MUSEUM ASSOCIATES

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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

1938

Legal Domicile

Principal Officer

MARK MITCHELL

Phone

3238576142

Tax Period

2023-07-01 to 2024-06-30

MUSEUM ASSOCIATES, founded in 1938, is a major nonprofit in the Arts, Culture & Humanities sector that reported $156.1M in total revenue in fiscal year 2023. Revenue decreased 20% compared to the prior year. The organization ran a surplus of $48.1M, a strong 31% operating margin.

Mission

IN CONFORMITY WITH THE PRACTICE FOLLOWED BY MANY MUSEUMS, ART OBJECTS PURCHASED BY OR DONATED TO THE MUSEUM ARE NOT CAPITALIZED IN THE STATEMENT OF FINANCIAL POSITION. THE MUSEUM'S ART COLLECTION IS MADE UP OF ART OBJECTS THAT ARE HELD FOR EXHIBITION AND VARIOUS OTHER PROGRAM ACTIVITIES. EACH OF THE ITEMS IS CATALOGUED, PRESERVED AND CARED FOR, AND ACTIVITIES VERIFYING THEIR EXISTENCE AND ASSESSING THEIR CONDITION ARE PERFORMED CONTINUOUSLY. PURCHASED COLLECTION ITEMS ARE RECORDED AS DECREASES IN UNRESTRICTED NET ASSETS IN THE YEAR IN WHICH THE ITEMS ARE ACQUIRED. CONTRIBUTED COLLECTION ITEMS ARE EXCLUDED FROM THE FINANCIAL STATEMENTS.

Program Service Accomplishments

Program 1

Expenses: $46,570,230 Revenue: $2,071,548

EXHIBITION, CURATORIAL, CONSERVATION & ART PROGRAMSLACMA PRESENTED 23 EXHIBITIONS AND PERMANENT COLLECTION INSTALLATIONS IN FISCAL 2023-2024, FEATURING ARTWORKS FROM ITS OWN COLLECTION AND FROM...

EXHIBITION, CURATORIAL, CONSERVATION & ART PROGRAMSLACMA PRESENTED 23 EXHIBITIONS AND PERMANENT COLLECTION INSTALLATIONS IN FISCAL 2023-2024, FEATURING ARTWORKS FROM ITS OWN COLLECTION AND FROM LENDERS AROUND THE WORLD. PUBLIC PROGRAMS, FILMS, AND CONCERTS ARE DEVELOPED IN COORDINATION WITH SPECIAL EXHIBITIONS. MANY WORKS FROM THE MUSEUM'S COLLECTION OF OVER 150,000 OBJECTS ARE TREATED BY CONSERVATORS, WHILE THE MUSEUM'S RESEARCH LIBRARY AND SCHOLARLY PUBLICATIONS PROVIDE REFERENCE SUPPORT TO MUSEUM STAFF AND OUTSIDE SCHOLARS. ALL OF THESE ACTIVITIES SERVE TO MEET THE GOALS OF CONSERVATION, EXHIBITION AND INTERPRETATION OF ART INTO MEANINGFUL AESTHETIC, INTELLECTUAL, AND CULTURAL EXPERIENCES.

Program 2

Expenses: $17,383,375

FACILITY ENHANCEMENTIN FISCAL 2023-2024, LACMA CONTINUED WORK TOWARDS A MAJOR, NEW MUSEUM BUILDING. MOST OF THESE COSTS WERE CAPITALIZED AND ARE NOT REFLECTED ON THIS LINE. THIS CATEGORY OF EXPENSE ALSO REFLECTS FINANCING AND DEPRECIATION EXPENSE REPRESENTING AMORTIZATION OF THE CAPITALIZED COSTS OF CONSTRUCTING THE MUSEUM'S PHYSICAL FACILITIES, AN ACTIVITY THAT IS ONE OF THE CORE REASONS MUSEUM ASSOCIATES WAS FOUNDED.

Program 3

Expenses: $12,238,959 Revenue: $15,101

PUBLIC AND PROTECTIVE SERVICES AND ENGAGEMENTIT IS A MUSEUM GOAL TO CONTINUOUSLY EXPAND AND SERVE AUDIENCES OF ALL AGES, ETHNICITIES, AND SOCIO-ECONOMIC BACKGROUNDS BY CREATING WELCOMING ENVIRONMENTS AND PROGRAMS. THIS IS ACCOMPLISHED THROUGH A VARIETY OF MEANS, INCLUDING ON-SITE STAFF AND CONTRACTORS PROTECTING ART AND PROVIDING SERVICE TO THE PUBLIC, SPECIAL EVENTS, PROMOTIONAL CAMPAIGNS, CAMPUS WAY-FINDING MEDIA, AND THE MUSEUM MAGAZINE.

