Torrance Cultural Arts Center Foundation
- Assets
- $260.4k
- Revenue
- $471.8k
- Investments
- $0.0
- Employees
- 3
- Location
- Torrance, CA
- Founding
- 09/1994
- Data as of
- 07/2023
- EIN
- 33-0625499
Organization Overview
Torrance Cultural Arts Center Foundation is located in Torrance, CA. The organization was established in 1994. According to its NTEE Classification (A51) the organization is classified as: Art Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 07/2023, Torrance Cultural Arts Center Foundation employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Torrance Cultural Arts Center 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 07/2023, Torrance Cultural Arts Center Foundation generated $471.8k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.1% each year. All expenses for the organization totaled $351.8k during the year ending 07/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
IN PARTNERSHIP WITH THE CITY OF TORRANCE, TO ENRICH THE COMMUNITY THROUGH THE PERFORMING ARTS BY PROVIDING DIVERSE CULTURAL, EDUCATIONAL, AND ENTERTAINMENT EXPERIENCES OF THE HIGHEST QUALITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PERFORMING ARTS, VISUAL ARTS, AND ARTS EDUCATION PRESENTED THROUGHOUT THE YEAR AT AFFORDABLE PRICES AND THROUGH SCHOLARSHIPS. DONATED PRINTING SERVICES WITH AN ESTIMATED VALUE OF $34,219 WERE PROVIDED BY THE CITY OF TORRANCE AND HAVE BEEN EXCLUDED FROM INCOME AND EXPENSE. DONATED RENT FOR THE ARMSTRONG THEATRE AND OTHER FACILITIES WITH AN ESTIMATED VALUE OF $7,979 WERE PROVIDED BY THE CITY OF TORRANCE AND HAVE BEEN EXLCUDED FROM INCOME AND EXPENSE. DONATED THEATRE LABOR WITH AN ESTIMATED VALUE OF $49,216 PROVIDED BY THE CITY OF TORRANCE WERE ALSO EXCLUDED FROM INCOME AND EXPENSE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christian Wolf Executive Director | 40 | $98,501 | |
Wendy Shu President | OfficerTrustee | 2 | $0 |
Camilla Seferian Vice President | OfficerTrustee | 2 | $0 |
Heidi Cunningham Secretary | OfficerTrustee | 2 | $0 |
Lisa Prull Member At Large | OfficerTrustee | 1 | $0 |
David Kartsonis Treasurer | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $20,157 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $74,400 |
| All other contributions, gifts, grants, and similar amounts not included above | $217,200 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $311,757 |
| Total Program Service Revenue | $182,300 |
| Investment income | $5,737 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$27,984 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $471,810 |
| 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. | $98,501 |
| Compensation of current officers, directors, key employees. | $19,700 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $61,196 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $7,200 |
| Payroll taxes | $13,411 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $25,154 |
| Office expenses | $1,319 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $4,800 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,039 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $7,473 |
| All other expenses | $25,098 |
| Total functional expenses | $351,794 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $251,910 |
| Savings and temporary cash investments | $8,494 |
| Pledges and grants receivable | $0 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $260,404 |
| Accounts payable and accrued expenses | $7,176 |
| 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 | $11,955 |
| Total liabilities | $19,131 |
| Net assets without donor restrictions | $241,273 |
| 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 | $260,404 |