Heritage Museum of Asian Art

Nonprofit profile at a glance

EIN
465327571
IRS 990 coverage
2014–2025
Forms available
Form 990 2025
Location
Chicago, IL, USA
Phone
3128428884
Rating
67
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Education N.E.C.

Official website

Reported finances

Revenue
$389,278
Expenses
$380,979
Assets
$963,099
Liabilities
$592,058

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

8 people listed

Executive titles in this filing

  • JEFFREY MOY (PRESIDENT)

Highest reported compensation

  • RAYMOND MOY (TREASURER): $62,250 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To construct, maintain and operate a museum of art for the collection, care, study and exhibition of paintings, ceramics and other works of asian art for the benefit and education of the public.

What it reported doing in 2025

Establish a museum to develop exhibitions on all aspects of asian art particularly those not emphasied by main stream asian art departments. Also to undertake research in these neglected areas and publish catalogs relating to the exhibitions.

Operating model

Revenue model
Donor-supported. 82% of the money available for current operations came from contributions and gifts.
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 - The filed numbers largely add up and program spending has grown recently. A relatively small share of available resources goes toward mission work and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 54
  • Transparency & Controls: 92
  • Accountability: 54
  • Sustainability: 42
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 55.8%; rating input score 56
  • Program expense ratio: 57.5%; rating input score 57
  • Fundraising efficiency: $10.24 raised per $1 spent on fundraising; rating input score 38; 38th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 75%; rating input score 75; 22nd percentile among comparable filings
  • Governance controls: 2 of 8 controls in place; rating input score 25
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 2.1%; rating input score 41; 41st percentile among comparable filings
  • Total-asset coverage ratio: 2.53; rating input score 65; 65th percentile among comparable filings
  • Liabilities to assets ratio: 0.61; rating input score 7; 7th percentile among comparable filings
  • Officer compensation ratio: 16.3%; rating input score 22; 22nd percentile among comparable filings

Growth

  • Program expense growth: 7.5% per year; rating input score 100; 60th percentile among comparable filings
  • Revenue growth: 0.1% per year; rating input score 100; 21st percentile among comparable filings
  • Asset growth: 2.7% per year; rating input score 100; 34th percentile among comparable filings

Details

  • Where the money goes: 55.8% of revenue deployed · 57.5% of spending went to programs
  • Governance: 6 of 8 board members independent · 2 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $219K in reported program spending
  • Leadership: top reported pay $62K · 8 people listed
  • Consistency: 29 of 29 current checks pass
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 12 filing years from 2014 to 2025
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: Filed and resolved organization relationships.
  • 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.

Key Signals

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

  • Review — Financial Efficiency: Mission deployment rate scored 56/100.
  • High — Accountability: Governance controls: 5 of 7 not reported.
  • Review — Financial Efficiency: Program expense ratio scored 57/100.
  • Moderate — Financial Efficiency: Fundraising efficiency scored 38/100.
  • Moderate — Sustainability: Operating margin scored 41/100.
  • High — Sustainability: Liabilities to assets ratio scored 7/100.
  • High — Sustainability: Officer compensation ratio scored 22/100.