Montreal Museum Of Fine Arts
STAR RATINGCi's Star Rating is calculated based on the following independent metrics: |
✔+
FINANCIAL TRANSPARENCY
Audited financial statements for current and previous years available on the charity’s website.
C+
RESULTS REPORTING
Grade based on the charity's public reporting of the work it does and the results it achieves.
n/r
DEMONSTRATED IMPACT
The demonstrated impact per dollar Ci calculates from available program information.
NEED FOR FUNDING
Charity's cash and investments (funding reserves) relative to how much it spends on programs in most recent year.
74%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 74 cents are available for programs.
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OVERVIEW
About Montreal Museum Of Fine Arts:
Montreal Museum of Fine Arts is a two star charity. It has a below-average results reporting grade with funding reserves that can cover over three years of program costs. For every dollar donated to the charity, 74 cents are available to go to the cause, which is within Ci's reasonable range.
Founded in 1860, Montreal Museum of Fine Arts (MMFA) is the oldest art museum in Canada. Its mission is to reach the widest and most diverse public possible, providing full access to the world’s artistic heritage. MMFA’s main program is art Exhibitions and Collections. The charity also runs an Education program and concerts at Bourgie Hall. MMFA reports that due to the pandemic it did not host or disclose quantified information on its Education program in F2022. MMFA spent $19.3m on its Exhibitions and Collections program and $4.1m on its Education, Health, and Wellness program in F2022. The charity did not disclose how much it spent on its concerts.
MMFA’s F2023 annual report and audited financial statements were not yet available at the time of this report. Ci used its F2022 annual report instead.
The charity did not report how many people visited in person in F2022. MMFA held 194 virtual events that 19,130 people attended in F2022. Ci counted 190 art acquisitions in F2022. Acquisitions range from traditional art: such as paintings, sculptures, and works on paper, to modern art: such as mixed media, videos, and photography. Four of MMFA’s exhibitions are currently ongoing in person and two are on tour at the ROM in Toronto and in Paris. The charity reports it owns more than 45,000 pieces of art dating from antiquity to the present.
Montreal Museum of Fine Arts hosted 75 concerts at the Bourgie Hall in F2022. Throughout the 75 concerts the charity filled 208 of its 465 available seats, or 45% capacity, on average. MMFA performed concerts for 15,600 people in F2022. 11 guest partners also rented out Bourgie Hall to perform 49 concerts throughout the year.
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Results and Impact
Ci did not find any quantified results or impact for MMFA. This may not be a complete representation of Montreal Museum of Fine Arts’s results and impact.
Charity intelligence has not yet rated Montreal Museum of Fine Arts on impact (n/r).
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Finances
Ci consolidated Montreal Museum of Fine Arts and MMFA Foundation’s financial statements.
MMFA received $9.2m in donations and special events revenue and $13.0m in donated goods in kind. Donated goods in kind represent donated works of art to the charity. The charity received $20.6m in government funding, representing 38% of total revenue. MMFA earned $6.2m in fees for service, which represents admissions and memberships for the charity’s exhibitions. Administrative costs are 11% of revenue (excluding investment income) and fundraising costs are 16% of donations. This results in total overhead spending of 26%. For every dollar donated to the charity, 74 cents are available to go to the cause.
MMFA has $78.8m in reserve funds, which can cover 337%, or three years and four months of its annual program costs.
This charity report is an update that has been sent to Montreal Museum of Fine Arts for review. Changes and edits may be forthcoming.
Updated on July 12, 2023 by Liam Chapleau.
Financial Review
Fiscal year ending March
|
2022 | 2021 | 2020 |
|---|---|---|---|
| Administrative costs as % of revenues | 10.6% | 17.1% | 15.3% |
| Fundraising costs as % of donations | 15.7% | 16.9% | 18.1% |
| Total overhead spending | 26.3% | 33.9% | 33.3% |
| Program cost coverage (%) | 337.1% | 315.7% | 103.2% |
Summary Financial StatementsAll figures in $000s |
2022 | 2021 | 2020 |
|---|---|---|---|
| Donations | 7,904 | 5,620 | 7,933 |
| Goods in kind | 13,034 | 10,487 | 7,922 |
| Government funding | 20,595 | 23,577 | 17,708 |
| Fees for service | 6,154 | 2,943 | 12,173 |
| Business activities (net) | 322 | (39) | 728 |
| Special events | 1,271 | 1,420 | 2,124 |
| Investment income | 6,276 | 17,996 | (4,871) |
| Other income | (931) | (331) | (3,916) |
| Total revenues | 54,626 | 61,674 | 39,802 |
| Program costs | 23,392 | 20,297 | 33,015 |
| Administrative costs | 5,110 | 7,446 | 6,812 |
| Fundraising costs | 1,443 | 1,188 | 1,819 |
| Total spending | 29,944 | 28,930 | 41,646 |
| Cash flow from operations | 24,682 | 32,743 | (1,844) |
| Capital spending | 4,348 | 3,833 | 5,061 |
| Funding reserves | 78,841 | 64,079 | 34,060 |
Note: Why are Charity Intelligence's numbers shown above in Financial Review different from the figures MMFA reports in its annual report and filing? To show a charity's finances on a consistent basis regardless of which accounting policy a charity chooses, Charity Intelligence uses the information in MMFA's audited financial statements to make the following adjustments. 1. CONSOLIDATION: Ci consolidated Montreal Museum of Fine Arts and MMFA Foundation’s financial statements. As such, Ci excluded donations from the foundation to the charity. This affected reported revenue by ($1.5m) in F2022, ($1.7m) in F2021, and ($5.3m) in F2020. 2. DEFERRED ACCOUNTING: MMFA uses deferred accounting. To report to donors on a consistent basis, Ci adjusts for donations received but deferred to future periods. The deferred contributions and revenue affect revenue by ($1.2m) in F2022, ($883k) in F2021, and ($4.8m) in F2020. Ci excluded amortization of deferred contributions. This affects MMFA's revenue by ($991k) in F2022, ($1.2m) in F2021, and ($2.0m) in F2020. Also excluded are amortization revenues for deferred capital contributions. The revenue adjustment is ($5.2m) in F2022, ($5.5m) in F2021, and ($5.3m) in F2020. 3. BUSINESS ACTIVITIES: Ci accounts for MMFA's "business activities" (boutique and bookstore sales and costs) on a net basis. This affects revenue by ($1.8m) in F2022, ($1.1m) in F2021, and ($2.2m) in F2020. 4. INVESTMENT INCOME: Ci included investment income from the foundation, unrealized and realized gains, and interest from MMFA. This affects by $5.7m in F2022, $15.8m in F2021, and ($928k) in F2020. Ci included investment management fees with MMFA's investment income as this is a standard practice in the charity sector. Investment management fees included in investment income are ($142k) in F2022, ($149k) in F2021, and ($437k) in F2020. 5. AMORTIZATION - non-cash revenues and expenses. Ci removed amortization of capital assets, amortization of works of art, and loss on disposal of capital assets to report on a cash basis. Other: The charity did not disclose the source of other grants. As such, Ci included other grants in other revenue.
Salary Information
$350k + |
0 |
$300k - $350k |
0 |
$250k - $300k |
1 |
$200k - $250k |
0 |
$160k - $200k |
1 |
$120k - $160k |
2 |
$80k - $120k |
6 |
$40k - $80k |
0 |
< $40k |
0 |
Information from most recent CRA Charities Directorate filings for F2022
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Comments & Contact
Comments added by the Charity:
Charity Contact
This email address is being protected from spambots. You need JavaScript enabled to view it. Tel: (514) 285-2000