Vero Beach Museum Of Art Inc in Vero Beach, Florida (FL)

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Vero Beach Museum Of Art Inc
Employer Identification Number (EIN)591867408
Name of OrganizationVero Beach Museum Of Art Inc
Address3001 Riverside Park Dr, Vero Beach, FL 32963-1874
ActivitiesMuseum, zoo, planetarium, etc.
SubsectionCharitable Organization
Ruling Date08/1981
DeductibilityContributions are deductible
FoundationOrganization which receives a substantial part of its support from a governmental unit or the general public
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period06/2014
Assets$10,000,000 to $49,999,999
Income$5,000,000 to $9,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$36,213,916
Amount of Income$9,521,838
Form 990 Revenue Amount$6,542,295
National Taxonomy of Exempt Entities (NTEE)Arts, Culture and Humanities: Arts Education


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Amount of income in 2014: $9,521,838 (it was $5,469,480 in 2013)
This organization: 

 $9,521,838
Other organizations performing similar types of work: 

 $337,726

Assets in 2014: $36,213,916 (it was $34,576,721 in 2013)
Vero Beach Museum Of Art Inc: 

 $36,213,916
Other organizations performing similar types of work: 

 $377,423

Expenses in 2014: $5,118,482
This organization: 

 $5,118,482
Other organizations performing similar types of work: 

 $315,747

Income to expenses ratio in 2014: 1.9
This organization: 

 1.9
Other organizations performing similar types of work: 

 1.0

Grants share in income in 2014: 62.0%
This organization: 

 62.0%
Other organizations performing similar types of work: 

 22.2%

Financial snapshot ($)

