECIAL EVENTS INCLUSIVE OF CORPORATE RENTALS, CONFERENCES WEDDINGS, DONOR CULTIVATION EVENTS, AND MEMBERSHIP PROGRAMMING.

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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 (2024)

Revenue Breakdown

Contributions & Grants $24,498,173

Program Service Revenue $1,088,878

Investment Income $5,265,868

Other Revenue $1,419,214

TOTAL REVENUE $32,272,133

Expense Breakdown

Grants Paid $8,786,695

Salaries & Benefits $5,366,293

Fundraising Expenses $2,105,876

Program Expenses $18,742,695

Other Expenses $10,908,737

TOTAL EXPENSES $25,061,725

Year-over-Year Comparison

	2024	2023	Change
Revenue	$32,272,133	$20,314,001	+0.6%
Expenses	$25,061,725	$16,399,583	+0.5%
Net Income	$7,210,408	$3,914,418	+0.8%

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

Volunteers

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

$413,996

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
KEVIN ANDERSON	DIRECTOR	1.00	Director	$0	$0	$0
DIANE BASTIAN	PRESIDENT	1.00	Officer Director	$0	$0	$0
ANGELIQUE BOWMAN	ASSISTANT SECRETARY	1.00	Officer Director	$0	$0	$0
MAYME BOYD	DIRECTOR (THRU 12/24)	1.00	Director	$0	$0	$0
PETER BRISTOW	DIRECTOR	1.00	Director	$0	$0	$0
WORTH DUNN	DIRECTOR	1.00	Director	$0	$0	$0
MASON FREEMAN	DIRECTOR	1.00	Director	$0	$0	$0
MAVIS GRAGG	DIRECTOR	1.00	Director	$0	$0	$0
HEATHER GRAHAM	DIRECTOR	1.00	Director	$0	$0	$0
BECKI GRAY	DIRECTOR	1.00	Director	$0	$0	$0
GORDON GRUBB	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
SAM HOOKER	DIRECTOR	1.00	Director	$0	$0	$0
MINA LEVIN	SECRETARY	1.00	Officer Director	$0	$0	$0
JESSICA MAYNARD	DIRECTOR	1.00	Director	$0	$0	$0
NANCY MCFARLANE	DIRECTOR	1.00	Director	$0	$0	$0
JAMES NARRON	DIRECTOR	1.00	Director	$0	$0	$0
VAIBHAV PARMAR	DIRECTOR	1.00	Director	$0	$0	$0
GEORGE PASCHAL	DIRECTOR	1.00	Director	$0	$0	$0
SIMMI PRASAD	DIRECTOR	1.00	Director	$0	$0	$0
SCOTT RELAN	DIRECTOR	1.00	Director	$0	$0	$0
CHARMAINE RIGGINS	DIRECTOR	1.00	Director	$0	$0	$0
LIZA ROBERTS	DIRECTOR	1.00	Director	$0	$0	$0
CARRIE RUSSELL	DIRECTOR	1.00	Director	$0	$0	$0
SEPI SAIDI	DIRECTOR (THRU 03/25)	1.00	Director	$0	$0	$0
JENNIFER SIMPSON	ASSISTANT TREASURER	1.00	Officer Director	$0	$0	$0
RENEE SNYDERMAN	TREASURER	1.00	Officer Director	$0	$0	$0
LEAH GOODNIGHT TYLER	DIRECTOR	1.00	Director	$0	$0	$0
BRAD WILSON	DIRECTOR	1.00	Director	$0	$0	$0
GLORIA YSASI-DIAZ	DIRECTOR	1.00	Director	$0	$0	$0
MARIE D'ALESSANDRO	CFO	40.00	Officer	$202,491	$22,768	$225,259
VALERIE HILLINGS	CEO	40.00	Officer	$183,211	$5,526	$188,737
JESSICA GORELICK	DIRECTOR OF NCMA CAMPAIGN	40.00	Highest	$139,399	$14,164	$153,563
ERIN CLEGHORN	DIRECTOR OF DEVELOPMENT (THRU 5/24)	40.00	Highest	$107,432	$6,951	$114,383
EUGENE YOUNG	DIRECTOR OF IT	40.00	Highest	$101,035	$16,275	$117,310

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	$32,272,133	$25,061,725	$99,478,655	$7,210,408
2024	$20,314,001	$16,399,583	$89,700,713	$3,914,418
2023	$18,780,354	$13,185,407	$82,214,482	$5,594,947
2022	$17,411,400	$13,035,904	$74,020,662	$4,375,496
2021	$13,828,837	$7,881,728	$80,876,506	$5,947,109
2020	$12,442,840	$12,720,293	$67,327,606	$-277,453
2019	$12,642,014	$12,532,712	$66,554,402	$109,302
2018	$18,732,777	$17,564,168	$63,915,936	$1,168,609

NORTH CAROLINA MUSEUM OF ART FOUNDATION