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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 (2023)

Revenue Breakdown

Contributions & Grants $87,956,077

Program Service Revenue $45,292,476

Investment Income $19,228,703

Other Revenue $3,638,003

TOTAL REVENUE $156,115,259

Expense Breakdown

Grants Paid $78,554

Salaries & Benefits $36,575,948

Fundraising Expenses $6,676,036

Program Expenses $90,021,498

Other Expenses $71,322,523

TOTAL EXPENSES $108,034,625

Year-over-Year Comparison

	2023	2022	Change
Revenue	$156,115,259	$194,481,499	-0.2%
Expenses	$108,034,625	$102,095,893	+0.1%
Net Income	$48,080,634	$92,385,606	-0.5%

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

581

Volunteers

130

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

$3,542,420

Total Directors

Key Employees

$2,578,065

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
TONY P RESSLER	CO-CHAIR OF THE BOARD	0.50	Officer Director	$0	$0	$0
ELAINE P WYNN	CO-CHAIR OF THE BOARD	0.50	Officer Director	$0	$0	$0
WILLOW BAY	VICE CHAIR	0.50	Officer Director	$0	$0	$0
ROBERT KOTICK	VICE CHAIR	0.50	Officer Director	$0	$0	$0
WILLIAM H AHMANSON	TRUSTEE	0.50	Director	$0	$0	$0
HE SHEIKHA AL MAYASSA BINT HAMAD BI	TRUSTEE	0.50	Director	$0	$0	$0
WALLIS ANNENBERG	TRUSTEE	0.50	Director	$0	$0	$0
MARK ATTANASIO	TRUSTEE	0.50	Director	$0	$0	$0
THE HONORABLE NICOLE AVANT	TRUSTEE	0.50	Director	$0	$0	$0
THE HONORABLE COLLEEN BELL	TRUSTEE	0.50	Director	$0	$0	$0
DR REBECKA BELLDEGRUN	TRUSTEE	0.50	Director	$0	$0	$0
ALLISON BERG	TRUSTEE	0.50	Director	$0	$0	$0
NICOLAS BERGGRUEN	TRUSTEE	0.50	Director	$0	$0	$0
SUZANNE DEAL BOOTH	TRUSTEE	0.50	Director	$0	$0	$0
ANDREW BRANDON-GORDON	TRUSTEE	0.50	Director	$0	$0	$0
JON BROOKS	TRUSTEE	0.50	Director	$0	$0	$0
TROY CARTER	TRUSTEE	0.50	Director	$0	$0	$0
EVA CHOW	TRUSTEE	0.50	Director	$0	$0	$0
ANN COLGIN	TRUSTEE	0.50	Director	$0	$0	$0
JANET CROWN	TRUSTEE	0.50	Director	$0	$0	$0
KELVIN DAVIS	TRUSTEE	0.50	Director	$0	$0	$0
JOSHUA S FRIEDMAN	TRUSTEE	0.50	Director	$0	$0	$0
THELMA GOLDEN	TRUSTEE	0.50	Director	$0	$0	$0
SUSAN HESS	TRUSTEE	0.50	Director	$0	$0	$0
MELLODY HOBSON	TRUSTEE	0.50	Director	$0	$0	$0
VICTORIA JACKSON	TRUSTEE	0.50	Director	$0	$0	$0
DAVID KAPLAN	TRUSTEE	0.50	Director	$0	$0	$0
SUZANNE KAYNE	TRUSTEE	0.50	Director	$0	$0	$0
LYN DAVIS LEAR	TRUSTEE	0.50	Director	$0	$0	$0
BOOJIN LEE	TRUSTEE	0.50	Director	$0	$0	$0
CHEECH MARIN	TRUSTEE	0.50	Director	$0	$0	$0
RICHARD MERKIN MD	TRUSTEE	0.50	Director	$0	$0	$0
ASHLEY MERRILL	TRUSTEE	0.50	Director	$0	$0	$0
WENDY STARK MORRISSEY	TRUSTEE	0.50	Director	$0	$0	$0