Revenue for 2014

Assets at the end of 2014

Functional expenses for 2014

Support schedule

Checklist
201220132014
Is the organization described in section 501(c)(3) or 4947(a)(1) (other than a private foundation)?YesYesYes
Is the organization required to complete Schedule B, Schedule of Contributors?YesYesYes
Did the organization engage in direct or indirect political campaign activities on behalf of or in opposition to candidates for public office?NoNoNo
Did the organization engage in lobbying activities, or have a section 501(h) election in effect during the tax year?NoNoNo
Is the organization a section 501(c)(4), 501(c)(5), or 501(c)(6) organization that receives membership dues, assessments, or similar amounts as defined in Revenue Procedure 98-19?NoNoNo
Did the organization maintain any donor advised funds or any similar funds or accounts for which donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts?NoNoNo
Did the organization receive or hold a conservation easement, including easements to preserve open space, the environment, historic land areas, or historic structures?NoNoNo
Did the organization maintain collections of works of art, historical treasures, or other similar assets?YesYesYes
Did the organization report an amount for escrow or custodial account liability; serve as a custodian or provide credit counseling, debt management, credit repair, or debt negotiation services?NoNoNo
Did the organization, directly or through a related organization, hold assets in temporarily restricted endowments, permanent endowments, or quasi-endowments?YesYesYes
Did the organization report an amount for land, buildings, and equipment?YesYesYes
Did the organization report an amount for investments-other securities that is 5% or more of its total assets?NoNoNo
Did the organization report an amount for investments-program related that is 5% or more of its total assets?NoNoNo
Did the organization report an amount for other assets that is 5% or more of its total assets?YesYesYes
Did the organization report an amount for other liabilities?NoNoNo
Did the organization's separate or consolidated financial statements for the tax year include a footnote that addresses the organization's liability for uncertain tax positions under FIN 48 (ASC 740)?YesYesYes
Did the organization obtain separate, independent audited financial statements for the tax year?YesYesYes
Was the organization included in consolidated, independent audited financial statements for the tax year?NoNoNo
Is the organization a school described in section 170(b)(1)(A)(ii)?NoNoNo
Did the organization maintain an office, employees, or agents outside of the United States?NoNoNo
Did the organization have aggregate revenues or expenses of more than $10,000 from grantmaking, fundraising, business, investment, and program service activities outside the United States, or aggregate foreign investments valued at $100,000 or more?NoNoNo
Did the organization report more than $5,000 of grants or other assistance to or for any foreign organization?NoNoNo
Did the organization report more than $5,000 of aggregate grants or other assistance to or for foreign individuals?NoNoNo
Did the organization report a total of more than $15,000 of expenses for professional fundraising services?NoNoNo
Did the organization report more than $15,000 total of fundraising event gross income and contributions?YesYesYes
Did the organization report more than $15,000 of gross income from gaming activities?NoNoNo
Did the organization operate one or more hospital facilities?NoNoNo
Did the organization attach a copy of its audited financial statements?NoNoNo
Did the organization report more than $5,000 of grants or other assistance to any domestic organization or domestic government?NoNoNo
Did the organization report more than $5,000 of grants or other assistance to or for domestic individuals?NoNoNo
Did the organization answer 'Yes' about compensation of the organization's current and former officers, directors, trustees, key employees, and highest compensated employees?YesYesYes
Did the organization have a tax-exempt bond issue with an outstanding principal amount of more than $100,000 as of the last day of the year, that was issued after December 31, 2002?NoNoNo
Did the organization invest any proceeds of tax-exempt bonds beyond a temporary period exception?NoNoNo
Did the organization maintain an escrow account other than a refunding escrow at any time during the year to defease any tax-exempt bonds?NoNoNo
Did the organization act as an 'on behalf of' issuer for bonds outstanding at any time during the year?NoNoNo
Did the organization engage in an excess benefit transaction with a disqualified person during the year?NoNoNo
Is the organization aware that it engaged in an excess benefit transaction with a disqualified person in a prior year, and that the transaction has not been reported on any of the organization's prior Forms 990 or 990-EZ?NoNoNo
Did the organization report any amount for receivables from or payables to any current or former officers, directors, trustees, key employees, highest compensated employees, or disqualified persons?NoNoNo
Did the organization provide a grant or other assistance to an officer, director, trustee, key employee, substantial contributor or employee thereof, a grant selection committee member, or to a 35% controlled entity or family member of any of these persons?NoNoNo
