Ball & Socket Arts Inc
- Assets
- $7.6m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Cheshire, CT
- Founding
- 07/2013
- Data as of
- 06/2022
- EIN
- 45-4079423
Organization Overview
Ball & Socket Arts Inc is located in Cheshire, CT. The organization was established in 2013. According to its NTEE Classification (A20) the organization is classified as: Arts & Culture, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ball & Socket Arts 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 06/2022, Ball & Socket Arts Inc generated $1.3m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 22.9% each year . All expenses for the organization totaled $69.4k during the year ending 06/2022. While expenses have increased by 1.0% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION'S MISSION IS AS FOLLOWS: A. TO PROMOTE AND SUSTAIN COMMUNITY INTEREST IN AND APPRECIATION OF THE VISUAL AND PERFORMING ARTS B. TO EDUCATE THE GENERAL PUBLIC ABOUT THE VISUAL AND PERFORMING ARTS C. TO SUPPORT YOUNG AND NEEDY ARTISTS D. TO CREATE A MULTI-FACETED ARTS AND EDUCATIONAL CENTER TO HOST AND FACILITATE THE AFOREMENTIONED ACTIVITIES
Describe the Organization's Program Activity:
Part 3 - Line 4a
VISION FOR BALL & SOCKET IS TO: TRANSFORM THE HISTORIC FACTORY AND GROUNDS INTO AN ARTS AND ENTERTAINMENT COMPLEX. PRESENT CURATED EXHIBITIONS OF PROFESSIONAL ARTISTS WITH A FOCUS ON CONTEMPORARY ART, AND PROVIDE EXHIBITION SPACES FOR REGIONAL ARTISTS AND COMMUNITY ORGANIZATIONS. PRESENT PROFESSIONAL MUSIC AND THEATER PERFORMANCES AND PROVIDE OPPORTUNITIES FOR COMMUNITY ORGANIZATIONS.PRESENT A CURATED FILM SERIES AND SCREENINGS OF WORK CREATED BY FILM AND ANIMATION STUDENTS. OFFER CLASSES, WORKSHOPS AND LECTURES TAUGHT BY REGIONAL PROFESSIONAL ARTISTS FOR CHILDREN AND ADULTS, AND ENGAGE ARTISTS IN RESIDENCE FOR SPECIAL COURSES. CREATE VIBRANT OUTDOOR PUBLIC SPACE AROUND THE BUILDINGS INCLUDING A SCULPTURE PARK AND ART WALK, WITH DIRECT ACCESS TO THE FARMINGTON CANAL LINEAR PARK.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ilona Somogyi President | OfficerTrustee | 20 | $0 |
Regina Thornton Secretary | OfficerTrustee | 5 | $0 |
Karin Arai Treasurer | OfficerTrustee | 5 | $0 |
Ron Bergamo Chairman | Trustee | 10 | $0 |
Philip Anderson Director | Trustee | 5 | $0 |
Anthony Carter Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $23,654 |
| Related organizations | $0 |
| Government grants | $96,369 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,129,538 |
| Noncash contributions included in lines 1a–1f | $216,584 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,249,561 |
| Total Program Service Revenue | $0 |
| Investment income | $227 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $10,600 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,260,388 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $8,486 |
| Fees for services: Accounting | $3,250 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $11,795 |
| Advertising and promotion | $8,812 |
| Office expenses | $11,525 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $9,349 |
| Travel | $144 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $107 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $10,328 |
| All other expenses | $0 |
| Total functional expenses | $69,359 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $427,482 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $2,071,635 |
| 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 | $5,113,680 |
| Investments—publicly traded securities | $21,906 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,070 |
| Total assets | $7,637,773 |
| Accounts payable and accrued expenses | $808,521 |
| Grants payable | $0 |
| Deferred revenue | $32,643 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $96,822 |
| Secured mortgages and notes payable | $2,115,306 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,606,336 |
| Total liabilities | $5,659,628 |
| Net assets without donor restrictions | $1,978,145 |
| 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 | $7,637,773 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Ball & Socket Arts Inc has recieved totaling $35,481.
| Awarding Organization | Amount |
|---|---|
Zoes Best Friend Inc Cheshire, CT PURPOSE: GENERALPROGRAM | $22,500 |
Network For Good Inc Washington, DC PURPOSE: UNRESTRICTED | $10,330 |
Ion Bank Foundation Inc Naugatuck, CT PURPOSE: CONTRIBUTION | $2,500 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $151 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Joan Mitchell Foundation Inc New York, NY | $163,093,074 | $7,287,755 |
Pioneer Works Art Foundation Brooklyn, NY | $17,838,425 | $7,041,619 |
St Anns Warehouse Inc Brooklyn, NY | $32,618,208 | $8,833,127 |
One Club For Creativity Inc New York, NY | $23,237,696 | $9,988,732 |
Consensus Building Institute Inc Cambridge, MA | $9,333,296 | $7,559,086 |
Judd Foundation New York, NY | $82,389,087 | $7,883,436 |
Guild Hall Of East Hampton Inc East Hampton, NY | $35,896,554 | $17,394,413 |
City Lore Inc New York, NY | $1,966,661 | $4,516,520 |
New Haven International Festival Of Arts & Ideas Inc New Haven, CT | $2,354,201 | $4,042,570 |
Restart Factory Inc New York, NY | $6,049,280 | $3,828,840 |
Worcester Center For Performing Arts Inc Worcester, MA | $9,482,034 | $7,443,487 |
Norwalk Art Space Inc New York, NY | $124,938 | $3,539,843 |