Founded by artists in 1928, SculptureCenter is a not-for-profit arts institution dedicated to experimental and innovative developments in contemporary sculpture. SculptureCenter commissions new work and presents exhibits by emerging and established, national and international artists.
In pursuing our mission, we are aware of the public trust inherent in being a tax-exempt organization dependent upon contributions from the public. Accordingly, we make every effort to operate effectively, efficiently, and ethically. In this section we provide accountability information about our programs. The information is divided into three categories: Financial Data, Non-financial Data, and Safeguards.
The following information is taken from the audited financial statements for the fiscal year ended August 31, 2012.
Revenue. In fiscal 2012, SculptureCenter had total revenue of $1,259 thousand (compared to $1,136 thousand in 1011). Revenues were obtained from the following sources:
There were two fundraising events during the year: the Gala and Lucky Draw.
Expenses. Total fiscal 2012 expenses were $1,099 thousand (compared to $1,016 thousand in 2011) and were distributed as follows:
Program expenses include curatorial and exhibition costs.
We attempt to operate on a break-even basis, that is, to expend only the revenues we raise. For fiscal 2012, revenue exceeded expenses by 14.6 percent of total revenue (in 2011 expenses exceeded revenue by 10.5 percent).
Assets. Financial resources of SculptureCenter totaled $3.6 million on August 31, 2012 (up from $3.3 million on August 31, 2011) and were distributed as follows:
Note that SculptureCenter has no collections.
Liabilities and net assets. SculptureCenter's liabilities and net assets as of August 31, 2012 were distributed as follows:
Note that SculptureCenter has no short- or long-term debt.
Although financial data are important, they do not tell the whole story. Here we present selected non-financial indicators of program effectiveness.
Exhibitions mounted: 4
Artists exhibited: 33
Square footage of exhibition space: 9,000 square feet
Staff members: 8
Interns and volunteers: 66
Annual attendance at exhibitions/events: 12,969
Website traffic (unique visitors): 75,947
SculptureCenter maintains policies and safeguards intended to assure that its mission is accomplished in an ethical and legal manner and that it continues to merit the public trust inherent in its tax-exempt status. Some of the principal safeguards are as follows:
- SculptureCenter is governed by a Board of Trustees, all of whom are independent of the organization. No Trustees receive compensation or do business with SculptureCenter except to purchase goods and services from SculptureCenter on no better terms than available to non-Trustees.
- SculptureCenter's annual financial statements are audited by Robert P. Russo, an independent CPA. (Copy available upon request.) Although the principal purpose of the audit is to provide reasonable assurance that the financial statements are free of material error, the audit also addresses financial and reporting risks and internal control risks, and each year the auditor submits recommendations for improvement, which are implemented whenever feasible. Among other things, the auditor searches for related party transactions; the current audited financial statements assert that there were none. The audit process is actively overseen by the Audit Committee of the Board of Trustees.
- Because SculptureCenter is exempt from income taxes under section 501(c)(3) of the Internal Revenue Code, it has obligations to continuously meet the rigorous standards for tax exemption. It demonstrates this annually through the filing of Internal Revenue Service Form 990, "Return of Organization Exempt From Income Tax." This Form discloses many facts about our mission, programs, financial results and position, compensation, and stewardship. Much of the information in the Form 990 is summarized on this website; moreover, the Form is a public document, available on-line from GuideStar or by request from SculptureCenter.
- Curatorial decisions are made by the Chief Curator (who is also the Executive Director) and the Curator, Assistant Curator, or Guest Curators. The Board of Trustees has no role in the curatorial process of the organization. The Board periodically reviews the program schedule to ensure the programs are fulfilling the mission.