Foundation For Contemporary Arts Inc
- Assets
- $41.7m
- Revenue
- $8.1m
- Investments
- $15.5m
- Employees
- 12
- Location
- New York, NY
- Founding
- 12/1999
- Data as of
- 12/2022
- EIN
- 13-1978163
Organization Overview
Foundation For Contemporary Arts Inc, operating under the name Foundation For Contemporary Arts, is located in New York, NY. The organization was established in 1999. According to its NTEE Classification (A60) the organization is classified as: Performing Arts, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2022, Foundation For Contemporary Arts employed 12 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Foundation For Contemporary 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 12/2022, Foundation For Contemporary Arts generated $8.1m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 16.6% each year . All expenses for the organization totaled $2.8m during the year ending 12/2022. While expenses have increased by 7.4% per year over the past 8 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.
Since 2014, Foundation For Contemporary Arts has awarded 33 individual grants totaling $360,000. 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO ENCOURAGE, SPONSOR, AND PROMOTE INNOVATIVE WORK IN THE ARTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GRANTS TO ARTISTS:THE ORGANIZATION PROVIDED $45,000 CASH AWARDS TO PROVIDE RECIPIENTS THE MEANS TO ENGAGE IN WHATEVER ARTISTIC ENDEAVORS THEY WISH TO PURSUE. RECIPIENTS ARE CHOSEN ANNUALLY THROUGH A CONFIDENTIAL PEER NOMINATION PROCESS, STAFF RESEARCH INTO NOMINEES, AND SELECTION BY A COMMITTEE COMPRISING FCA'S BOARD AND GUEST EXPERTS. IN 2022, 21 GRANTS WERE MADE TO INDIVIDUAL ARTISTS. NINE OF THESE AWARDS ARE NAMED IN MEMORY OF ARTISTS: JOHN CAGE, MERCE CUNNINGHAM, HELEN FRANKENTHALER, ROY LICHTENSTEIN, RICHARD POUSETTE-DART, ROBERT RAUSCHENBERG, DOROTHEA TANNING, CY TWOMBLY, AND C.D. WRIGHT. THE CAGE AND CUNNINGHAM AWARDS ARE MADE IN ALTERNATING YEARS; THE CUNNINGHAM AWARD WAS MADE IN 2022.
CONTEMPORARY VISUAL ARTS SCHOLARSHIP (CVAS):FCA ADMINISTERS AN ANNUAL SCHOLARSHIP PROGRAM FOR COLLEGE-BOUND SENIORS FROM THE HOUSATONIC VALLEY REGIONAL HIGH SCHOOL FOR UNDERGRADUATE STUDY IN THE FINE ARTS, WITH FUNDS CONTRIBUTED BY A CONNECTICUT FOUNDATION. SELECTION IS MADE BY A PANEL OF VISUAL ARTISTS BASED ON MERIT AND FINANCIAL NEED. IN 2022, THE AMOUNT OF THE SCHOLARSHIP WAS DOUBLED; NEW RECIPIENTS RECEIVE $80,000 OVER FOUR YEARS ($10,000 PER SEMESTER). $40,000 WAS DISTRIBUTED TO THREE STUDENTS IN 2022.IN NOVEMBER 2022, FCA MADE DONATIONS TO NINE MUTUAL AID FUNDS AND ORGANIZATIONS TOTALING $18,612 IN SUPPORT OF RACIAL AND SOCIAL JUSTICE EFFORTS.
EMERGENCY GRANTS:THESE GRANTS ARE AWARDED ON A ROLLING BASIS TO ARTISTS AND COLLECTIVES WHO INCUR UNEXPECTED EXPENSES WHEN PROJECTS ARE CLOSE TO COMPLETION OR RECEIVE SUDDEN OPPORTUNITIES TO PRESENT THEIR WORK TO THE PUBLIC. EMERGENCY GRANTS RANGE FROM $500 TO $3,000. APPLICATIONS ARE RECEIVED ON A ROLLING BASIS THROUGH AN OPEN APPLICATION PROCESS. STAFF REVIEW APPLICATIONS FOR ELIGIBILITY, AND AN ARTIST PANEL IS CONVENED MONTHLY TO REVIEW AND DETERMINE GRANT RECIPIENTS. IN 2022, FCA MADE 209 EMERGENCY GRANTS TOTALING $475,083.
