The Institute of Contemporary Art Inc

Nonprofit profile at a glance

EIN
042104327
IRS 990 coverage
2009–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Boston, MA, USA
Phone
6174783100
Rating
71
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Art Museums

Official website

Reported finances

Revenue
$31,022,519
Expenses
$21,641,088
Assets
$146,091,995
Liabilities
$5,616,891

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

Leadership & pay

51 people listed

Executive titles in this filing

  • CHARLOTTE WAGNER (PRESIDENT)

Highest reported compensation

  • JILL MEDVEDOW (DIRECTOR/EX-OFFICIO (UNTIL 3/31/25)): $560,584 total reported compensation
  • KATRINA FOSTER (DIRECTOR OF DEVELOPMENT): $288,541 total reported compensation
  • RUTH ERICKSON CHIEF CURATOR (DIRECTOR FOR CURATORIAL AFFAIRS): $243,676 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 mission of the institute of contemporary art ("ica") is to share the pleasures of reflection, inspiration, provocation, and imagination that contemporary art offers through public access to art, artists, and the creative process.

What it reported doing in 2024

Performing and media arts: the ica presents some of the most innovative and forward-looking choreographers, musicians, filmmakers, theater companies and multi-disciplinary artists from boston and the rest of the world. In fy25 we offered 46 programs (performing arts and film). Attendance totaled approximately 21,823. We organized 51 performances by the following performers, artists and ensemble companies. Attendance of these performances totaled 16,857. (see continuation on schedule o)dance/theater* summer stages dance @ ica: jasmine hearn memory fleet open rehearsal * summer stages dance @ ica: shamel pitts | tribe sneak preview showing* sandbox percussion and gandini juggling* faye driscoll: weathering* urban bush women 40th anniversary: this is risk* global arts live presents - subject: matter - palaver strings + little house dance: noisefloor - gallim dance - boston dance theater: red is a feeling - david dorfman dance: trucemusic* harborwalk sounds: - so alma - rijah - soulboi - cordelia fox - manuela sanchez goubert - last minute - two smooth - kaji barfi* vinyl nights: - keep on - stay silent - music research library - kickback - social studies - slow gemz - infra* black joy day* samora pinderhughes* dawn richard and spencer zahn* afro-caribbean jazz from jonathan suazo* gregory groover, jr. Trio* ica nightlife: dj kon* pierre boulez: fold by fold | the radical who rebuilt the music world* roberto carlos lange and kristi sword: star scores * henry threadgill, vijay iyer, and dafnis prieto trio * jazz urbane cafe at ica presents art forward * we create the world: a juneteenth celebrationin fy25 we presented 30 screenings of the following films. Attendance at these screenings totaled 4,966.film* sundance film festival shorts* eno* wicked queer: s/he is still her/e: the official genesis p-orridge documentary* kid flicks short films* lose your mother: a film shorts program from blackstar projects* 2025 oscar-nominated short films* wicked queer film screening: assembly* shaker shorts: the quiet in the land and sacred sheets

Operating model

Revenue model
Donor-supported. 85% 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 - A large share of total spending goes to programs and most voting board members are independent. A relatively small share of available resources goes toward mission work and the filing reports few safeguards for money sent abroad.

Rating breakdown

  • Financial Efficiency: 63
  • Transparency & Controls: 57
  • Accountability: 98
  • Sustainability: 79
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 57.1%; rating input score 57
  • Program expense ratio: 76.7%; rating input score 77
  • Fundraising efficiency: $18.33 raised per $1 spent on fundraising; rating input score 55; 55th 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: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • 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: 97.4%; rating input score 97; 31st 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: 30.2%; rating input score 88; 88th percentile among comparable filings
  • Total-asset coverage ratio: 6.75; rating input score 88; 88th percentile among comparable filings
  • Liabilities to assets ratio: 0.04; rating input score 85; 85th percentile among comparable filings
  • Officer compensation ratio: 10.9%; rating input score 17; 17th percentile among comparable filings

Growth

  • Program expense growth: 4.8% per year; rating input score 100; 40th percentile among comparable filings
  • Revenue growth: 4.9% per year; rating input score 100; 43rd percentile among comparable filings
  • Asset growth: 4.5% per year; rating input score 100; 32nd percentile among comparable filings

Details

  • Where the money goes: 57.1% of revenue deployed · 76.7% of spending went to programs
  • Governance: 38 of 39 board members independent · 8 of 8 filing controls reported
  • Programs: 6 filed program accomplishments · $16.6M in reported program spending
  • Leadership: top reported pay $561K · 51 people listed · 4 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $2M reported
  • Consistency: 39 of 39 current checks pass
  • Schedules: 9 filed schedules · includes major donors, foreign activity, and executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 10 filed money-flow records
  • 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 57/100.
  • High — Transparency & Controls: Foreign activity oversight scored 0/100.
  • High — Transparency & Controls: Grant itemization coverage scored 0/100.
  • Review — Financial Efficiency: Fundraising efficiency scored 55/100.
  • High — Sustainability: Officer compensation ratio scored 17/100.