Fenimore Art Museum

Tax-deductible

Cooperstown, NY501(c)(3)Since 1899Arts & CultureEIN 15-0539110Revenue $24.0M in FY2024

On file with the IRSfenimoreartmuseum.org5798 State Highway 80, 13326-2500 · Cooperstown, NYTax-exempt since Jul 1941Publicly supported charity — 170(b)(1)(A)(vi)

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Preserving, engaging, and educating.

501(c)(3) charity; gifts are tax-deductible.
30¢ of each $1 spent went to programs.
$323K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

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FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 5
filings with a surplus
Average surplus $7.7M a year · 61% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
30%
of spending
Concern: 30% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$323K
to officers and key staff · 6% of spending
Top officer’s pay lower than 80% of similar orgs
Looks good: pay to officers and key staff is 6% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
36 mo
of spending, in cash
Looks good: 35.5 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
17
named funders · $17.4M
Looks good: 17 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$922K
2% of total assets
Looks good: liabilities are 2% of assets; 50% or less.
Pt X · Ln 26
Independent board members
14
of 16 voting members
Looks good: 14 of 16 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$24.0M
+9% vs prior year
Spent
$5.8M
To programs
30%
Net assets
$59.9M
By yearFY2020–FY2024
Revenue
$24.0M
FY2024▲ +9%
Tap a bar for its year
Revenue by fiscal year
FY2020$3.9M
FY2021$3.8M
FY2022$9.4M
FY2023$22.0M
FY2024$24.0M
Expenses
$5.8M
FY2024▲ +11%
Tap a bar for its year
Expenses by fiscal year
FY2020$3.8M
FY2021$4.4M
FY2022$5.4M
FY2023$5.2M
FY2024$5.8M
Net assets
$59.9M
FY2024▲ +5%
Tap a bar for its year
Net assets by fiscal year
FY2020$58.0M
FY2021$62.9M
FY2022$55.3M
FY2023$57.0M
FY2024$59.9M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jul 1941.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

30 cents of each dollar spent went to programs.

Program services 30% · $1.7M Management & general 70% · $4.0M

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

20 people listed on the 990; $323K paid to officers and key staff.

Part VII, Section A · reportable compensation
$214,750Pt VII · Sec A
Vice President
$108,510Pt VII · Sec A
$0Pt VII · Sec A
Chairman/ Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Paul D'Ambrosio’s $215K as President is at the 20th percentile of top reported officer pay among 749 $10–100M arts & culture nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 2 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Paul D'Ambrosio$214,750$209,375$192,500$188,626$181,000
Joseph Siracusa$108,510$102,047$95,000$93,859$85,000

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See Fenimore Art Museum executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Preserves, engages, and educates to protect and share cultural heritage.

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Provided by the organization

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3 programs · $1.4M · in their own filed words · FY2024
01

Museum-exhibition of art work collections.

$1.1Mprogram expense
02

Education-promote historical learing and understanding.

$309Kprogram expense
03

Publications-to promote and encourage historical research by means of lectures pubications and distribution

$19Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2024
See all 17 funders →

