Buffalo Fine Arts Academy

Nonprofit profile at a glance

EIN
166001555
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Buffalo, NY, USA
Phone
7168828700
Rating
70
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Art Museums

Reported finances

Revenue
$26,569,161
Expenses
$27,808,696
Assets
$360,866,811
Liabilities
$9,162,463

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

44 people listed

Executive titles in this filing

  • CATHERINE B FOLEY (VICE PRESIDENT)
  • ALICE F JACOBS (PRESIDENT)

Highest reported compensation

  • JANNE SIREN (DIRECTOR): $469,113 total reported compensation
  • JILLIAN JONES (DEPUTY DIRECTOR): $176,089 total reported compensation
  • MELISSA ARENA (CFO): $163,999 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The buffalo fine arts academy was incorporated in 1862 to promote, cultivate and generally foster art in all its branches. It is the parent organization of the buffalo akg art museum one of the country's most prominent art museums, as well as an important cultural and educational center in western New York. The museum is dedicated to serving both the local community and a wider art audience through a recognized and active program of collecting, educating, exhibiting and interpreting art works, with particular emphasis on the creative accomplishments of the 20th and 21st century.

What it reported doing in 2024

Educational programs and auxiliary activities include tours, workshops, art classes, lectures, concerts, films, and community programs.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 100% 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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and most voting board members are independent. A relatively small share of total spending goes to programs and the filing reports few safeguards for money sent abroad.

Rating breakdown

  • Financial Efficiency: 64
  • Transparency & Controls: 57
  • Accountability: 100
  • Sustainability: 51
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 87.2%; rating input score 87
  • Program expense ratio: 43.9%; rating input score 44
  • Fundraising efficiency: $3.38 raised per $1 spent on fundraising; rating input score 13; 13th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Missing
  • Foreign activity oversight: Scored; rating input score 0
  • Grant itemization coverage: Scored; rating input score 0
  • 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: 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: NotApplicable
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -4.7%; rating input score 17; 17th percentile among comparable filings
  • Total-asset coverage ratio: 12.98; rating input score 93; 93rd percentile among comparable filings
  • Liabilities to assets ratio: 0.03; rating input score 88; 88th percentile among comparable filings
  • Officer compensation ratio: 5.4%; rating input score 47; 47th percentile among comparable filings

Growth

  • Program expense growth: 1.9% per year; rating input score 100; 19th percentile among comparable filings
  • Revenue growth: 6.6% per year; rating input score 100; 56th percentile among comparable filings
  • Asset growth: 8.5% per year; rating input score 100; 58th percentile among comparable filings

Details

  • Where the money goes: 87.2% of revenue deployed · 43.9% of spending went to programs
  • Governance: 36 of 36 board members independent · 8 of 8 filing controls reported
  • Programs: 4 filed program accomplishments · $12.2M in reported program spending
  • Leadership: top reported pay $469K · 44 people listed · 4 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $2.3M reported
  • Consistency: 34 of 34 current checks pass
  • Schedules: 11 filed schedules · includes major donors, foreign activity, and executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 9 filed money-flow records
  • Related organizations: 2 filed related-organization links
  • 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Financial Efficiency: Program expense ratio scored 44/100.
  • High — Transparency & Controls: Foreign activity oversight scored 0/100.
  • High — Transparency & Controls: Grant itemization coverage scored 0/100.
  • High — Financial Efficiency: Fundraising efficiency scored 13/100.
  • High — Sustainability: Operating margin scored 17/100.
  • Moderate — Sustainability: Officer compensation ratio scored 47/100.