Montreal Museum Of Fine Arts

1380 Sherbrooke Street West
Montreal, QC H3G 1J5
Executive Director: Nathalie Bondil
Board Chair: Michel de la Cheneliere

Charitable Reg. #:11904 9526 RR0001

STAR RATING

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FINANCIAL TRANSPARENCY

Audited financial statements for current and previous years available on the charity’s website.

A-

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.

67%

CENTS TO THE CAUSE

For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 67 cents are available for programs.



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Programs

About Montreal Museum Of Fine Arts:

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. MMFA hosts art exhibitions and collections, as well as education and art therapy programs. The Montreal Museum of Fine Arts is not a government-run museum and must generate a large portion of its own operating budget. MMFA reports that this amount has jumped from 24% to nearly 55% in a few years. In addition, MMFA reports that in Quebec, culture accounts for 1% of total government budgets. According to the 2018 annual report,the MMFA acquired over 900 works in F2018, worth a total of $13.7 million, of which $12.2 million is attributable to donations.

Montreal Museum of Fine Arts welcomed 1,323,837 visitors in F2018, making it the largest art museum in Canada. With the help of community organizations and key stakeholders, over 25,000 people have accessed the Museum’s programs for free in F2018. In F2018, MMFA hosted an exhibit named La Balade Pour La Paix which was an outdoor museum along 1km of Sherbrooke Street. This exhibit alone was visited by 229,300 people, and hosted 42 artists, 30 sculptures, and 42 sets of photographs.

Montreal Museum of Fine Arts provides education programs in the form of school outings and EducArt. In F2018, MMFA had over 450,000 participants in its educational and cultural activities during the year. In addition, 62,054 people participated in the museum’s school programs in F2018. EducArt is an online resource outlining information on the museum’s collection, used by high school teachers. The goal is to involve students with the art and history shown in the museum. Thus far, the EducArt program has reached over 600 students in the province’s seventeen regions.

MMFA highlights that in 2016 the Michel de la Chenelière International Atelier for Education and Art Therapy was founded to improve its education and art therapy programs. MMFA reports that the Michel de la Chenelière welcomes 300,000 participants per year, which is an attendance record among Canadian museums and a 207% increase in three years at MMFA.

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 museum influences 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.

 

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Results and Impact

In the course of fiscal 2017-2018, the Montreal Museum of Fine Arts’ Publishing department published several titles that enjoyed international distribution. These titles include, “YOU SAY YOU WANT A REVOLUTION? RECORDS AND REBELS,” “ONCE UPON A TIME… THE WESTERN. A NEW FRONTIER IN ART AND FILM,” and “NAPOLEON: THE IMPERIAL HOUSEHOLD.”

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Finances

Montreal Museum of Fine Arts and MMFA Foundation’s financial statements were consolidated for the purposes of this analysis.  

MMFA is a large-sized charity, with $12.4m in donations in F2018. Ci did not report amortization of deferred capital contributions or deferred contributions related to acquisition of works of art, and instead reported amounts received during the year. This affected donations by ($4.2m) in F2018, $19.4m in F2017, and $4.3m in F2016. The MMFA also receives $16.3m (27% of its total revenues) from government funding.

Its administrative costs are 7% of revenues (excluding investment income). The MMFA did not report its fundraising costs in its audited financial statements. Using reported CRA data, the MMFA’s fundraising costs were 26% of donations in F2018. For every dollar donated, 67 cents go to the cause, which is within Ci’s reasonable range for overhead spending.

The consolidated charity has funding reserves of $33.9m, of which $2m of the MMFA Foundation’s reserves are donor-endowed. No breakdown is provided for the MMFA’s donor-endowed funds. Excluding donor-endowed funds, the charity’s reserves can cover annual program costs for 11 months.  

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 29, 2019 by Parker Thomlinson. 

Financial Review


Financial Ratios

Fiscal year ending March
201820172016
Administrative costs as % of revenues 6.9%8.1%6.4%
Fundraising costs as % of donations 26.1%6.2%7.2%
Total overhead spending 33.0%14.4%13.6%
Program cost coverage (%) 99.2%120.3%74.1%

Summary Financial Statements

All figures in $000s
201820172016
Donations 12,37634,90220,670
Goods in kind 14,6269,89359,311
Government funding 16,27516,26015,561
Fees for service 11,7379,9049,305
Business activities (net) 1,0328321,094
Investment income 2,9088,254(905)
Other income 7251,145537
Total revenues 59,67981,190105,574
Program costs 34,16527,62525,352
Administrative costs 3,9155,9236,848
Fundraising costs 3,2302,1791,482
Other costs 2442156
Total spending 41,33535,76933,838
Cash flow from operations 18,34445,42171,736
Funding reserves 33,90033,23618,780

Note: Ci consolidated Montreal Museum of Fine Arts with its associated Foundation and excluded interfund transfers of $5.8m in F2018, $5.4m in F2017 and $4.5m in F2016. Ci did not report amortization of deferred capital contributions or deferred contributions related to acquisition of works of art, and instead reported amounts received during the year. This affected donations by ($4.2m) in F2018, $19.4m in F2017, and $4.3m in F2016. Investment income is reported net of management fees, affecting revenues and expenses by $254k in F2018, $348k in F2017 and $340k in F2016, and includes amounts deferred by the charity, which were $711k in F2018, $2.0m in F2017, and ($256k) in F2016. In F2017 and F2016, accumulated interest was adjusted for in investment income, increasing revenue by $400k each year. Boutique and bookstore revenues are reported net of costs in business activities. Ci excluded a one-time, non-cash grant of $188k reported in revenue by the Foundation. Administrative costs include rental expenses and interest on projects. Ci used the operating charity’s T3010 CRA filing for fundraising costs and backed the amounts out of administrative costs. Loss on disposal of capital assets was not included in expenses and accrued interest was adjusted for in other costs, affecting total expenses by ($17k) in F2018, ($42k) in F2017, and $156k in F2016.  

Salary Information

Full-time staff: 169

Avg. Compensation $67,802

Top 10 staff salary range

$350k +
0
$300k - $350k
0
$250k - $300k
1
$200k - $250k
0
$160k - $200k
2
$120k - $160k
3
$80k - $120k
4
$40k - $80k
0
< $40k
0

Information from most recent CRA Charities Directorate filings for F2018

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Comments & Contact

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Charity Contact

Website: www.mbam.qc.ca
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