THE ELLSWORTH KELLY AWARD:THIS ENDOWED AWARD WAS ESTABLISHED WITH A GIFT FROM THE ELLSWORTH KELLY FOUNDATION IN HONOR OF THE ARTIST. THE GRANT IS MADE ANNUALLY TO CREATE A SOLO EXHIBITION OPPORTUNITY FOR A CONTEMPORARY VISUAL ARTIST AT A U.S. ART MUSEUM OR UNIVERSITY OR COLLEGE ART GALLERY. EACH YEAR FCA IDENTIFIES AND INVITES APPLICATIONS FROM SUCH INSTITUTIONS. THE FOUNDATION'S BOARD REVIEWS APPLICATIONS AND SELECTS THE RECIPIENT. THE 2022 AWARD WAS $45,000.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cecily Brown Co-Chair | OfficerTrustee | 2 | $0 |
Julian Lethbridge Co-Chair | OfficerTrustee | 2 | $0 |
Anthony B Creamer III Treasurer | OfficerTrustee | 2 | $0 |
Anne Collier Director | Trustee | 1 | $0 |
Jasper Johns Director | Trustee | 1 | $0 |
Jennie C Jones Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $83,890 |
| All other contributions, gifts, grants, and similar amounts not included above | $7,307,065 |
| Noncash contributions included in lines 1a–1f | $84,702 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,390,955 |
| Total Program Service Revenue | $0 |
| Investment income | $434,108 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $227,699 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,053,660 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $63,612 |
| Grants and other assistance to domestic individuals. | $1,460,083 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $250,343 |
| Compensation of current officers, directors, key employees. | $81,827 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $544,877 |
| Pension plan accruals and contributions | $13,467 |
| Other employee benefits | $49,569 |
| Payroll taxes | $56,374 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $61,888 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $15,500 |
| Fees for services: Investment Management | $90,579 |
| Fees for services: Other | $52,528 |
| Advertising and promotion | $4,612 |
| Office expenses | $30,042 |
| Information technology | $19,607 |
| Royalties | $0 |
| Occupancy | $2,282 |
| Travel | $3,975 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,710 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $11,755 |
| Insurance | $17,454 |
| All other expenses | $976 |
| Total functional expenses | $2,791,665 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $259,347 |
| Savings and temporary cash investments | $431,900 |
| Pledges and grants receivable | $636,377 |
| 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 | $42,226 |
| Net Land, buildings, and equipment | $58,133 |
| Investments—publicly traded securities | $24,844,257 |
| Investments—other securities | $15,456,524 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $41,728,764 |
| Accounts payable and accrued expenses | $68,619 |
| Grants payable | $967,500 |
| 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 | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,036,119 |
| Net assets without donor restrictions | $32,638,617 |
| Net assets with donor restrictions | $8,054,028 |
| 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 | $41,728,764 |
Grants Awarded
Over the last fiscal year, Foundation For Contemporary Arts Inc has awarded $90,000 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
VIRGINIA COMMONWEALTH UNIVERSITY PURPOSE: ELLSWORTH KELLY AWARD | $40,000 |
SOUTHERN CONNECTICUT STATE UNIVERSITY PURPOSE: VISUAL ARTS SCHOLARSHIP | $10,000 |
SYRACUSE UNIVERSITY PURPOSE: VISUAL ARTS SCHOLARSHIP | $10,000 |
UNIVERSITY OF HARTFORD PURPOSE: VISUAL ARTS SCHOLARSHIP | $10,000 |
CRANBROOK ART INSTITUTE PURPOSE: ELLSWORTH KELLY AWARD | $10,000 |
SOUTHEASTERN CENTER FOR CONTEMPORARY ARTS PURPOSE: ELLSWORTH KELLY AWARD | $10,000 |