Riverside Arts Center Foundation Inc
- Assets
- $467.0k
- Revenue
- $228.7k
- Investments
- $0.0
- Employees
- 7
- Location
- Ypsilanti, MI
- Founding
- 01/1996
- Data as of
- 12/2021
- EIN
- 38-3228817
Organization Overview
Riverside Arts Center Foundation Inc is located in Ypsilanti, MI. The organization was established in 1996. According to its NTEE Classification (A60) the organization is classified as: Performing Arts, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2023, Riverside Arts Center Foundation Inc employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Riverside Arts Center 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 12/2021, Riverside Arts Center Foundation Inc generated $228.7k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.2% each year. All expenses for the organization totaled $161.0k during the year ending 12/2021. While expenses have increased by 0.3% per year over the past 7 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 Mission:
Part 3 - Line 1
THE ORGANIZATION IS A MULTI-PURPOSE CULTURAL ARTS VENUE PROVIDING PERFORMANCE, EXHIBIT, STUDIO AND RECEPTION SPACE FOR ARTISTS AND ART CULTURAL ORGANIZATIONS TO ENRICH THE YPSILANTI COMMUNITY THROUGH THE ARTS AND CULTURAL EXPERIENCES. IN ADDITION, ARTS RELATED PROGRAMS SUCH AS ART AND THEATER CAMPS AND CLASSES ARE OFFERED FOR YOUTH AND ADULTS.
Describe the Organization's Program Activity:
THE FACILITY WAS RENTED OUT FOR ACTIVITIES THAT INCLUDED THEATRICAL PLAYS, MUSICALS, VISUAL ART DISPLAYS, DANCE PERFORMANCES, ARTIST STUDIOS, RECEPTIONS AND OTHER ART RELATED ACTIVITIES FOR APPROXIMATELY 6,000 PARTICIPANTS. IN ADDITION, ARTS RELATED PROGRAMS SUCH AS ART AND THEATER CAMPS AND CLASSES ARE OFFERED FOR YOUTH AND ADULTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Elizabeth Warren Executive Di | Trustee | 40 | $24,256 |
Amy Fracker Executive Di | 40 | $18,750 | |
David Armstrong Treasurer | OfficerTrustee | 2 | $0 |
Morgan Cox Trustee | Trustee | 2 | $0 |
Brian Filipiak Trustee | Trustee | 2 | $0 |
Athena Johnson Trustee | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $200,497 |
| Investment income | $11 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $228,663 |
| Statement of Expenses | |
|---|---|
| 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. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $60,365 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $5,348 |
| Fees for services: Management | $18,186 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,800 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $7,727 |
| Advertising and promotion | $0 |
| Office expenses | $7,304 |
| Information technology | $3,761 |
| Royalties | $0 |
| Occupancy | $33,741 |
| Travel | $841 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,559 |
| Insurance | $3,977 |
| All other expenses | $0 |
| Total functional expenses | $160,981 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $119,234 |
| Savings and temporary cash investments | $66,361 |
| Pledges and grants receivable | $36,750 |
| Accounts receivable, net | $1,000 |
| 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 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $467,031 |
| Accounts payable and accrued expenses | $12,085 |
| 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 | $12,851 |
| Total liabilities | $24,936 |
| Net assets without donor restrictions | $407,595 |
| Net assets with donor restrictions | $34,500 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $442,095 |