Kings Majestic Corporation
- Assets
- $1.1m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 13
- Location
- Brooklyn, NY
- Founding
- 01/1994
- Data as of
- 06/2022
- EIN
- 11-2956108
Organization Overview
Kings Majestic Corporation, operating under the name 651 Arts, is located in Brooklyn, NY. The organization was established in 1994. According to its NTEE Classification (A61) the organization is classified as: Performing Arts Centers, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 06/2022, 651 Arts employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. 651 Arts 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 06/2022, 651 Arts generated $1.3m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 14.1% each year . All expenses for the organization totaled $1.0m during the year ending 06/2022. While expenses have increased by 15.8% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
DEEPEN AWARENESS OF AND APPRECIATION FOR CONTEMPORARY PERFORMING ARTS AND CULTURE OF THE AFRICAN DIASPORA, AND TO PROVIDE PROFESSIONAL AND CREATIVE OPPORTUNITIES FOR ARTISTS OF AFRICAN DESCENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PUBLIC EVENTS: LIVE PERFORMANCES AND PRESENTATIONS FEATURING ESTABLISHED AND EMERGING ARTISTS OF THE AFRICAN DIASPORA.
INSTITUTIONAL STABILIZATION: CONTINUED DEVELOPMENT OF CORPORATE, INDIVIDUAL, AND FOUNDATION SOURCES TOWARDS PATRON/AUDIENCE GROWTH EFFORTS, FINANCIAL MANAGEMENT, ESTABLISHING EARNED INCOME STREAMS, ALL IN SUPPORT OF FURTHER PROGRAMMATIC INVESTMENT IN ARTISTS AND PUBLIC EVENTS.
ARTISTS DEVELOPMENT INITATIVES: ARTISTS ARE SUPPORTED WITH A RANGE OF SUPPORT TO DEVELOP NEW WORK, INCLUDING COMMISSIONS, RESIDENCIES/REHEARSAL SPACE PROVISIONS, AND DEVELOPMENT OF HUMANITIES OR COMMUNITY ENGAGEMENT ACTIVITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Roberts Executive Director (resgined November 2021) | Officer | 40 | $126,923 |
Yvonne Joyner Levette Board Chair | OfficerTrustee | 5 | $0 |
Obadele O Davis Vice Chair | OfficerTrustee | 5 | $0 |
Andrea Smith Treasurer | OfficerTrustee | 5 | $0 |
Stefanie Siegel Secretary (resigned June 2022) | OfficerTrustee | 5 | $0 |
Theodore Bennett Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $189,600 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,105,377 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,294,977 |
| Total Program Service Revenue | $1,396 |
| Investment income | $179 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,307,983 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $76,083 |
| Compensation of current officers, directors, key employees. | $15,108 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $223,069 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $37,697 |
| Payroll taxes | $22,988 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $20,926 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $463,264 |
| Advertising and promotion | $21,041 |
| Office expenses | $8,591 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $31,318 |
| Travel | $15,785 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,545 |
| Interest | $16,284 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $258 |
| Insurance | $11,267 |
| All other expenses | $27,535 |
| Total functional expenses | $1,018,556 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $503,310 |
| Savings and temporary cash investments | $197,432 |
| Pledges and grants receivable | $365,580 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $21,373 |
| Net Land, buildings, and equipment | $11,840 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,107 |
| Total assets | $1,104,642 |
| Accounts payable and accrued expenses | $48,221 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $45,792 |
| Other liabilities | $301,681 |
| Total liabilities | $395,694 |
| Net assets without donor restrictions | $218,698 |
| Net assets with donor restrictions | $490,250 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,104,642 |