Trustees of the Corcoran Gallery of Art

Nonprofit profile at a glance

EIN
530196641
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Castle Rock, CO, USA
Phone
7035330888
Rating
82
Verdict
STRONG
Rating confidence
Moderate
Sector
Art Museums

Reported finances

Revenue
$118,066
Expenses
$1,272,204
Assets
$648,126
Liabilities
$2,000

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

Leadership & pay

7 people listed

People named in this filing

  • HARRY F HOPPER (CHAIRMAN)
  • FRED KNOPS (TREASURER)
  • MOLLY ROLANDI (SECRETARY)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The corcoran continues as a separately incorporated entity dedicated to art and encouraging american genius. As a continuing entity, the corcoran will seek to support stewardship of the corcoran name and legacy, to consult with nga and gw on programs and interconnected activities of such institutions, and to promote the important role of contemporary art and artists in provoking new thinking and realizing new exciting cultural initiatives.

What it reported doing in 2024

Wind down - activities related to winding down the previous operations of the organization, and related to determining the future direction of the organization.

Operating model

Revenue model
Investment-supported. 100% of the money available for current operations came from recurring investment income.
Distribution model
Grant intermediary. The nonprofit sent 80% of its reported program spending out as grants.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 88
  • Transparency & Controls: 93
  • Accountability: 88
  • Sustainability: 22
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 96.1%; rating input score 96
  • Fundraising efficiency: Limited

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: 100%; rating input score 100; 80th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 5 of 7 controls in place; rating input score 71
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -977.5%; rating input score 0; 0th percentile among comparable filings
  • Total-asset coverage ratio: 0.51; rating input score 25; 25th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 52; 52nd percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: -34.9% per year; rating input score 0; 3rd percentile among comparable filings
  • Revenue growth: -23.9% per year; rating input score 0; 2nd percentile among comparable filings
  • Asset growth: -18.7% per year; rating input score 0; 3rd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 96.1% of spending went to programs
  • Governance: 6 of 6 board members independent · 5 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $1.2M in reported program spending
  • Leadership: top reported pay $0 · 7 people listed
  • Highest-paid contractors: 1 contractor listed · $198K reported
  • Consistency: 19 of 19 current checks pass
  • Schedules: 5 filed schedules · includes grants
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: 2 filed related-organization links
  • 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.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Sustainability: Operating margin scored 0/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Sustainability: Total-asset coverage ratio scored 25/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Sustainability: Liabilities to assets ratio scored 52/100.
  • High — Grant Readiness: Federal audit findings: this organization reported findings in its latest federal Single Audit.