FINE ARTS MUSEUMS FOUNDATION

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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

1963

Legal Domicile

Principal Officer

THOMAS CAMPBELL

Phone

4157508902

Tax Period

2024-07-01 to 2025-06-30

FINE ARTS MUSEUMS FOUNDATION, founded in 1963, is a mid-sized nonprofit in the Arts, Culture & Humanities sector that reported $26.9M in total revenue in fiscal year 2024. Revenue surged 44% from the prior year, signaling strong growth momentum. The organization ran a surplus of $5.7M, a strong 21% operating margin.

Mission

THE SPECIFIC AND PRIMARY PURPOSES FOR WHICH THIS FOUNDATION IS FORMED ARE THE CHARITABLE AND EDUCATIONAL PURPOSES OF SOLICITING, RECEIVING, DISBURSING AND MANAGING FUNDS AND PROPERTY FOR THE EMBELLISHMENT, ADVANCEMENT, ADMINISTRATION AND ENLARGEMENT OF THE FINE ARTS MUSEUMS OF SAN FRANCISCO (FAMSF). THESE ACTIVITIES INCLUDE PURCHASING WORKS OF ART, HOLDING THOSE WORKS OF ART, AND LENDING OR DONATING THEM TO THE FINE ARTS MUSEUMS OF SAN FRANCISCO.

Program Service Accomplishments

Program 1

Expenses: $5,623,445 Revenue: $0

ART ACQUISITIONS FOR THE FINE ARTS MUSEUMS.

Program 2

Expenses: $5,891,969 Revenue: $0

THE FINE ARTS MUSEUMS FOUNDATION (FAMF) AND COFAM PRIVATELY RAISED FUNDS AND REBUILT THE DEYOUNG MUSEUM, WHICH WAS GIFTED TO THE CITY OF SAN FRANCISCO UPON ITS COMPLETION IN 2005. THESE EXPENSES...

THE FINE ARTS MUSEUMS FOUNDATION (FAMF) AND COFAM PRIVATELY RAISED FUNDS AND REBUILT THE DEYOUNG MUSEUM, WHICH WAS GIFTED TO THE CITY OF SAN FRANCISCO UPON ITS COMPLETION IN 2005. THESE EXPENSES INCLUDE THE AMORTIZATION OF THE BENEFICIAL INTEREST IN THE DEYOUNG AS WELL AS THE COST OF SERVICING RELATED BONDS. THE NEW DEYOUNG HAS PERMITTED EXPANDED AND IMPROVED SERVICE TO THE MUSEUM'S PUBLIC BY INCREASING THE AMOUNT OF ART ON VIEW, THE EXPANSION OF THE EDUCATIONAL DEPARTMENT AND THE INCREASED EXHIBITION SPACE.

Program 3

Expenses: $7,798,649 Revenue: $0

DISBURSEMENT OF FUNDS FOR THE EMBELLISHMENT, ADVANCEMENT, AND ADMINISTRATION OF THE CORPORATION FOR THE FINE ARTS MUSEUMS(COFAM).

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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 $14,158,324

Program Service Revenue $0

Investment Income $12,701,915

Other Revenue $5,591

TOTAL REVENUE $26,865,830

Expense Breakdown

Grants Paid $7,798,649

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $19,314,063

Other Expenses $13,399,060

TOTAL EXPENSES $21,197,709

Year-over-Year Comparison

	2024	2023	Change
Revenue	$26,865,830	$18,653,752	+0.4%
Expenses	$21,197,709	$24,678,203	-0.1%
Net Income	$5,668,121	$-6,024,451	-1.9%

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

N/A

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

$1,637,076

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
LORNA F MEYER	PRESIDENT	5.00	Officer Director	$0	$0	$0
GEORGE HECKSHER	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
DAVID HOOKER SPENCER	CHAIR	1.00	Officer Director	$0	$0	$0
DAVID SOWARD	TREASURER, VP OF INVESTMEN	1.00	Officer Director	$0	$0	$0
DEBBIE JORGENSEN	SECRETARY	1.00	Officer Director	$0	$0	$0
WILLIAM HEARST III	VP OF COLLECTIONS	1.00	Officer Director	$0	$0	$0
ALEXANDRIA J ASHDOWN	TRUSTEE	1.00	Director	$0	$0	$0
LESHELLE MAY	TRUSTEE (THRU 12/24)	1.00	Director	$0	$0	$0
JASON MOMENT	TRUSTEE (THRU 05/25)	1.00	Director	$0	$0	$0
MARVIN TSEU	TRUSTEE	1.00	Director	$0	$0	$0
PAUL A VIOLICH	TRUSTEE	1.00	Director	$0	$0	$0
DIANE B WILSEY	COFAM CHAIR EMERITA	1.00	Director	$0	$0	$0
THOMAS CAMPBELL	DIRECTOR OF MUSEUMS	5.00	Officer	$0	$74,967	$1,208,885
JASON SEIFER	FISCAL OFFICER	10.00	Officer	$0	$57,083	$428,191

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	$26,865,830	$21,197,709	$329,135,828	$5,668,121
2024	$18,653,752	$24,678,203	$309,223,393	$-6,024,451
2023	$21,999,032	$32,434,900	$297,424,028	$-10,435,868
2022	$17,172,075	$16,636,814	$289,780,249	$535,261
2021	$10,807,404	$16,421,375	$330,256,649	$-5,613,971
2020	$1,528,655	$16,500,288	$293,998,421	$-14,971,633
2019	$20,892,383	$14,924,790	$307,486,566	$5,967,593
2018	$33,956,895	$21,693,286	$300,088,176	$12,263,609