Worcester Art Museum

Overview

Mission

To connect people, communities, and cultures through experience of art. Collect the most significant works of art available in an effort to shape the quality/scope of the permanent collection while adhering to the institution's acquisitions & deaccessions policies.care for/preserve collections & works on loan by maintaining a responsible collections management policy & an active in-house conservation program. Exhibit the permanent collection, organize/lend to special exhibitions & bring traveling exhibitions to the public. Interpret the collections & works on loan for a broad public through research, publications & related educational programs.maintain an art library & an educational program that promotes an understanding of art & an active participation in the making of art. Maintain fiscally responsible actions & public accountability for ongoing operations & preservation/growth of the museum & its collections.

What it reported doing in 2024

Curatorial conservation & library - collect and display works of art to the general public and to provide a library for research and information.

Operating model

Revenue model
Donor-supported. 76% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 99% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

Nonprofit profile at a glance

EIN
041988530
IRS 990 coverage
2009–2024
Forms available
Form 990 2024, Form 990-T 2024
Headquarters
Worcester, MA, USA
Phone
5087994406
Rating
72
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Art Museums

Official website

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. The filing reports few safeguards for money sent abroad and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 65
  • Transparency & Controls: 63
  • Accountability: 91
  • Sustainability: 84
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 62.4%; rating input score 62
  • Program expense ratio: 75.7%; rating input score 76
  • Fundraising efficiency: $14.99 raised per $1 spent on fundraising; rating input score 50; 50th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Scored; rating input score 0
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 26.3%; rating input score 86; 86th percentile among comparable filings
  • Total-asset coverage ratio: 12.06; rating input score 92; 92nd percentile among comparable filings
  • Liabilities to assets ratio: 0.02; rating input score 90; 90th percentile among comparable filings
  • Officer compensation ratio: 4.7%; rating input score 53; 53rd percentile among comparable filings

Growth

  • Program expense growth: 2.7% per year; rating input score 100; 24th percentile among comparable filings
  • Revenue growth: 7.6% per year; rating input score 100; 63rd percentile among comparable filings
  • Asset growth: 4.4% per year; rating input score 100; 31st percentile among comparable filings

Details

  • Where the money goes: 62.4% of revenue deployed · 75.7% of spending went to programs
  • Governance: 22 of 22 board members independent · 7 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $12.4M in reported program spending
  • Leadership: top reported pay $387K · 25 people listed · 1 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $10.2M reported
  • Consistency: 37 of 37 current checks pass
  • Schedules: 8 filed schedules · includes major donors, foreign activity, grants, and executive pay
  • Filing history: 16 annual filings from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Leadership & pay

25 people listed

Highest reported compensation

  • MATTHIAS WASCHEK (EXECUTIVE DIRECTOR): $387,056 total reported compensation
  • MARILLYN G EARLEY (CHIEF ADVANCEMENT OFFICER): $218,496 total reported compensation
  • MARK SPURIA (CHIEF FINANCIAL OFFICER): $168,445 total reported compensation

Source: IRS Form 990. Selected filing: FY2024.