Was the organization a party to a business transaction with one of the following parties
A current or former officer, director, trustee, or key employee?NoNoNo
A family member of a current or former officer, director, trustee, or key employee?NoNoNo
An entity of which a current or former officer, director, trustee, or key employee (or a family member thereof) was an officer, director, trustee, or direct or indirect owner?NoNoNo
Did the organization receive more than $25,000 in non-cash contributions?YesYesYes
Did the organization receive contributions of art, historical treasures, or other similar assets, or qualified conservation contributions?NoYesYes
Did the organization liquidate, terminate, or dissolve and cease operations?NoNoNo
Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets?NoNoNo
Did the organization own 100% of an entity disregarded as separate from the organization under Regulations sections 301.7701-2 and 301.7701-3?NoNoNo
Was the organization related to any tax-exempt or taxable entity?NoNoNo
Did the organization have a controlled entity within the meaning of section 512(b)(13)?NoNoNo
Did the organization make any transfers to an exempt non-charitable related organization?NoNoNo
Did the organization conduct more than 5% of its activities through an entity that is not a related organization and that is treated as a partnership for federal income tax purposes?NoNoNo
Statements Regarding Other IRS Filings and Tax Compliance
2011201220132014
The number reported in Box 3 of Form 1096262830
The number of Forms W-2G000
Did the organization comply with backup withholding rules for reportable payments to vendors and reportable gaming (gambling) winnings to prize winners?NoNoNo
The number of employees reported on Form W-3, Transmittal of Wage and Tax Statements, filed for the calendar year ending with or within the year covered by this return000
Did the organization file all required federal employment tax returns?NoNoNo
Did the organization have unrelated business gross income of $1,000 or more during the year?YesYesYesYes
Has it filed a Form 990-T for this year?YesYesYes
At any time during the calendar year, did the organization have an interest in, or a signature or other authority over, a financial account in a foreign country (such as a bank account, securities account, or other financial account)?NoNoNo
Was the organization a party to a prohibited tax shelter transaction at any time during the tax year?NoNoNo
Did any taxable party notify the organization that it was or is a party to a prohibited tax shelter transaction?NoNoNo
Did the organization file Form 8886-T?NoNoNo
Does the organization have annual gross receipts that are normally greater than $100,000, and did the organization solicit any contributions that were not tax deductible as charitable contributions?NoNoNo
Did the organization include with every solicitation an express statement that such contributions or gifts were not tax deductible?NoNoNo
Did the organization receive a payment in excess of $75 made partly as a contribution and partly for goods and services provided to the payor?YesYesYes
Did the organization notify the donor of the value of the goods or services provided?YesYesYes
Did the organization sell, exchange, or otherwise dispose of tangible personal property for which it was required to file Form 8282?NoNoNo
Did the organization receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?NoNoNo
Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract?NoNoNo
If the organization received a contribution of qualified intellectual property, did the organization file Form 8899 as required?NoNoNo
If the organization received a contribution of cars, boats, airplanes, or other vehicles, did the organization file a Form 1098-C?NoNoNo
Did a donor advised fund maintained by the sponsoring organization have excess business holdings at any time during the year?NoNoNo
Did the sponsoring organization make any taxable distributions under section 4966?NoNoNo
Did the sponsoring organization make a distribution to a donor, donor advisor, or related person?NoNoNo
Initiation fees and capital contributions$0$0$0$0
Gross receipts for public use of club facilities $0$0$0$0
Gross income from members or shareholders$0$0$0$0
Gross income from other sources$0$0$0$0
Is the organization filing Form 990 in lieu of Form 1041?NoNoNo
The amount of tax-exempt interest received or accrued during the year$0$0$0
Is the organization licensed to issue qualified health plans in more than one state?NoNoNo
The amount of reserves the organization is required to maintain by the states in which the organization is licensed to issue qualified health plans$0$0$0
The amount of reserves on hand$0$0$0
Did the organization receive any payments for indoor tanning services during the tax year?NoNoNo
Has it filed a Form 720 to report these payments?NoNoNo
Compensation of Officers, Directors, Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors
201220132014
Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees
Total reportable compensation from the organization$382,581$394,880$406,544
Total reportable compensation from related organizations$0$0$0
Total estimated amount of other compensation from the organization and related organizations$46,911$39,729$35,940
Total number of individuals who received more than $100,000 of reportable compensation from the organization222
Total number of independent contractors who received more than $100,000 of compensation from the organization000
