Palm Springs Art Museum

What it reported doing in 2023

Founded in 1938, palm springs art museum (psam) is the largest arts cultural institution in the coachella valley. Accredited by the american association of museums, the museum has 28 galleries, two sculpture gardens, four classrooms, a resource center, five storage vaults, an 85-seat lecture hall, a 433-seat professional theater, a 1,000 square-foot store space, a permanent collection of 16,000+ works of art (including painting, sculpture, photography, drawings, prints, and media works, with strengths in modern and contemporary art), and a bistro all in a 150,000 square-foot architecturally significant building. Our satellite location, the architecture and design center, edwards harris pavilion features a 17,000 square-foot space for exhibitions and programming. We also have a satellite outdoor venue, the four-acre faye sarkowsky sculpture garden in palm desert which is free and open 24/7. We currently offer 10 membership levels ranging from $50 to $25,000. Membership in 2024 remained steady with 3,300 members; in line with the previous year.in fiscal year ("fy") 2024, our visitor total was 164,912 and in fy 2023, total visitation was 134,557. In terms of revenue, fy 2024, admissions revenue was $1,1039,410 vs fy 2023, $1,107,427. Fy 2023 was only nine months due to changing our fiscal year end to june 30 from september 30.the museum presented three major exhibitions in our main museum in fy 2024, kali artographer, 1932-2019, an exhibition championing the work of the pioneer light and space movement artist norman zammitt; as well as mythopietica; an exhibition highlighting the work of artists in the southern California inland region whose work incorporates mythologies, iconographies, and cultural codes. In march 2024 the museum launched its q+ art initiative and dedicated the montgomery gallery to showcase q+ artists from our permanent collection. To move toward the limits of living examined how lgbtq+ artists used diverse strategies to respond to experiences of exclusion and discover new possibility, casting light on subjects including the lgbtq+ self, domestic space, and the broader social worls.the museum continued its outburst projects of small-format exhibitions for emerging artists and featured palm springs artist thomas michael johnson as well as a angeles-based artist alake shiling. There have also been several smallerpermanent collection rotations allowing the museum to share more works from our dynamic holdings-in areas of architecture and design, art of the western americas, modern and contemporary art, photography, and studio glass. At the architecture and design center, the museum presented a major exhibition celebrating the life and works of albert frey. Albert frey helped to establish palm springs as a world-recognized center for modern architecture and design. He was the first architect to design a modern international style structure for palm springs and paved the way for modern architecture and the architects that followed.the museum continued to hold "thursday night sessions" featuring free admission from 5:00 8:00 p.m. As well as art activities and djs in the galleries. Thursday night sessions is sponsored by the city of palm springs. The public programming department also built upon the family+ series of free admission and activities every third sunday of the month. Additionally, we worked with different community-based groups and organizations to welcome new audiences through special limited exhibitions, lectures, performances, and activities. The museum continued to strengthen ongoing partnerships with the palm springs black history month committee, raices, modernism week, desert x and the palm springs international film festival. Individual lectures were presented involving exhibiting and visiting artists and curators, architects, and designers, and experts in a range of fields. In 2024, the museum again presented a museum-wide pride celebration for the lgbtq+ community and its allies, as well its annua

Financial Efficiency

• Mission deployment rate: 89.5%; rating input score 90
• Program expense ratio: 66.3%; rating input score 66
• Fundraising efficiency: $8.74 raised per $1 spent on fundraising; rating input score 33; 33rd percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
• Pay-setting controls: 5 of 6 controls in place; rating input score 83
  • Compensation committee: Pass
  • Independent consultant: Missing
  • Other Form 990s reviewed: Pass
  • Written employment contract: Pass
  • Compensation survey or study: Pass
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
• Governance controls: 9 of 9 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: 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: -17.6%; rating input score 9; 9th percentile among comparable filings
• Total-asset coverage ratio: 3.54; rating input score 78; 78th percentile among comparable filings
• Liabilities to assets ratio: 0.08; rating input score 64; 64th percentile among comparable filings
• Officer compensation ratio: 10.8%; rating input score 26; 26th percentile among comparable filings

Growth

• Program expense growth: -4.4% per year; rating input score 0; 6th percentile among comparable filings
• Revenue growth: -2.5% per year; rating input score 0; 7th percentile among comparable filings
• Asset growth: -1.6% per year; rating input score 0; 9th percentile among comparable filings