Artspace Projects Inc
- Assets
- $91.0m
- Revenue
- $34.5m
- Investments
- $310.6k
- Employees
- 51
- Location
- Minneapolis, MN
- Founding
- 01/1984
- Data as of
- 12/2021
- EIN
- 41-1350071
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 12/2022, Artspace Projects Inc employed 51 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 12/2021, Artspace Projects Inc generated $34.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.1% each year . All expenses for the organization totaled $32.6m during the year ending 12/2021. While expenses have increased by 11.6% 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
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.
ASSET & PROPERTY MANAGEMENT - 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. PROPERTY MANAGEMENT PROVIDES SERVICES FOR VARIOUS PROJECTS, AND 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.
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
L Kelley Lindquist President | Officer | 40 | $248,606 |
William Law Chief Operating Officer | Officer | 40 | $211,860 |
Greg Handberg Sr. Vp, Properties | Officer | 50 | $202,648 |
Wendy Holmes Sr. Vp, Consulting | Officer | 50 | $192,136 |
Kathleen Kvern Sr. Vp, National Advancement | 40 | $164,604 | |
Steve Stanley Chief Financial Officer | Officer | 50 | $156,877 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Spectrum General Contractors Construction/architecture | 12/30/22 | $484,184 |
Kevin Daly Architects Construction/architecture | 12/30/22 | $390,163 |
Ratio Architects Construction/architecture | 12/30/22 | $358,711 |
Hhl Architects Construction/architecture | 12/30/22 | $327,508 |
Cuningham Group Architecture Construction/architecture | 12/30/22 | $206,386 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,779,806 |
| Investment income | $749,704 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$4,392 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $34,500,813 |
| 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. | $1,111,950 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,912,119 |
| Pension plan accruals and contributions | $98,164 |
| Other employee benefits | $389,482 |
| Payroll taxes | $308,478 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $97,522 |
| Fees for services: Accounting | $78,130 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $7,769,280 |
| Advertising and promotion | $70,072 |
| Office expenses | $1,424,484 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,207,964 |
| Travel | $222,236 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,033,206 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,806,115 |
| Insurance | $503,125 |
| All other expenses | $0 |
| Total functional expenses | $32,563,575 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $12,204,379 |
| Pledges and grants receivable | $249,840 |
| Accounts receivable, net | $17,884,349 |
| 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 | $94,674 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $310,563 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $14,104,306 |
| Total assets | $90,966,612 |
| Accounts payable and accrued expenses | $9,618,252 |
| Grants payable | $0 |
| Deferred revenue | $3,182,666 |
| 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 | $49,782,988 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $429,300 |
| Total liabilities | $63,013,206 |
| Net assets without donor restrictions | $23,095,894 |
| Net assets with donor restrictions | $4,857,512 |
| 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 | $27,953,406 |
Grants Awarded
Over the last fiscal year, Artspace Projects Inc has awarded $1,646,057 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
MINNESOTA SHUBERT CENTER FOR DANCE AND MUSIC INC PURPOSE: Grant for Dance program with Hi-Arts at El Barrio Artist Lofts in New York. | $10,000 |
MINNESOTA SHUBERT CENTER FOR DANCE AND MUSIC INC PURPOSE: Construciton Bills Paid for construction of Hennepin Center for the Arts building. | $1,636,057 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Artspace Projects Inc Minneapolis, MN | $90,966,612 | $34,500,813 |
Eau Claire Confluence Arts Inc Eau Claire, WI | $52,676,010 | $2,622,755 |
Grand Marais Arts Inc Grand Marais, MN | $1,183,032 | $457,572 |
De Pere Cultural Foundation Inc De Pere, WI | $110,708,725 | $51,638,345 |
Express Yourself Milwaukee Inc Milwaukee, WI | $0 | $354,864 |
Chatfield Center For The Arts Inc Chatfield, MN | $259,922 | $324,682 |
North Dakota Bar Foundation Inc Bismarck, ND | $491,916 | $131,182 |
Creative Artists Studios Of Ames Inc Ames, IA | $75,040 | $0 |
Oakley Collective For Arts & Research Des Moines, IA | $605 | $0 |
Rhythmically Speaking Saint Paul, MN | $38,090 | $0 |
Open Arts Minnesota Mankato, MN | $15,472 | $0 |
Forum Of Regional Arts Councils Of Minnesota Inc Staples, MN | $74,768 | $0 |
Triple-A Booster Club Baudette, MN | $87,116 | $0 |
Vangarde Arts Sioux City, IA | $5,256 | $0 |
Artist Sanctuary Red Wing, MN | $6,085 | $0 |
Black Box Inc St Cloud, MN | $343,895 | -$125 |