Statement of Revenue
2011201220132014
Total revenue$6,257,802$4,973,077$5,469,480$6,542,295
Contributions, Gifts, Grants and Other Similar Amounts$3,201,929$3,781,638$3,852,420$4,056,266
Program Service Revenue$516,425$505,562$656,477$640,193
611600$412,091$432,346$466,210
All Other Amusement and Recreation Industries $80,603$215,182$164,181
All Other Amusement and Recreation Industries $10,568$7,449$8,352
All Other Amusement and Recreation Industries $2,300$1,500$1,450
All other program service revenue$0$0$0
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$195,780$298,106$249,783$270,280
Income from investment of tax-exempt bond proceeds$0$0$0$0
Royalties$0$0$0$0
Net rental income$45,220$41,664$15,985$19,844
Gross rents (Real / Personal)$45,220 / $0$41,664 / $0$15,985 / $0$19,844 / $0
Less: rental expenses (Real / Personal)$0 / $0$0 / $0$0 / $0$0 / $0
Rental income or (loss) (Real / Personal)$45,220 / $0$41,664 / $0$15,985 / $0$19,844 / $0
Net gain/loss from sales of assets other than inventory$1,762,250$116,949$130,099$776,862
Gross amount from sales of assets other than inventory (Securities / Other)$13,242,903 / $0$172,496 / $37,498$2,760,959 / $104,418$3,461,622 / $0
Less: cost or other basis and sales expenses (Securities / Other)$11,480,653 / $0$87,125 / $5,920$2,569,782 / $165,496$2,679,978 / $4,782
Gain or (loss) (Securities / Other)$1,762,250 / $0$85,371 / $31,578$191,177 / $-61,078$781,644 / $-4,782
Net income/loss from fundraising events$762,640$611,132$630,281$702,162
Gross income from fundraising events$1,029,749$688,221$748,000$813,538
Less: direct expenses$267,109$77,089$117,719$111,376
Net income/loss from gaming activities$0$0$0$0
Net income/loss from sales of inventory$2,590$-9,339$1,540$-2,226
Gross sales of inventory, less returns and allowances$169,150$175,770$191,443$181,181
Less: cost of goods sold$166,560$185,109$189,903$183,407
Miscellaneous Revenue$-229,032$-372,635$-67,105$78,914
900099$142,771$10,868$70,371
All Other Amusement and Recreation Industries $7,388$-77,973$8,543
All other revenue$0$0$0
Statement of Functional Expenses
2011201220132014
Total functional expenses$4,150,824$4,505,359$4,887,905$5,118,482
Grants and other assistance to domestic organizations and domestic governments$0$0$0
Grants and other assistance to domestic individuals$0$0$0
Grants and other assistance to foreign organizations, foreign governments, and foreign individuals$0$0$0
Benefits paid to or for members$0$0$0
Compensation of current officers, directors, trustees, and key employees$284,473$298,349$300,870$307,871
Compensation not included above, to disqualified persons$0$0$0
Other salaries and wages$1,610,847$1,724,172$0$0
Pension plan accruals and contributions$15,176$0$0
Other employee benefits$0$0$0
Payroll taxes$0$0$0$0
Fees for services (non-employees)
Management$0$0$0
Legal$0$0$0
Accounting$22,750$23,250$25,250
Lobbying$0$0$0
Professional fundraising services$0$0$0$0
Investment management fees$95,358$88,857$113,328
Other$65,878$1,949,121$1,886,059
Advertising and promotion$47,291$40,551$54,165
Office expenses$378,241$408,530$463,759
Information technology$0$0$0
Royalties$0$0$0
Occupancy$374,606$745,574$608,680
Travel$17,526$27,962$21,310
Payments of travel or entertainment expenses for any federal, state, or local public officials$0$0$0
Conferences, conventions, and meetings$0$0$0
Interest$0$49,945$80,217
Payments to affiliates$0$0$0
Depreciation, depletion, and amortization$374,969$528,655$684,185
Insurance$43,164$68,040$166,852
Other expenses$837,395$340,000$397,500
Other expenses$98,213$112,085$113,192
Other expenses$48,854$95,875$104,789
Other expenses$35,414$74,634$59,438
Other expenses$28,003$33,956$31,887
Balance Sheet
2011201220132014
Total assets$28,519,340$33,355,141$34,576,721$36,213,916
Cash - non-interest-bearing$21,538$7,194$253,125
Savings and temporary cash investments$1,183,306$1,471,825$1,492,100
Pledges and grants receivable, net$17,500$60,000$97,214
Accounts receivable, net$0$0$0
Loans and other receivables from current and former officers, directors, trustees, key employees, and highest compensated employees$0$0$0
Loans and other receivables from other disqualified persons, persons described in section 4958(c)(3)(B), and contributing employers and sponsoring organizations of section 501(c)(9) voluntary employees' beneficiary organizations$0$0$0
Notes and loans receivable, net$0$0$0
Inventories for sale or use$66,842$62,721$62,385
Prepaid expenses and deferred charges$277,479$257,525$281,430
Land, buildings, and equipment: cost or other basis$14,897,638$15,038,425$14,441,031
Investments - publicly traded securities$10,647,412$11,618,267$13,798,820
Investments - other securities$0$0$0
Investments - program-related$0$0$0
Intangible assets$0$0$0
Other assets$6,243,426$6,060,764$5,787,811
Total liabilities$549,457$4,924,296$4,466,686$3,316,984
Accounts payable and accrued expenses$1,432,033$207,158$204,175
Grants payable$0$0$0
Deferred revenue$294,263$209,321$333,894
Tax-exempt bond liabilities$0$0$0$0
Escrow or custodial account liability$0$0$0
Loans and other payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified persons$0$0$0
Secured mortgages and notes payable to unrelated third parties$0$3,198,000$4,050,207$2,778,915
Unsecured notes and loans payable to unrelated third parties$0$0$0$0
Other liabilities (including federal income tax, payables to related third parties, and other liabilities)$0$0$0