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$24.0M
Ln 12
Gifts and grantsLn 1h$18.8M
Investment incomeLn 3$4.6M
Fees for servicesLn 2g$501K
Money outPt IX
$5.8M
Ln 25
Programscol B$1.7M
Managementcol C$4.0M
Owns and owesPt X
$59.9M
net assets · Ln 32
Cash and savingsLn 1–2$17.1M
Total assetsLn 16$60.8M
LiabilitiesLn 26$922K
PeoplePt VI, VII
20
listed · VII A
PaidVII A2
Voting boardVI 1a16
IndependentVI 1b14
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$18.8M
Government grantsLn 1e$56K
Noncash giftsLn 1g$434K
Fees for servicesLn 2g$501K
Investment incomeLn 3$4.6M
Other incomeLn 4–11$126K
Gains on assetsLn 7$3.9M
Total revenueLn 12$24.0M
Assets in detailPt X, end of year
SavingsLn 2$17.1M
Cash and savings togetherLn 1–2$17.1M
InvestmentsLn 11–13$39.0M
Land, buildings, equipmentLn 10c$4.0M
Total assetsLn 16$60.8M
LiabilitiesLn 26$922K
Net assetsLn 32$59.9M
OperationsPt I, VI
EmployeesI 5107
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$13.1M$17.1M
InvestmentsLn 11–13$40.9M$39.0M
Land, buildings, equipmentLn 10c$3.0M$4.0M
Total assetsLn 16$57.6M$60.8M
LiabilitiesLn 26$521K$922K
Net assetsLn 32$57.0M$59.9M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$323K$323K
Pay of disqualified personsLn 6$1.4M$601K$770K
Pension plan contributionsLn 8$180K$64K$116K
Other employee benefitsLn 9$449K$159K$290K
Management feesLn 11a$517K$517K
Other fees for servicesLn 11g$30K$9K$21K
Advertising and promotionLn 12$37K$165$37K
TravelLn 17$35K$9K$26K
Depreciation, depletion and amortizationLn 22$335K$335K
InsuranceLn 23$269K$67K$203K
Other expenses (24a–d)Ln 24$1.4M$608K$788K
All other expensesLn 24e$823K$214K$609K
Total functional expensesLn 25$5.8M$1.7M$4.0M$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $24.0M$5.8M$18.2M$59.9M 990 PDF
FY2023 $22.0M$5.2M$16.8M$57.0M 990 PDF
FY2022 $9.4M$5.4M$4.1M$55.3M 990 PDF
FY2021 $3.8M$4.4M−$519K$62.9M 990 PDF
FY2020 $3.9M$3.8M$71K$58.0M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (6 parts)
Part I · Summary $24,002,518 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $20,746,777$18,797,187
I-9 Program service revenuePrior year $627,133$501,279
I-10 Investment incomePrior year $514,819$4,577,827
I-11 Other revenuePrior year $152,480$126,225
I-12 Total revenuePrior year $22,041,209$24,002,518
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $2,021,662$2,323,595
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $3,194,706$3,442,977
I-18 Total expensesPrior year $5,216,368$5,766,572
I-19 Revenue less expensesPrior year $16,824,841$18,235,946
Part VI · Governance 14 of 16 board members independent, 1 to look at
VI-1a Voting members of the governing body16
VI-1b Independent voting members14
VI-2 Family or business relationship among officers or directorsYes
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $24,002,518 across 10 lines filed
VIII-1b Membership dues$207,212
VIII-1e Government grants$55,780
VIII-1f All other contributions, gifts and grants$18,534,195
VIII-1g Noncash contributions (included above)$433,630
VIII-1h Total contributions, gifts and grants$18,797,187
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $501,279$501,279
VIII-3 Investment incomeExcluded from tax $675,838$675,838
VIII-7 Net gain or loss on sales of assetsExcluded from tax $3,901,989$3,901,989
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $126,225$126,225
VIII-12 Total revenueRelated to mission $627,504 · Unrelated business $0 · Excluded from tax $4,577,827$24,002,518
Part IX · Statement of functional expenses $5,766,572 across 12 lines filed
IX-5 Pay of current officers, directors and key staffManagement $323,260$323,260
IX-6 Pay of disqualified personsPrograms $601,140 · Management $769,861$1,371,001
IX-8 Pension plan contributionsPrograms $63,924 · Management $116,240$180,164
IX-9 Other employee benefitsPrograms $159,369 · Management $289,801$449,170
IX-11a Management feesManagement $517,409$517,409
IX-11g Other fees for servicesPrograms $9,385 · Management $20,967$30,352
IX-12 Advertising and promotionPrograms $165 · Management $36,681$36,846
IX-17 TravelPrograms $9,090 · Management $25,732$34,822
IX-22 Depreciation, depletion and amortizationManagement $334,853$334,853
IX-23 InsurancePrograms $66,506 · Management $202,548$269,054
IX-24 Other expenses (24a–d)Programs $608,404 · Management $788,349$1,396,753
IX-24e All other expensesPrograms $213,734 · Management $609,154$822,888
IX-25 Total functional expensesPrograms $1,731,717 · Management $4,034,855 · Fundraising $0$5,766,572
Part X · Balance sheet $60,789,580 assets, 16 lines filed
X-2 Savings and temporary cash investmentsStart of year $13,071,436$17,072,611
X-3 Pledges and grants receivable$104,200
X-4 Accounts receivableStart of year $28,925$36,745
X-8 Inventories for sale or useStart of year $297,988$299,916
X-9 Prepaid expenses and deferred chargesStart of year $219,384$211,212
X-10c Land, buildings and equipment, netStart of year $3,007,074$4,044,258
X-11 Publicly traded securitiesStart of year $3,643,704$3,221,010
X-12 Other securitiesStart of year $37,286,233$35,799,628
X-16 Total assetsStart of year $57,554,744$60,789,580
X-17 Accounts payable and accrued expensesStart of year $232,293$634,462
X-19 Deferred revenueStart of year $289,128$287,989
X-26 Total liabilitiesStart of year $521,421$922,451
X-27 Net assets without donor restrictionsStart of year $4,349,673$5,516,858
X-28 Net assets with donor restrictionsStart of year $52,683,650$54,350,271
X-32 Total net assets or fund balancesStart of year $57,033,323$59,867,129
X-33 Total liabilities and net assetsStart of year $57,554,744$60,789,580
Part XI · Reconciliation of net assets $59,867,129 net assets at year end
XI-1 Total revenue$24,002,518
XI-2 Total expenses$5,766,572
XI-3 Revenue less expenses$18,235,946
XI-4 Net assets at start of year$57,033,323
XI-5 Net unrealized gains (losses) on investments$692,419
XI-9 Other changes in net assets−$16,094,559
XI-10 Net assets at end of year$59,867,129

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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