WENDI MURDOCH	TRUSTEE	0.50	Director	$0	$0	$0
JANE NATHANSON	TRUSTEE	0.50	Director	$0	$0	$0
DASHA ZHUKOVA NIARCHOS	TRUSTEE	0.50	Director	$0	$0	$0
PETER NORTON	TRUSTEE	0.50	Director	$0	$0	$0
GEOFF PALMER	TRUSTEE	0.50	Director	$0	$0	$0
RICH PAUL	TRUSTEE	0.50	Director	$0	$0	$0
VIVECA PAULIN-FERRELL	TRUSTEE	0.50	Director	$0	$0	$0
JANET DREISEN RAPPAPORT	TRUSTEE	0.50	Director	$0	$0	$0
CARTER REUM	TRUSTEE	0.50	Director	$0	$0	$0
LIONEL RITCHIE	TRUSTEE	0.50	Director	$0	$0	$0
ROBBIE ROBINSON	TRUSTEE	0.50	Director	$0	$0	$0
STEVEN F ROTH	TRUSTEE	0.50	Director	$0	$0	$0
CAROLE BAYER SAGER	TRUSTEE	0.50	Director	$0	$0	$0
RYAN SEACREST	TRUSTEE	0.50	Director	$0	$0	$0
FLORENCE SLOAN	TRUSTEE	0.50	Director	$0	$0	$0
ERIC SMIDT	TRUSTEE	0.50	Director	$0	$0	$0
MICHAEL G SMOOKE	TRUSTEE	0.50	Director	$0	$0	$0
JONATHAN D SOKOLOFF	TRUSTEE	0.50	Director	$0	$0	$0
ANDY SONG	TRUSTEE	0.50	Director	$0	$0	$0
JIM TANANBAUM	TRUSTEE	0.50	Director	$0	$0	$0
STEVE TISCH	TRUSTEE	0.50	Director	$0	$0	$0
MAGGIE TSAI	TRUSTEE	0.50	Director	$0	$0	$0
CASEY WASSERMAN	TRUSTEE	0.50	Director	$0	$0	$0
GREGORY ANNENBERG WEINGARTEN	TRUSTEE	0.50	Director	$0	$0	$0
JEFF YABUKI	TRUSTEE	0.50	Director	$0	$0	$0
MICHAEL GOVAN	CEO AND WALLIS ANNENBERG D	40.00	Officer	$1,527,357	$337,661	$2,144,065
MARK MITCHELL	CHIEF FINANCIAL OFFICER	40.00	Officer	$290,532	$264,727	$555,259
JEFFREY BLAIR	GENERAL COUNSEL & ASSISTAN	40.00	Officer	$388,942	$53,461	$442,403
ANN ROWLAND	CHIEF FINANCIAL OFFICER	40.00	Officer	$53,813	$188,965	$400,693
DIANA VESGA	CHIEF OPERATING OFFICER	40.00	Key Emp	$961,187	$81,917	$1,043,104
NANCY THOMAS	SR. DEPUTY DIRECTORART ADM	40.00	Key Emp	$139,191	$192,920	$489,216
LORI JO HARTMAN	VP, FACILITIES AND SECURIT	40.00	Key Emp	$318,785	$75,870	$394,655
ELIZABETH WIATT	SVP, DEVELOPMENT	40.00	Key Emp	$282,083	$46,684	$328,767
JENNIFER FIONA RAGHEB	DEPUTY DIRECTOR FOR CURATORIAL & EXHIBITIONS	40.00	Key Emp	$301,225	$21,098	$322,323
STEPHANIE BARRON	SENIOR CURATOR & DEPT. HEA	40.00	Highest	$85,126	$171,540	$394,361
DIANA MAGALONI-KERPEL	DEPUTY DIRECTOR, PROGRAM D	40.00	Highest	$275,528	$94,780	$370,308
TIFFANY AUGUST	AVP, PEOPLE & CULTURE	40.00	Highest	$221,228	$59,780	$281,008
BRITT SALVESEN	CURATOR & DEPT HEAD	40.00	Highest	$221,736	$50,885	$272,621
NAIMA KEITH	VP, EDUCATION & PUBLIC PRO	40.00	Highest	$226,294	$24,052	$250,346

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	$156,115,259	$108,034,625	$1,664,831,782	$48,080,634
2023	$194,481,499	$102,095,893	$1,566,993,617	$92,385,606
2022	$150,810,631	$97,616,148	$1,471,254,703	$53,194,483
2021	$124,614,423	$90,637,036	$1,466,501,158	$33,977,387