Lake Placid Association For Music Drama & Art Inc
- Assets
- $2.3m
- Revenue
- $1.7m
- Investments
- $989.2k
- Employees
- 13
- Location
- Lake Placid, NY
- Founding
- 08/1964
- Data as of
- 05/2022
- EIN
- 14-6030874
Organization Overview
Lake Placid Association For Music Drama & Art Inc is located in Lake Placid, NY. The organization was established in 1964. According to its NTEE Classification (A20) the organization is classified as: Arts & Culture, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 05/2022, Lake Placid Association For Music Drama & Art Inc employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Placid Association For Music Drama & Art 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 05/2022, Lake Placid Association For Music Drama & Art Inc generated $1.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.8% each year. All expenses for the organization totaled $1.7m during the year ending 05/2022. While expenses have increased by 5.4% 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
THE LAKE PLACID CENTER FOR THE ARTS IS DEDICATED TO PRESENTING AND FOSTERING QUALITY ARTS, WHICH INSPIRE, ENRICH, EDUCATE AND ENTERTAIN PEOPLE OF ALL AGES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PRESENTING PROGRAMS: THE LAKE PLACID CENTER FOR THE ARTS PRESENTED ARTS PROGRAMS INCLUDING: 22 FILM SCREENINGS; 11 MUSIC PERFORMANCES; 5 DANCE PERFORMANCES; 8 THEATRE PERFORMANCES.
GALLERY PROGRAMS: THE LAKE PLACID CENTER FOR THE ARTS PRESENTED 6 GALLERY EXHIBITIONS IN THE FINE ARTS GALLERY. THE LAKE PLACID CENTER FOR THE ARTS ALSO OPERATED A GALLERY ON MAIN STREET IN DOWNTOWN LAKE PLACID.
EDUCATION PROGRAMS: THE LAKE PLACID CENTER FOR THE ARTS PRESENTED ARTS EDUCATION INCLUDING: 3 ARTS EDUCATION PROGRAMS; 3 THEATRE PERFORMANCES; 1 DANCE PERFORMANCES; 1 MUSIC PERFORMANCES; BALLET AND DANCE TRAINING SCHOOL WITH 2 RECITALS AND 30 WEEKS OF INSTRUCTION; 12 ARTISTIC RESIDENCIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Lemons Executive Di | Officer | 40 | $68,790 |
Marylou Brown Vice Preside | OfficerTrustee | 1 | $0 |
Adele Connors Co-President | OfficerTrustee | 1 | $0 |
Mike Foote Secretary | OfficerTrustee | 1 | $0 |
Cathy Johnston Treasurer | OfficerTrustee | 1 | $0 |
Tracy Smith Co-President | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $12,384 |
| Related organizations | $0 |
| Government grants | $435,059 |
| All other contributions, gifts, grants, and similar amounts not included above | $506,587 |
| Noncash contributions included in lines 1a–1f | $12,384 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $954,030 |
| Total Program Service Revenue | $607,092 |
| Investment income | $72,754 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $19,372 |
| Net Gain/Loss on Asset Sales | $20,449 |
| Net Income from Fundraising Events | $54,963 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,732,769 |
| 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. | $68,790 |
| Compensation of current officers, directors, key employees. | $20,637 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $308,004 |
| Pension plan accruals and contributions | $7,967 |
| Other employee benefits | $35,337 |
| Payroll taxes | $31,304 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $12,331 |
| Fees for services: Other | $27,139 |
| Advertising and promotion | $33,433 |
| Office expenses | $7,117 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $89,321 |
| Travel | $3,524 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $8,839 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $51,590 |
| Insurance | $32,568 |
| All other expenses | $3,694 |
| Total functional expenses | $1,720,444 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $158,238 |
| Savings and temporary cash investments | $2,848 |
| Pledges and grants receivable | $29,000 |
| Accounts receivable, net | $535 |
| 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 | $629 |
| Net Land, buildings, and equipment | $773,121 |
| Investments—publicly traded securities | $334,655 |
| Investments—other securities | $989,185 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $32,770 |
| Total assets | $2,320,981 |
| Accounts payable and accrued expenses | $30,806 |
| Grants payable | $0 |
| Deferred revenue | $124,314 |
| 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 | $317,056 |
| Other liabilities | $39,343 |
| Total liabilities | $511,519 |
| Net assets without donor restrictions | $1,699,962 |
| Net assets with donor restrictions | $109,500 |
| 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 | $2,320,981 |
Grants Recieved
Over the last fiscal year, we have identified 8 grants that Lake Placid Association For Music Drama & Art Inc has recieved totaling $104,325.
| Awarding Organization | Amount |
|---|---|
Morgan Stanley Global Impact Funding Trust Inc Indianapolis, IN PURPOSE: UNRESTRICTED GENERAL SUPPORT | $35,000 |
Adirondack Foundation Lake Placid, NY PURPOSE: FOR PERFORMANCE IN DANCE, MUSICALS, CONCERTS, FILM, CHILDRENS' PROGRAMMING, AND OTHER EVENTS: & MAINTENANCE AND UPKEEP OF THE THEATER, GALLERIES, STUDIO AND PLANT OPERATIONS | $25,300 |
Adirondack Foundation Lake Placid, NY PURPOSE: IN SUPPORT OF CONSTRUCTION OF ACCESSIBLE RESTROOMS | $20,000 |
Adirondack Foundation Lake Placid, NY PURPOSE: FOR THE LPCA OPEN SKY ARTS FESTIVAL | $10,000 |
Vermont Community Foundation Middlebury, VT PURPOSE: GENERAL PURPOSE | $10,000 |
Peter S Reed Foundation Inc New York, NY PURPOSE: FRANCES MURDOCK MEMORIAL FUND | $3,000 |
Endowment Analysis
| Beg. Balance | $1,147,607 |
| Earnings | -$96,029 |
| Admin Expense | $11,193 |
| Other Expense | $51,200 |
| Ending Balance | $989,185 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Dia Center For The Arts Inc New York, NY | $215,209,262 | $19,693,933 |
Munson-Williams-Proctor Arts Institute Utica, NY | $139,434,457 | $25,944,561 |
Bethel Woods Center For The Arts Inc Liberty, NY | $30,099,296 | $24,809,456 |
Artsquest Bethlehem, PA | $46,615,180 | $27,430,533 |
Lincoln Park Performing Arts Center Midland, PA | $37,610,958 | $11,880,429 |
Joan Mitchell Foundation Inc New York, NY | $163,093,074 | $7,287,755 |
African American Cultural Center Pittsburgh, PA | $15,275,830 | $8,128,417 |
Pioneer Works Art Foundation Brooklyn, NY | $17,838,425 | $7,041,619 |
St Anns Warehouse Inc Brooklyn, NY | $32,618,208 | $8,833,127 |
Mount Carmel Guild Education Newark, NJ | $2,668,838 | $6,215,422 |
One Club For Creativity Inc New York, NY | $23,237,696 | $9,988,732 |
Consensus Building Institute Inc Cambridge, MA | $9,333,296 | $7,559,086 |