Public Art Fund Inc

What it reported doing in 2024

Exhibition programpublic art fund (paf) engages artists of different backgrounds whose works reflect different points of view and the diversity of New York city. Paf's major initiatives include dynamic exhibitions, installations, and new commissions of artwork by an international roster of artists at all points in their careers from emerging to globally recognized. These projects bring important works of art outside the traditional confines of museums and galleries, directly to places where new yorkers live and work-including parks, plazas, outdoor advertising venues, and other unexpected sites-where they can be experienced free of charge. (see schedule o)each year, paf works with artists to create site-responsive works for varied locations throughout New York city, and to debut existing sculptures and installations. Commissioning new works involves developing long-term relationships between paf and individual artists; it can take from a few months to several years to develop a project and address the complex technical and logistical considerations involved in presenting new works in the public realm.paf maintains a collaborative approach to developing projects, wherein individual artists respond to a site in New York city. As a result, paf's installations are closely integrated into their locations and offer opportunities to see these sites in new ways. To meet the organization's goal of reaching the broadest possible audience, projects are located both in highly trafficked locations and spread across New York city's five boroughs. Education and outreach programspaf's outreach programs expand upon its exhibition activities by making them accessible to a wider audience. Paf produces didactic materials in print and digital formats to support each of its projects, and to aid audiences in enjoying and understanding public art projects by contemporary artists. Paf's audience is as broad and diverse as the make-up of New York city's residents and visitors, and it is estimated that some 11 million people experienced a paf exhibition or program in the last year.given the unique challenges of mounting an exhibition outdoors, paf also devotes significant resources to engaging with its online audience through both its website and social media platforms. Publicartfund.org features extended information on each exhibition and artist, as well as maps and general information about the shows. Videos for each exhibition illuminate the artists' thought processes and offer opportunities for online viewers to experience the shows from the perspective of an in-person visitor. Public art fund continues to present its signature lecture series, public art fund talks, virtually and in person. Organized in collaboration with the cooper union, they connect compelling contemporary artists to a broad public by establishing a dialogue about artistic practices and public art.

Financial Efficiency

• Mission deployment rate: 71.5%; rating input score 72
• Program expense ratio: 58.8%; rating input score 59
• Fundraising efficiency: $3.43 raised per $1 spent on fundraising; rating input score 10; 10th percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd 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: 96.4%; rating input score 96; 26th 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: -19.3%; rating input score 7; 7th percentile among comparable filings
• Total-asset coverage ratio: 1.43; rating input score 50; 50th percentile among comparable filings
• Liabilities to assets ratio: 0.17; rating input score 48; 48th percentile among comparable filings
• Officer compensation ratio: 18.5%; rating input score 14; 14th percentile among comparable filings

Growth

• Program expense growth: 0.3% per year; rating input score 100; 15th percentile among comparable filings
• Revenue growth: 1.9% per year; rating input score 100; 20th percentile among comparable filings
• Asset growth: 7.4% per year; rating input score 100; 47th percentile among comparable filings