Seventh Art Corporation Of Ithaca
- Assets
- $590.0k
- Revenue
- $665.1k
- Investments
- $0.0
- Employees
- 16
- Location
- Ithaca, NY
- Founding
- 05/2001
- Data as of
- 12/2022
- EIN
- 16-1596844
Organization Overview
Seventh Art Corporation Of Ithaca is located in Ithaca, NY. The organization was established in 2001. According to its NTEE Classification (A31) the organization is classified as: Film & Video, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2022, Seventh Art Corporation Of Ithaca employed 16 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Seventh Art Corporation Of Ithaca 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, Seventh Art Corporation Of Ithaca generated $665.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (9.9%) each year. All expenses for the organization totaled $945.6k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (1.8%) per year over the past 5 years. 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
TO ENCOURAGE CENTRAL NEW YORK RESIDENTS TO EXPLORE THE POWER OF FILM TO ENTERTAIN, EDUCATE, AND TO CELEBRATE THE HUMAN EXPERIENCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATION OF A FIVE SCREEN CINEMA DEVOTED TO FILMS OF ARTISTIC RATHER THAN COMMERCIAL VALUE IN ADDITION TO ORGANIZING FILM SYMPOSIUMS AND EDUCATIONAL PROGRAMS IN COOPERATION WITH AREA SCHOOLS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carol Bushberg Director | Trustee | 1 | $0 |
Allison Andersen Secretary | OfficerTrustee | 1 | $0 |
Don Rakow Chair | OfficerTrustee | 1 | $0 |
Tom Shevory Director | Trustee | 1 | $0 |
Raza Rumi Ahmad Director | Trustee | 1 | $0 |
Patricia Zimmermann Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $170,645 |
| All other contributions, gifts, grants, and similar amounts not included above | $106,214 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $276,859 |
| Total Program Service Revenue | $319,120 |
| Investment income | $2,800 |
| 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 | $66,332 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $665,111 |
| 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. | $67,126 |
| Compensation of current officers, directors, key employees. | $16,781 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $208,436 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $2,705 |
| Payroll taxes | $21,358 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,810 |
| Fees for services: Accounting | $16,773 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $512 |
| Advertising and promotion | $20,872 |
| Office expenses | $31,844 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $260,456 |
| Travel | $1,016 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,169 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,877 |
| Insurance | $10,410 |
| All other expenses | $21,013 |
| Total functional expenses | $945,621 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $209,093 |
| Savings and temporary cash investments | $55,858 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $15,405 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $756 |
| Prepaid expenses and deferred charges | $901 |
| Net Land, buildings, and equipment | $46,448 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $261,533 |
| Total assets | $589,994 |
| Accounts payable and accrued expenses | $21,563 |
| 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 | $0 |
| Other liabilities | $262,609 |
| Total liabilities | $284,172 |
| Net assets without donor restrictions | $305,822 |
| Net assets with donor restrictions | $0 |
| 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 | $589,994 |