Annual Audited Financial Reports
Financial Report (2017–2018)
[PDF, 2 MB]
MAP is a not-for-profit institution that currently receives no governmental funding and is a unit and major project of the Art & Photography Foundation. The land for the Museum was purchased through a donation by the Poddar Family, and the building will be funded by a select group of committed philanthropists and private patrons.
MAP is governed by its Board of Directors and advised by its International Advisory Committee. MAP’s Board of Directors elect the MAP Executive Committee members, whom they delegate the management of the museum. While many of the Museum’s programs will be free to the public, any revenues collected through retail or ticketing for entrance fees, special exhibitions, and certain events will be reinvested back to underwriting the Museum’s activities.
The Art & Photography Foundation was established as a Public Charitable Trust in Bangalore in 2011 with registration under section 12AA. It is the legal entity under which MAP is owned and administered. MAP’s budget and donations are also managed by the Foundation. In 2016 the Trust was awarded registration under Foreign Contribution (Regulation) Act (2010), under Section 11(1) by the Government of India, Ministry of Home Affairs. The Trustees of the Art & Photography Foundation govern the Foundation and hold the assets, including the land, building, collections and an endowment fund of the Museum of Art & Photography in its trust. Similarly, donations of art to the Museum are entrusted to the Foundation and held under the care of its trustees.
The Foundation is supported by private patrons, corporate sponsors, grant-giving organisations and The Museum of Art & Photography Foundation, Inc., an independent affiliate of the Foundation in the United States.
The Foundation’s accounts are managed by a chartered accountant and audited by Deloitte, and annual audited financial reports are published by MAP.