I-Park Foundation Inc
- Assets
- $767.8k
- Revenue
- $417.0k
- Investments
- $0.0
- Employees
- 7
- Location
- East Haddam, CT
- Founding
- 03/2011
- Data as of
- 12/2022
- EIN
- 26-4463061
Organization Overview
I-Park Foundation Inc is located in East Haddam, CT. The organization was established in 2011. According to its NTEE Classification (A25) the organization is classified as: Arts Education, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2022, I-Park Foundation Inc employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. I-Park Foundation 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 12/2022, I-Park Foundation Inc generated $417.0k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (1.0%) each year. All expenses for the organization totaled $353.2k during the year ending 12/2022. 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
NURTURING ARTISTS AND THE CREATIVE PROCESS THROUGH ITS INTERNATIONAL ARTISTS-IN-RESIDENCE PROGRAM, THE AESTHETIC ENGAGEMENT OF ITS NATURAL ENVIRONMENT AND COMMUNITY PROGRAMMING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
I-PARK'S CORE ACTIVITY IS ITS GENERAL RESIDENCY PROGRAM. MIXED-DISCIPLINE GROUPS, 6-7 ARTISTS AT A TIME, SPEND A MONTH TOGETHER AT THE I-PARK FACILITY. IN 2022, I-PARK SPONSORED 30 ARTISTS-IN-RESIDENCE. THE RESIDENCY SEASON RAN FROM JUNE THROUGH SEPTEMBER. THE ARTISTS ARE PROVIDED WITH A PRIVATE BEDROOM, PRIVATE STUDIO, MEALS PROGRAM, WORKSHOP AND OTHER SHARED SPACES, ENTHUSIASTIC STAFF SUPPORT AND OPEN ACCESS TO AN EXPANSIVE, VARIED NATURAL LANDSCAPE WITH MILES OF ART/NATURE TRAILS. WHILE MOST PARTICIPANTS ARE PRIMARILY DEVOTED TO STUDIO PRACTICE, MANY CHOOSE TO EXPLORE THE LIMITLESS CREATIVE POTENTIAL AFFORDED BY THE I-PARK GROUNDS. THE RESIDENCIES ARE FULLY-FUNDED; ARTISTS' ONLY COSTS ARE FOR TRAVEL TO AND FROM THE AREA AND THEIR OWN ART MATERIALS.
COMMUNITY ENGAGEMENT AT I-PARK CONSISTS OF HOSTING, MOSTLY FREE, PUBLIC EVENTS SUCH AS OPEN STUDIOS, WHERE THE ARTISTS OPEN THEIR STUDIOS AT THE END OF THEIR RESIDENCIES TO EXPOSE MEMBERS OF THE PUBLIC TO THEIR WORK PROJECTS AND CREATIVE PROCESS, OPEN TRAILS DAYS, VOLUNTEERS' DAYS, A FREE FAMILY DAY AND THE HOSTING OF GROUPS OF SCHOOL CHILDREN - FOR BIRD WALKS AND OTHER ART/NATURE THEMED EVENTS. WE ALSO MAKE OFFSITE PRESENTATIONS AND PARTNER WITH OTHER ARTS ORGANIZATIONS IN THE REGION TO SHARE IDEAS, EXPOSE ONE ANOTHER TO OPPORTUNITIES IN THE FIELD AND COLLABORATE ON PUBLIC PROGRAMMING FOR MUTUAL BENEFIT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ralph Crispino Jr President, B | OfficerTrustee | 60 | $0 |
Joanne Paradis Treasurer | OfficerTrustee | 50 | $90,000 |
Naomi Otterness Secretary | OfficerTrustee | 1 | $0 |
Mie Preckler Board Member | Trustee | 1 | $0 |
Diane Wittry Director | Trustee | 1 | $0 |
Lynn Wilkinson Board Member | Trustee | 4 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $21,965 |
| All other contributions, gifts, grants, and similar amounts not included above | $367,543 |
| Noncash contributions included in lines 1a–1f | $26,293 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $389,508 |
| Total Program Service Revenue | $10,041 |
| Investment income | $11,449 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $12,495 |
| Net Gain/Loss on Asset Sales | -$8,386 |
| Net Income from Fundraising Events | $713 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $416,966 |
| 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. | $90,000 |
| Compensation of current officers, directors, key employees. | $13,500 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $83,373 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $17,535 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $295 |
| Fees for services: Accounting | $6,240 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $2,415 |
| Fees for services: Other | $27,874 |
| Advertising and promotion | $10,292 |
| Office expenses | $6,415 |
| Information technology | $11,039 |
| Royalties | $0 |
| Occupancy | $14,875 |
| Travel | $4,586 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,970 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,278 |
| Insurance | $8,675 |
| All other expenses | $8,404 |
| Total functional expenses | $353,195 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $66,601 |
| Savings and temporary cash investments | $227,196 |
| Pledges and grants receivable | $79,236 |
| Accounts receivable, net | $2,440 |
| 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 | $6,566 |
| Net Land, buildings, and equipment | $91,097 |
| Investments—publicly traded securities | $294,667 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $767,803 |
| Accounts payable and accrued expenses | $17,716 |
| 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 | $150,000 |
| Other liabilities | $0 |
| Total liabilities | $167,716 |
| Net assets without donor restrictions | $520,851 |
| Net assets with donor restrictions | $79,236 |
| 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 | $767,803 |