Lanesboro Arts Center
- Assets
- $782.2k
- Revenue
- $383.4k
- Investments
- $0.0
- Employees
- 9
- Location
- Lanesboro, MN
- Founding
- 05/1993
- Data as of
- 12/2023
- EIN
- 41-1731338
Organization Overview
Lanesboro Arts Center is located in Lanesboro, MN. The organization was established in 1993. According to its NTEE Classification (A40) the organization is classified as: Visual Arts, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2023, Lanesboro Arts Center employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lanesboro Arts Center 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 12/2023, Lanesboro Arts Center generated $383.4k in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 2.3% each year. All expenses for the organization totaled $491.5k during the year ending 12/2023. While expenses have increased by 4.7% per year over the past 5 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
LANESBORO ARTS CENTER SERVES AS A REGIONAL CATALYST FOR ARTISTIC EXCELLENCE AND EDUCATIONAL DEVELOPMENT IN PROVIDING DIVERSE ART EXPERIENCES FOR PEOPLE OF ALL AGES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LANESBORO ARTS CONTINUED TO ACTIVATE THE PEOPLE AND PLACES OF LANESBORO IN 2023 THROUGH ITS OUTREACH AND ENGAGEMENT INITIATIVES, INCLUDING: ART IN THE PARK ANNUAL FINE ART FESTIVAL IN SYLVAN PARK, ARTIST RESIDENCIES THAT FOCUSED ON PLACE-BASED COMMUNITY ENGAGEMENT, MAINTAINING A CONSIGNMENT SALES GALLERY IN PERSON AND ONLINE SUPPORTING NEARLY 100 ARTISTS, OFFERING YOUTH ART EDUCATION PROGRAMS, INSTALLING COMMUNITY BASED PUBLIC ART, AND PRESENTING PERFORMING ARTS EVENTS AT THE ST. MANE THEATRE AND IN GATEWAY PARK, INCLUDING A DIVERSE RANGE OF CONCERTS AND DRAMATIC THEATER PERFORMANCES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kara Maloney Executive Di | Officer | 40 | $55,000 |
Michael Augustin Board Chair | OfficerTrustee | 1 | $0 |
Tianna Degarmo Vice Board C | OfficerTrustee | 1 | $0 |
Nickolas Gudmundson Secretary | OfficerTrustee | 1 | $0 |
John Torgrimson Treasurer | OfficerTrustee | 1 | $0 |
Cecilia Cornejo Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $18,014 |
| Fundraising events | $9,129 |
| Related organizations | $0 |
| Government grants | $94,980 |
| All other contributions, gifts, grants, and similar amounts not included above | $103,067 |
| Noncash contributions included in lines 1a–1f | $9,129 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $225,190 |
| Total Program Service Revenue | $146,668 |
| Investment income | $6,223 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $5,507 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$412 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$47 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $383,393 |
| 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. | $55,000 |
| Compensation of current officers, directors, key employees. | $11,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $161,111 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $16,837 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,217 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $65,642 |
| Advertising and promotion | $4,995 |
| Office expenses | $8,019 |
| Information technology | $6,288 |
| Royalties | $0 |
| Occupancy | $11,534 |
| Travel | $0 |
| 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 | $40,323 |
| Insurance | $6,322 |
| All other expenses | $11,489 |
| Total functional expenses | $491,547 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,105 |
| Savings and temporary cash investments | $357,548 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $486 |
| 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 | $2,256 |
| Net Land, buildings, and equipment | $409,849 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $782,244 |
| Accounts payable and accrued expenses | $15,330 |
| 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 | $0 |
| Total liabilities | $15,330 |
| Net assets without donor restrictions | $766,914 |
| 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 | $782,244 |