Artspace Projects Inc

Organization Overview

Artspace Projects Inc is located in Minneapolis, MN. The organization was established in 1984. According to its NTEE Classification (A90) the organization is classified as: Arts Services, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2021, Artspace Projects Inc employed 44 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Artspace Projects 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 12/2020, Artspace Projects Inc generated $23.7m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 6.3% each year. All expenses for the organization totaled $24.3m during the year ending 12/2020. While expenses have increased by 8.3% per year over the past 6 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2020

Describe the Organization's Mission:

Part 3 - Line 1

TO CREATE, FOSTER, AND PRESERVE AFFORDABLE SPACE FOR ARTISTS AND ARTS ORGANIZATIONS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

REAL ESTATE PROJECTS - PROVIDES PROPERTIES THAT ARE SENSITIVE TO THE UNIQUE NEEDS AND ENVIRONMENT NECESSARY FOR ARTISTS, ARTS ORGANIZATIONS, AND ARTS VENUES, THROUGH WHOLLY, OR PARTIALLY-OWNED LIMITED PARTNERSHIPS WHICH OWN COMMERCIAL AND/OR RESIDENTIAL PROPERTIES. THESE REAL ESTATE PROJECTS PROVIDE SPACE FOR ARTISTS TO WORK ON THEIR PARTICULAR MEANS OF ARTISTIC EXPRESSION. AS AN EXAMPLE, A PAINTER OR DANCER NEEDS SPACE TO PRODUCE A HUGE PAINTING, OR TO PRACTICE THEIR DANCE STEPS.


DEVELOPMENT - DEVELOPS ARTISTS' LIVE/WORK SPACE AND CULTURAL FACILITIES WITH BOTH PUBLIC AGENCIES AND PRIVATE GROUPS BY INVOLVEMENT IN REAL ESTATE PROJECTS AS PROJECT COORDINATOR, DEVELOPER, CO-DEVELOPER, AND GENERAL CONTRACTOR; INFORMS AND EDUCATES THE GENERAL PUBLIC AND KEY DECISION MAKERS ABOUT PROJECTS AND ISSUES RELATED TO ARTISTS, SPACE AND ART FACILITIES.


CONSULTING AND STRATEGIC PARTNERSHIPS - PROVIDES A COMPUTERIZED REGISTRY AND HANDOUT OF SPACES AVAILABLE FOR RENT OR PURCHASE; CONSULTING SERVICES TO ARTS ORGANIZATIONS AND INDIVIDUAL ARTISTS AROUND THE COUNTRY; SUPPORT ON REAL ESTATE DEVELOPMENT PROJECTS, COMMUNITY BUILDING, DIVERSITY IN THE ARTS, AND NEIGHBORHOOD DEVELOPMENT AND THE ARTS.


PROPERTY MANAGEMENT - PROVIDES PROPERTY MANAGEMENT FOR NONRESIDENTIAL, ARTSPACE-OWNED PROJECTS; ARTSPACE IS RESPONSIBLE FOR OVERSEEING AND COORDINATING THE DAILY STATUS OF THE PROJECT INCLUDING FINANCIAL, PHYSICAL, AND TENANT COMMUNICATIONS; AND REPORTING ON THE ONGOING STATUS OF THE PROJECTS AND WITH REGARD TO ISSUES REQUIRING OWNER INPUT AND DECISIONS. ASSET MANAGEMENT - OVERSEES AND COLLABORATES WITH ARTISTS COOPERATIVES, ARTS TENANTS, PARTNERS, FUNDERS, AND MANAGEMENT COMPANIES OF THE ORGANIZATION'S LIMITED PARTNERSHIP HOLDINGS, TO ESTABLISH AND MAINTAIN LONG-TERM FINANCIALLY AND PHYSICALLY STABLE ASSETS.


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Outside Vendors & Contractors

Vendor Name (Service)Compensation
Cuningham Group Architecture
Construction/architecture
$645,239
The Monahan Company
Construction/architecture
$471,287
Hhl Architects
Construction/architecture
$406,265
Bozzuto Contruction Company
Construction/architecture
$451,578
Kevin Daly Architects
Construction/architecture
$408,490
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $4,292,163
All other contributions, gifts, grants, and similar amounts not included above$4,161,466
Noncash contributions included in lines 1a–1f $46,902
Total Revenue from Contributions, Gifts, Grants & Similar$8,453,629
Total Program Service Revenue$14,799,971
Investment income $740,642
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales -$601,628
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $23,726,997

Grants Awarded

Over the last fiscal year, Artspace Projects Inc has awarded $1,646,057 in support to 2 organizations.

Grant RecipientAmount

MINNESOTA SHUBERT CENTER FOR DANCE AND MUSIC INC

Org PageRecipient Profile

Minneapolis, MN

PURPOSE: Construciton Bills Paid for construction of Hennepin Center for the Arts building.

$1,636,057

MINNESOTA SHUBERT CENTER FOR DANCE AND MUSIC INC

Org PageRecipient Profile

Minneapolis, MN

PURPOSE: Grant for Dance program with Hi-Arts at El Barrio Artist Lofts in New York.

$10,000
View Grant Profile

Grants Recieved

Over the last fiscal year, we have identified 3 grants that Artspace Projects Inc has recieved totaling $200,000.

Awarding OrganizationAmount
Gates Family Foundation

Denver, CO

PURPOSE: PROJECT SUPPORT

$100,000
Gates Family Foundation

Denver, CO

PURPOSE: PROJECT SUPPORT

$50,000
Gates Family Foundation

Denver, CO

PURPOSE: RENOVATION

$50,000
View Grant Recipient Profile

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