Pearson Lakes Art Center
- Assets
- $10.0m
- Revenue
- $569.7k
- Investments
- $0.0
- Employees
- 19
- Location
- Okoboji, IA
- Founding
- 06/1968
- Data as of
- 12/2022
- EIN
- 42-0930815
Organization Overview
Pearson Lakes Art Center is located in Okoboji, IA. The organization was established in 1968. According to its NTEE Classification (A20) the organization is classified as: Arts & Culture, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2022, Pearson Lakes Art Center employed 19 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Pearson Lakes Art 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 12/2022, Pearson Lakes Art Center generated $569.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (3.3%) each year. All expenses for the organization totaled $1.1m during the year ending 12/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION'S MISSION IS TO EXCITE, ENGAGE AND SERVE COMMUNITIES WITHIN THE IOWA GREAT LAKES REGION THROUGH OUR COLLECTIONS, EXHIBITIONS, PERFORMANCES, AND EDUCATIONAL PROGRAMS; A NON-PROFIT CENTER CONNECTING GENERATIONS OF PEOPLE THROUGH EXCEPTIONAL ARTS EXPERIENCES.
Describe the Organization's Program Activity:
THE PEARSON LAKES ART CENTER OPERATES MULTIPLE VISUAL ARTS GALLERIES, A PERFORMING ARTS THEATER AND AN ARTS EDUCATIONAL CENTER THAT OFFERS PROGRAMS, CLASSES, LECTURES, PERFORMANCES AND EXHIBITS ON A YEAR ROUND BASIS. THE ACTIVITIES ACHIEVE THE GOAL OF EXPOSING THE VISUAL AND PERFORMING ARTS TO THE GENERAL PUBLIC IN NORTHWEST IOWA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Kirshbaum CEO | 48 | $90,176 | |
Marilyn Caudle Director | Trustee | 1 | $0 |
Abby Walleck Treasurer | OfficerTrustee | 1 | $0 |
Ron Moroco Director | Trustee | 1 | $0 |
Christopher Fuhrman Secretary | OfficerTrustee | 1 | $0 |
Jody Obrien Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $117,777 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $570,712 |
| Noncash contributions included in lines 1a–1f | $198,772 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $688,489 |
| Total Program Service Revenue | $431,678 |
| Investment income | -$647,049 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $6,821 |
| Net Gain/Loss on Asset Sales | -$9,386 |
| Net Income from Fundraising Events | $99,162 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $569,715 |
| 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. | $90,176 |
| Compensation of current officers, directors, key employees. | $90,176 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $216,786 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $13,928 |
| Payroll taxes | $25,178 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $15,827 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $62,925 |
| Office expenses | $11,579 |
| Information technology | $8,621 |
| Royalties | $0 |
| Occupancy | $58,471 |
| Travel | $27,134 |
| 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 | $213,691 |
| Insurance | $31,219 |
| All other expenses | $22,691 |
| Total functional expenses | $1,085,442 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $163,718 |
| Savings and temporary cash investments | $421,525 |
| 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 | $25,027 |
| Net Land, buildings, and equipment | $5,477,404 |
| Investments—publicly traded securities | $2,389,799 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,490,941 |
| Total assets | $9,968,414 |
| Accounts payable and accrued expenses | $84,967 |
| Grants payable | $0 |
| Deferred revenue | $66,004 |
| 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 | $150,971 |
| Net assets without donor restrictions | $6,353,671 |
| Net assets with donor restrictions | $3,463,772 |
| 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 | $9,968,414 |