Studio Museum in Harlem

What it reported doing in 2024

Marketing and communications: through fy25, the marketing and communications department focused on the ideation, planning, and implementation of the studio museum's fall 2025 grand reopening campaign through earned, owned, and operated channels. With the support of external contractors and agencies, the team shaped a multi-platform print, digital, and ooh marketing campaign that leveraged the museum's branding, core messaging, and permanent collection to build momentum toward the opening of its new building. The team also mapped out a robust framework to amplify the museum's mission, history, programs, and leadership through local, national, and international press. The museum continued to expand its digital content by publishing short and long-form video content that offered a behind-the-scenes look at its reopening and inaugural exhibitions, and creating audio experiences contextualizing prominent themes and works in the permanent collection.retail and visitor services: the retail department developed additional items for the studio museum in harlem collection, a suite of products inspired by the new brand and font. The online store also offered new sets of studio magazine back issues for the first time in the museum's history. The team is preparing to open a brick-and-mortar store in the new building, which will feature products from black entrepreneurs and brands.building operations: in september of 2024, the building operations team oversaw the move into studio museum headquarters (smhq), a 16,700 square foot space that holds a majority of the museum's administrative and program staff and offices. This included the consolidation of technology, furnishings, and records held in the existing satellite office leased around harlem.capital project: in fy25, the studio museum was preparing for the opening of the first building in its history created expressly for the needs of the institution and its communities. Designed by adjaye associates with cooper robertson, the new building occupies the site on west 125th street on which the studio museum has been operating since 1982, in a century-old commercial structure adapted by the celebrated architect j. Max bond, jr. Undertaken as a public-private initiative in partnership with the city of New York, the new 82,000-square-foot building will enable the studio museum to: expand its internationally renowned exhibitions and, for the first time, simultaneously enable it to display installations from its unparalleled permanent collection; offer increased educational opportunities and public programs for its growing and diverse audience; welcome visitors with an enhanced experience; and establish a distinguished architectural presence on 125th street, as a cultural anchor for the harlem community. Additionally, space for exhibitions and the museum's signature artist-in-residence program will more than double, and indoor and outdoor public space (including space for educational activities and other programs) will increase by almost seventy percent.

Financial Efficiency

• Mission deployment rate: 22.2%; rating input score 22
• Program expense ratio: 64.7%; rating input score 65
• Fundraising efficiency: $21.17 raised per $1 spent on fundraising; rating input score 59; 59th percentile among comparable filings

Transparency & Controls

• Consistency checks: 95.2%; rating input score 95; 35th 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: 100%; rating input score 100; 77th percentile among comparable filings
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Yes; rating input score 100

Accountability

• Independent voting board: 100%; rating input score 100; 77th 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: 69.4%; rating input score 98; 98th percentile among comparable filings
• Total-asset coverage ratio: 17.34; rating input score 95; 95th percentile among comparable filings
• Liabilities to assets ratio: 0.12; rating input score 79; 79th percentile among comparable filings
• Officer compensation ratio: 12.1%; rating input score 2; 2nd percentile among comparable filings

Growth

• Program expense growth: 14.2% per year; rating input score 100; 86th percentile among comparable filings
• Revenue growth: 6.7% per year; rating input score 100; 57th percentile among comparable filings
• Asset growth: 18% per year; rating input score 100; 91st percentile among comparable filings