Total net assets or fund balances$27,969,883$28,430,845$30,110,035$32,896,932
Unrestricted net assets$15,982,324$17,224,716$18,793,851
Temporarily restricted net assets$5,741,865$6,809,957$7,531,686
Permanently restricted net assets$6,706,656$6,075,362$6,571,395
Capital stock or trust principal, or current funds$0$0$0
Paid-in or capital surplus, or land, building, or equipment fund$0$0$0
Retained earnings, endowment, accumulated income, or other funds$0$0$0$0
Reason for Public Charity Status (for 2014)
The organization is not a private foundation because it is:An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in section 170(b)(1)(A)(vi)
Number of organizations supported0
Sum of amounts of support$0
Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi) (for 2010 - 2014)
2010 - 2014 Total
Public Support$20,724,548
Subtotal Support$23,073,440
Gifts, grants, contributions, and membership fees received$22,377,636
Tax revenues levied for the organization's benefit and either paid to or expended on its behalf$0
The value of services or facilities furnished by a governmental unit to the organization without charge$695,804
The portion of total contributions by each person (other than a governmental unit or publicly supported organization) that exceeds 2% of the total support$2,348,892
Total Support$30,891,118
Public Support$23,073,440
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources$1,358,705
Net income from unrelated business activities, whether or not the business is regularly carried on$-8,352
Other income. Do not include gain or loss from the sale of capital assets$6,467,325
Gross receipts from related activities, etc.$6,592,505
Unrelated Trade or Business Income (for 2009)
IncomeExpensesNet
Total$1,708$0$1,708
Gross receipts or sales less returns and allowances$142,741$0$0
Cost of goods sold$1,444,491$0$0
Gross profit$1,708$0$1,708
Capital gain net income$0$0$0
Net gain$0$0$0
Capital loss deduction for trusts$0$0$0
Income (loss) from partnerships and S corporations$0$0$0
Rent income$0$0$0
Unrelated debt-financed income$0$0$0
Interest, annuities, royalties, and rents from controlled organizations$0$0$0
Investment income of a section 501(c)(7), (9), or (17) organization$0$0$0
Exploited exempt activity income$0$0$0
Advertising income$0$0$0
Other income$0$0$0
Deductions Not Taken Elsewhere (for 2009)
Total deductions$0
Compensation of officers, directors, and trustees$0
Salaries and wages$0
Repairs and maintenance$0
Bad debts$0
Interest$0
Taxes and licenses$0
Charitable contributions$0
Depreciation$0
Depletion$0
Contributions to deferred compensation plans$0
Employee benefit programs$0
Excess exempt expenses$0
Excess readership costs$0
Other deductions$0
Unrelated business taxable income$1,708
Unrelated business taxable income before net operating loss deduction$1,708
Net operating loss deduction$0
Unrelated business taxable income before specific deduction$1,708
Specific deduction$1,000
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Vero Beach Museum Of Art Inc3001 Riverside Park Dr, Vero Beach, FL 32963-1874FL1981-08$9,521,838
2The Arts Connection Inc520 8th Ave Rm 321, New York, NY 10018-8906NY1980-06$3,717,844
3Wayne Art Center413 Maplewood Ave, Wayne, PA 19087-4702PA1955-10$1,718,088
4South Shore Arts Inc1040 Ridge Road, Munster, IN 46321-1876IN1970-10$1,585,190
5Scottsdale Artists School Inc3720 N Marshall Way, Scottsdale, AZ 85251-5559AZ1983-11$1,411,908
6Yocum Institute For Arts Education Inc1100 Belmont Ave, Wyomissing, PA 19610-2004PA1941-09$956,896
7The Art Center Highland Park1957 Sheridan Rd, Highland Park, IL 60035-2540IL1964-10$951,645
8Truro Center For The Arts At Castle Hill IncPO BOX 756, Truro, MA 02666-0756MA1973-05$701,112
9South Shore Art Center Inc119 Ripley Rd, Cohasset, MA 02025-1744MA1961-06$635,360
10Woodstock School Of Art IncPO BOX 338, Woodstock, NY 12498-0338NY$570,624
11Pump House Regional Arts Center119 King St, La Crosse, WI 54601-4030WI1975-12$411,742
12Space One Eleven Inc2409 2nd Ave N, Birmingham, AL 35203-3809AL1989-11$313,666
13Washington Art Association Inc4 Bryan Memorial Plaza, Washington Depot, CT 06794CT1972-02$293,105
14Visual Arts Center Of Northwest Florida Inc19 East 4th Street, Panama City, FL 32401FL1977-03$287,822
15Lovewell Institute For The Creative Arts1000 West Mcnab Road Ste 320, Pompano Beach, FL 33069-4719FL1989-04$225,821
16Gulf Beach Art Center Inc1515 Bay Palm Blvd, Indian Rk Bch, FL 33785-2827FL1983-02$157,001
17Gainesville Association For The Creative Arts IncPO BOX 12246, Gainesville, FL 32604-0246FL1971-06$102,743
18Highlands Art League Inc351 W Center Ave, Sebring, FL 33870-3109FL1969-03$70,604
19The C Frederick & Aase B Thompson Foundation Inc2835 Nw 41st St Ste 230, Gainesville, FL 32606-6985FL1996-09$1
20Palm Beach County Childrens Cultural Community Center Inc265 Austin Ln, W Palm Beach, FL 33401-7711FL1996-01$0
Number of organizations performing similar types of work
Alabama2
Arkansas1
Arizona3
California7
Colorado1
Connecticut3
District of Columbia3
Delaware1
Florida8
Georgia1
Hawaii1
Iowa1
Idaho1
Illinois5
Indiana4
Kentucky1
Massachusetts11
Maryland2
Maine1
Michigan2
Minnesota4
Missouri1
Montana1
North Carolina1
New Jersey4
Nevada2
New York13
Ohio4
Oklahoma2
Oregon2
Pennsylvania5
Rhode Island2
South Dakota2
Texas5
Utah1
Virginia4
Vermont2
Washington3
Wisconsin2
West Virginia1
Wyoming1
International1
Total122

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