Asheville Art Museum Association Inc

What it reported doing in 2024

In FY24/25, the Museum served 59,667 participants including 9,738 children and 236 artists through educational programs and presented 20 onsite and 7 digital exhibitions drawing from its own Collection and borrowed works. The Museum curates exhibitions and programs focusing on themes of contemporary interest and invites internationally acclaimed artists, scholars, and educators to contribute their skills. The Museum provides vital and otherwise unavailable cultural and educational services to adults and children of all ages including school and adult tours, teacher training, classes and workshops for adults and children, films, book club, artist talks, as well as volunteer and entertainment experiences. Arts-based educational programming is an important focus, and every year the Museum provides visual arts programming to audiences of all ages through a diverse range of Museum programming and activities, including outreach educational programs, group tours for K-12 groups, adults, and families, family days, after-school programs, and more. Returning arts programming to the schools, coupled with integrating the arts into the exploration of academic disciplines such as math, social studies, and visual literacy has been shown to improve critical thinking, performance, lifelong learning, and success. Strong and long-standing Museum partners include institutions throughout the region serving pre-kindergarten students through older adults. Museum programs offer access to the visual arts to at-risk, low-income youth from across WNC.

Financial Efficiency

• Mission deployment rate: 80%; rating input score 80
• Program expense ratio: 83.6%; rating input score 84
• Fundraising efficiency: $18.26 raised per $1 spent on fundraising; rating input score 57; 57th percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: 0 of 6 controls in place; rating input score 0
  • Compensation committee: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Missing
  • Compensation survey or study: Missing
  • Board or committee approval: Missing
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 95%; rating input score 95; 25th percentile among comparable filings
• Governance controls: 8 of 8 controls in place; rating input score 100
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: NotApplicable
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 27%; rating input score 83; 83rd percentile among comparable filings
• Total-asset coverage ratio: 9.95; rating input score 91; 91st percentile among comparable filings
• Liabilities to assets ratio: 0.01; rating input score 86; 86th percentile among comparable filings
• Officer compensation ratio: 6.3%; rating input score 45; 45th percentile among comparable filings

Growth

• Program expense growth: 9.8% per year; rating input score 100; 63rd percentile among comparable filings
• Revenue growth: 3.9% per year; rating input score 100; 33rd percentile among comparable filings
• Asset growth: 11.5% per year; rating input score 100; 64th percentile among comparable filings