Chincoteague Island Arts Organization Inc
- Assets
- $772.5k
- Revenue
- $118.0k
- Investments
- $142.5k
- Employees
- 2
- Location
- Chincoteague Island, VA
- Founding
- 03/2012
- Data as of
- 12/2021
- EIN
- 45-4071729
Organization Overview
Chincoteague Island Arts Organization Inc is located in Chincoteague Island, VA. The organization was established in 2012. According to its NTEE Classification (A65) the organization is classified as: Theater, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2021, Chincoteague Island Arts Organization Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Chincoteague Island Arts Organization 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, Chincoteague Island Arts Organization Inc generated $118.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (9.6%) each year. All expenses for the organization totaled $78.0k during the year ending 12/2021. 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 ESTABLISH A CULTURAL ARTS CENTER ON CHINCOTEAGUE ISLAND, VA TO SHARE FILM, PERFORMING ARTS, EDUCATION PROGRAMS, AND OTHER ENTERTAINMENT WITH OUR COMMUNITY AND VISTORS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO ESTABLISH A CULTURAL ARTS CENTER ON CHINCOTEAGUE ISLAND, VA TO SHARE FILM, PERFORMING ARTS, EDUCATION PROGRAMS, AND OTHER ENTERTAINMENT WITH OUR COMMMUNITY AND VISITORS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Borges Treasurer | Officer | 20 | $0 |
Jane Peake Chairman | Officer | 20 | $0 |
Jean Knight Director | Trustee | 5 | $0 |
Thom Nolan Director | Trustee | 5 | $0 |
Vivian Cavalieri Director | Trustee | 5 | $0 |
Judy Tye Director | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $60,007 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $60,007 |
| Total Program Service Revenue | $24,685 |
| Investment income | $36,984 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$3,677 |
| 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 | $117,999 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,780 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $942 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $2,410 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,730 |
| Advertising and promotion | $6,917 |
| Office expenses | $7,228 |
| Information technology | $1,244 |
| Royalties | $0 |
| Occupancy | $0 |
| 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 | $17,301 |
| Insurance | $10,005 |
| All other expenses | $0 |
| Total functional expenses | $77,961 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $30,160 |
| Savings and temporary cash investments | $12,830 |
| 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 | $0 |
| Net Land, buildings, and equipment | $587,059 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $142,483 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $772,532 |
| Accounts payable and accrued expenses | $3,952 |
| 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 | $3,952 |
| Net assets without donor restrictions | $678,480 |
| Net assets with donor restrictions | $90,100 |
| 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 | $772,532 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Chincoteague Island Arts Organization Inc has recieved totaling $15,148.
| Awarding Organization | Amount |
|---|---|
Hampton Roads Community Foundation Norfolk, VA PURPOSE: TO BUY OUT EQUIPMENT FROM CHINCOTEAGUE CINEMA | $15,000 |
Barry S And Evelyn M Strauch Foundation Inc Mclean, VA PURPOSE: TO FUND ORGANIZATION'S PROGRAMS - UNDESIGNATED GIFTS | $100 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $48 |
Endowment Analysis
| Beg. Balance | $106,133 |
| Earnings | $36,968 |
| Admin Expense | $618 |
| Ending Balance | $142,483 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Olney Theatre Corporation Olney, MD | $19,570,202 | $9,983,104 |
Round House Theatre Inc Bethesda, MD | $10,592,034 | $5,829,495 |
Center Stage Associates Inc Baltimore, MD | $48,178,796 | $10,294,538 |
Woolly Mammoth Theatre Co Washington, DC | $10,084,762 | $5,303,229 |
Signature Theatre Inc Arlington, VA | $13,654,259 | $8,861,886 |
Actors Theatre Of Louisville Inc Louisville, KY | $21,191,144 | $5,821,422 |
Studio Theatre Inc Washington, DC | $29,626,352 | $6,176,456 |
Barter Foundation Incorporated State Theatre Of Virginia Abingdon, VA | $10,953,876 | $6,208,012 |
The Everyman Theatre Incorporated Baltimore, MD | $14,728,446 | $4,835,696 |
American Shakespeare Center Staunton, VA | $2,626,073 | $2,087,317 |
Childrens Theatre Of Charlotte Inc Charlotte, NC | $26,819,373 | $2,866,228 |
North Carolina Theatre Raleigh, NC | $3,174,252 | $3,580,122 |