Foundation For The Art Renewal Center Inc
- Assets
- $2.0m
- Revenue
- $346.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Port Reading, NJ
- Founding
- 09/2003
- Data as of
- 12/2022
- EIN
- 04-3598440
Organization Overview
Foundation For The Art Renewal Center Inc is located in Port Reading, NJ. The organization was established in 2003. According to its NTEE Classification (A26) the organization is classified as: Arts & Humanities Councils & Agencies, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Foundation For The Art Renewal Center Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Foundation For The Art Renewal Center Inc generated $346.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (4.3%) each year. All expenses for the organization totaled $226.7k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (3.5%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Foundation For The Art Renewal Center Inc has awarded 85 individual grants totaling $341,767. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED SCHOLARSHIP FUNDS TO FLORENCE ACADEMY OF ART
PROVIDED SCHOLARSHIP FUNDS TO BERCELONA ACADEMY OF ART
PROVIDED SCHOLARSHIP FUNDS TO CHARLES CECIL STUDIOS
PROVIDED SCHOLARSHIP FUNDS TO ANGEL ACADEMY OF ART
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Frederick C Ross Chairman/founder | 20 | $0 | |
Vern Swanson Exec. Comm. | 10 | $0 | |
Charlotte Ross Exec. Comm. | 10 | $0 | |
Kara L Colon Exec. Comm. | 10 | $89,997 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $89,100 |
| Interest on Savings | $0 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $257,691 |
| Total Revenue | $346,791 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $89,997 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $5,367 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $6,942 |
| Printing and publications | $292 |
| Other expenses | $84,534 |
| Total operating and administrative expenses | $187,132 |
| Contributions, gifts, grants paid | $39,600 |
| Total expenses and disbursements | $226,732 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $458,080 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $1,565,942 |
| Total assets | $2,024,022 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Foundation For The Art Renewal Center Inc has awarded $39,600 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
ANGEL ACADEMY OF ART PURPOSE: SCHOLARSHIP - TO PROMOTE ART & ARTISTS | $3,000 |
BARCELONA ACADEMY OF ART LONDON ATELIER PURPOSE: SCHOLARSHIP - TO PROMOTE ART & ARTISTS | $7,000 |
FLORENCE ACADEMY OF ART US PURPOSE: SCHOLARSHIP - TO PROMOTE ART & ARTISTS | $23,500 |
CHARLES CECIL STUDIOS PURPOSE: SCHOLARSHIP - TO PROMOTE ART & ARTISTS | $4,600 |
LYME ACADEMY OF FINE ARTS PURPOSE: SCHOLARSHIP - TO PROMOTE ART & ARTISTS | $750 |
MIANO ACADEMY OF ART PURPOSE: SCHOLARSHIP - TO PROMOTE ART & ARTISTS | $750 |