Montreal Museum Of Fine Arts

1380 Sherbrooke Street West
Montreal, QC H3G 1J5
Executive Director: Nathalie Bondil
Board Chair: Brian Levitt

Charitable Reg. #: 11904 9526 RR0001
Sector: Arts & Culture
Operating Charity

Charity Rating

[Charity Rating: 4/4]

Social Results Reporting

Grade: A-

The grade is based on the charity's public reporting of the work it does and the results it achieves.

Financial Transparency

Audited financial statements for current and previous years available on the charity's website [ Audited financial statement for most recent year ]

Program Cost Coverage

Funding Reserves Program Costs

Spending Breakdown

Full-time staff #157

Avg. Compensation $78,488

Top 10 Staff Salary Range

$350k + 0
$300k - $350k 0
$250k - $300k 2
$200k - $250k 1
$160k - $200k 0
$120k - $160k 3
$80k - $120k 4
$40k - $80k 0
< $40k 0
Information from most recent CRA Charities Directorate filings for F2015

About Montreal Museum Of Fine Arts:

The Montreal Museum of Fine Arts (MMFA) was founded in 1860. Its mission is to reach the widest and most diverse public possible, providing them with full access to the world's artistic heritage. The MMFA's exhibitions and collections grew in F2015, which was a record year for acquisitions. The 670 works acquired during the year brought the permanent collection up to 41,332 works. The Museum also offers many educational and art therapy programs for schools, families and the community.

The Montreal Museum of Fine Arts welcomed 1,086,900 visitors in F2015, making it the largest art museum in Canada. The Museum also had 306,844 participants in its educational and cultural activities during the year. This represented a 32% increase in the number of participants. In F2015, the MMFA sent four travelling exhibitions to six cities, attracting almost 500,000 visitors. The revenue from the travelling exhibitions is used to increase efficiency by decreasing the net cost of the exhibitions.

In F2015, the MMFA conducted an analysis in conjunction with McKinsey & Company on the museum's ongoing performance and its impact on the economy and tourism. The study found that the museuminfluences more than 100,000 tourists in choosing their destinations. A third of the MMFA's visitors are tourists spending at least one night in Montreal. The report also showed that the MMFA generates $100m in annual benefits for Québec.

Financial Review:

The consolidated Montreal Museum of Fine Arts and MMFA Foundation is a big charity, with $13.6m in donations in F2015. The MMFA also receives $15.8m (30% of its total revenues) from government funding. Its administrative costs are 16% of revenues, falling within a reasonable range. The MMFA did not report its fundraising costs in its audited financial statements. Using reported CRA data, the MMFA's fundraising costs were 7% of donations in F2015, falling from 12% in F2013. The consolidated charity has funding reserves of $25m, of which $2m of the MMFA Foundation's reserves are donor-endowed. No breakdown is provided for the MMFA's donor-endowed funds.

This charity report is an update that is being reviewed by the Montreal Museum of Fine Arts. Changes and edits may be forthcoming.

Updated on May 10, 2016 by Lynn Tay.

Financial Ratios

Fiscal year ending March
Administrative costs as % of revenues 16.0%9.9%16.2%
Fundraising costs as % of donations 6.7%5.8%12.4%
Program cost coverage (%) 92.8%71.3%27.0%

Summary Financial Statements

All figures in $000s
Donations 13,60615,0397,715
Goods in kind 5,82529,17418,436
Government funding 15,80816,54416,215
Fees for service 8,8289,3495,873
Business activities (net) 1,4381,3911,373
Investment income 7,3977,7133,407
Other income 3375350
Total revenues 52,90679,58553,369
Program costs 26,65226,77820,747
Administrative costs 7,2827,1168,087
Fundraising costs 913866955
Other costs 91(14)52
Cash flow from operations 17,96744,84023,528
Funding reserves 24,72819,0975,593
Note: Ci has consolidated the financial statements of The Montreal Museum of Fine Arts and The Montreal Museum of Fine Arts Foundation. Ci has adjusted deferred capital contributions, change in grants receivable (current and long-term), change in accumulated interest, adjustments for foundation donations and boutique and bookstore costs affecting revenues by ($5.9m) in F2015, by ($5.1m) in F2014, and by ($9.3m) in F2013. Ci has adjusted amortization of capital assets, amortization of works of art, loss on write-off of capital assets, change in accrued interest, adjustments for foundation donations to museum and boutique and bookstore costs affecting expenses by ($18m) in F2015, by ($40.6m) in F2014, and by ($28.7m) in F2013.

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