Flag Art Foundation
- Assets
- $7.7m
- Revenue
- $555.6k
- Investments
- $2.1m
- Employees
- 0
- Location
- New York, NY
- Founding
- 12/2007
- Data as of
- 12/2021
- EIN
- 26-0273135
Organization Overview
Flag Art Foundation is located in New York, NY. The organization was established in 2007. According to its NTEE Classification (T23) the organization is classified as: Private Operating Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Flag Art Foundation 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 12/2021, Flag Art Foundation generated $555.6k in total revenue. All expenses for the organization totaled $1.1m during the year ending 12/2021. While expenses have increased by 6.2% per year over the past 5 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
MAINTAINING WEBSITE OF FOUNDATION TO SHOWCASE ART HELD IN GALLERY AND NOTIFY PUBLIC OF UPCOMING EVENTS.
10 PIECES OF ART LOANED TO 7 GALLERIES AND MUSEUMS EACH FOR PERIODS RANGING FROM 3 MONTHS TO OPEN ENDED.
REPRODUCTION OF AN OLD 80'S MOVIE USING ACTORS FROM VARIOUS HARLEM SCHOOLS IN HELPING OUT THE COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stephanie Roach Until 9302021 Executive Director | 40 | $248,750 | |
Jonathan Rider Assistant Director | 40 | $123,000 | |
Caroline Cassidy Exhibitions & Progra | 40 | $60,500 | |
Glenn Fuhrman President/treasurer | 5 | $0 | |
Amanda Fuhrman Vp/secretary | 5 | $0 | |
Laura Twersky As Of 12132021 Director | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $1,596 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $310,278 |
| Capital Gain Net Income | $297,402 |
| Net ST Capital Gain | $16,104 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $13,240 |
| Other Income | $230,487 |
| Total Revenue | $555,601 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $248,750 |
| Other employee salaries and wages | $183,500 |
| Pension plans, employee benefits | $36,891 |
| Interest | $0 |
| Taxes | $59,021 |
| Depreciation | $3,081 |
| Occupancy | $126,345 |
| Travel, conferences, and meetings | $3,063 |
| Printing and publications | $30,939 |
| Other expenses | $309,391 |
| Total operating and administrative expenses | $1,098,935 |
| Contributions, gifts, grants paid | $27,000 |
| Total expenses and disbursements | $1,125,935 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,499,036 |
| Savings and temporary cash investments | $1,697,807 |
| 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 | $2,090,366 |
| Net Land, buildings, and equipment | $107,818 |
| Other assets | $2,275,000 |
| Total assets | $7,670,027 |
| Accounts payable and accrued expenses | $14,073 |
| 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 | $482,192 |
| Total liabilities | $496,265 |
Grants Awarded
Over the last fiscal year, Flag Art Foundation has awarded $27,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
New York, NY PURPOSE: FOR DONEE'S EXEMPT PURPOSE | $12,000 |
92ND STREET Y PURPOSE: FOR DONEE'S EXEMPT PURPOSE | $10,000 |
AVENUES FOR JUSTICE INC PURPOSE: FOR DONEE'S EXEMPT PURPOSE | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Grace Farms Foundation New Canaan, CT | $127,278,874 | $14,337,032 |
Build Health International Inc Beverly, MA | $9,391,112 | $16,132,621 |
China Medical Board Inc Cambridge, MA | $0 | $15,367,231 |
Rubin Museum Of Art New York, NY | $219,341,965 | $20,862,684 |
Pussycat Foundation New York, NY | $113,070,433 | $12,403,154 |
Tippet Rise Foundation New York, NY | $46,097,612 | $11,599,378 |
Gerry Foundation Inc Liberty, NY | $111,892,284 | $11,122,515 |
Moise Y Safra Foundation Inc New York, NY | $57,760,218 | $6,334,851 |
Rockefeller Archive Center Sleepy Hollow, NY | $198,097,366 | $11,995,066 |
Black River Outdoor Education Program Inc Great Neck, NY | $0 | $235,026 |
Tiger Baron Foundation Inc New York, NY | $135,800,192 | $10,090,454 |
Institute For Aegean Prehistory New York, NY | $0 | $4,040,162 |