Cincinnati Institute Of Fine Arts
- Assets
- $126.9m
- Revenue
- $12.3m
- Investments
- $33.8m
- Employees
- 30
- Location
- Cincinnati, OH
- Founding
- 11/1951
- Data as of
- 08/2023
- EIN
- 31-0537138
Organization Overview
Cincinnati Institute Of Fine Arts, operating under the name Artswave, is located in Cincinnati, OH. The organization was established in 1951. According to its NTEE Classification (A12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 08/2023, Artswave employed 30 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Artswave 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 08/2023, Artswave generated $12.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (4.2%) each year. All expenses for the organization totaled $15.2m during the year ending 08/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Artswave has awarded 319 individual grants totaling $50,504,251. 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
WITH FUNDING, SERVICES, AND ADVOCACY, ARTSWAVE FUELS A MORE VIBRANT ECONOMY AND CONNECTED COMMUNITY THROUGH THE ARTS.
Describe the Organization's Program Activity:
GRANTMAKING: MANAGEMENT OF ANNUAL COMMUNITY CAMPAIGN FOR THE ARTS TO PROVIDE THE RESOURCES USED TO MAKE DISTRIBUTIONS OF FINANCIAL GRANTS TO ORGANIZATIONS THROUGHOUT THE GREATER CINCINNATI REGION. THESE GRANTS HELP THEM CREATE A VITAL ARTS SCENE AND ALL THE COMMUNITYWIDE BENEFITS THAT COME WITH IT, INCLUDING ECONOMIC VITALITY AND A GREATER SENSE OF CONNECTEDNESS FOR THE PEOPLE OF THE REGION. DISTRIBUTIONS SUPPORT A WIDE VARIETY OF ARTS AND CULTURE GROUPS THAT REFLECT AND BENEFIT THE COMMUNITY IN ALL ITS DIVERSITY.
MARKETING THE IMPACT OF THE ARTS: ORGANIZATION OF SEVERAL DAYS OF FREE SAMPLINGS OF VISUAL AND PERFORMING ARTS AT MULTIPLE VENUES ACROSS THE REGIONAL COMMUNITY. ORGANIZATION OF COMMUNITY ENGAGEMENT EVENTS THAT CONNECT PEOPLE THROUGH THE ARTS. DEVELOPMENT AND EXECUTION OF MARKETING AND PUBLIC RELATIONS STRATEGY THAT BUILDS BROAD SUPPORT FOR THE ARTS BY FOCUSING ON THE COMMUNITY IMPACT OF ARTS ORGANIZATIONS
MEASURING IMPACT: COLLECTION OF DATA WHICH MEASURES THE IMPACT OF THE ARTS AS LOCAL ARTS ORGANIZATIONS CREATE ECONOMIC VITALITY, VIBRANT NEIGHBORHOODS, AND A MORE CONNECTED COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ron Bates Trustee | Trustee | 1 | $0 |
Gale Beckett Trustee | Trustee | 1 | $0 |
Tysonn Betts Trustee | Trustee | 1 | $0 |
Michael Betz Trustee | Trustee | 1 | $0 |
Laura N Brunner Trustee | Trustee | 1 | $0 |
Carri Chandler Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Triversity Construction Company Contractor | 8/30/23 | $919,838 |
River City Furniture Furniture And Furnishings | 8/30/23 | $292,836 |
Stratus Live Donor Database Manager | 8/30/23 | $198,750 |
Ita Audio Visual Solutions Audio Visual | 8/30/23 | $130,885 |
Hale Justis Llc Rental Property | 8/30/23 | $107,623 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $12,742,057 |
| Noncash contributions included in lines 1a–1f | $130,239 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $12,742,057 |
| Total Program Service Revenue | $53,155 |
| Investment income | $1,401,764 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,934,978 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $12,271,327 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $10,269,577 |
| Grants and other assistance to domestic individuals. | $193,328 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $605,952 |
| Compensation of current officers, directors, key employees. | $118,313 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,605,209 |
| Pension plan accruals and contributions | $113,817 |
| Other employee benefits | $204,086 |
| Payroll taxes | $152,940 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,220 |
| Fees for services: Accounting | $64,100 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $97,591 |
| Fees for services: Other | $255,433 |
| Advertising and promotion | $347,262 |
| Office expenses | $84,417 |
| Information technology | $104,705 |
| Royalties | $0 |
| Occupancy | $147,283 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $55,691 |
| Interest | $75,649 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $186,138 |
| Insurance | $20,528 |
| All other expenses | $154,699 |
| Total functional expenses | $15,213,145 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,965,024 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $3,726,634 |
| 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 | $0 |
| Net Land, buildings, and equipment | $1,682,401 |
| Investments—publicly traded securities | $77,730,009 |
| Investments—other securities | $33,834,850 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,966,842 |
| Total assets | $126,905,760 |
| Accounts payable and accrued expenses | $159,998 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $43,720,802 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,714,318 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $11,031,861 |
| Total liabilities | $56,626,979 |
| Net assets without donor restrictions | $18,463,640 |
| Net assets with donor restrictions | $51,815,141 |
| 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 | $126,905,760 |
Grants Awarded
Over the last fiscal year, Cincinnati Institute Of Fine Arts has awarded $10,175,039 in support to 72 organizations.
| Grant Recipient | Amount |
|---|---|
CINCINNATI MUSEUM ASSOCIATION (CAM) PURPOSE: SUSTAINING IMPACT GRANT | $1,260,000 |
CINCINNATI SYMPHONY ORCHESTRA PURPOSE: SUSTAINING IMPACT GRANT | $2,321,614 |
CINCINNATI OPERA PURPOSE: SUSTAINING IMPACT GRANT | $688,850 |
CINCINNATI USA REGIONAL CHAMBER FOUNDATION PURPOSE: BLINK GRANT | $660,000 |
CINCINNATI PLAYHOUSE IN THE PARK PURPOSE: SUSTAINING IMPACT GRANT | $1,055,000 |
CLIFTON CULTURAL ARTS CENTER PURPOSE: ARP GRANT | $35,800 |