Ball & Socket Arts Inc
- Assets
- $7.7m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 3
- Location
- Cheshire, CT
- Founding
- 07/2013
- Data as of
- 06/2023
- 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. As of 06/2023, Ball & Socket Arts Inc employed 3 individuals. 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 06/2023, Ball & Socket Arts Inc generated $1.2m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 19.7% each year . All expenses for the organization totaled $425.7k during the year ending 06/2023. While expenses have increased by 26.5% per year over the past 8 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
BALL & SOCKET ARTS IS TRANSFORMING AN ABANDONED INDUSTRIAL CAMPUS INTO AN INNOVATIVE AND DYNAMIC ARTS DESTINATION FOR THE CENTRAL CONNECTICUT REGION (AND BEYOND). BUILT ON THE ETHOS OF SUSTAINABILITY AND HISTORIC PRESERVATION, BALL & SOCKET ARTS OFFERS VIBRANT ARTS & CULTURE PROGRAMMING AND PROVIDES ACCESSIBLE AND RELEVANT EXPERIENCES TO A BROAD PUBLIC AUDIENCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE LONG-TERM VISION FOR BALL & SOCKET IS TO TRANSFORM THE HISTORIC FACTORY BUILDINGS AND GROUNDS INTO A WELCOMING HUB FOR ARTS, CULTURE, CREATIVE COMMERCE, AND COMMUNITY. BALL & SOCKET ARTS WILL PRESENT CURATED EXHIBITIONS OF CONTEMPORARY VISUAL ARTISTS WITH A FOCUS ON CONTEMPORARY ART IN THE WORKSHOP GALLERY, AND ONCE COMPLETED, INSIDE BUILDING 1. BALL & SOCKET ARTS PRESENTS A RANGE OF MULTIDISCIPLINARY ARTS, CULTURE, AND HISTORY PROGRAMMING. ON-SITE SPACES IN BUILDING 1 WILL INCLUDE: A GRAND EXHIBITION HALL; A FLEXIBLE PERFORMANCE VENUE; AN INTERACTIVE HISTORY MUSEUM; AN EDUCATION WING; SPACES FOR PARTNERING ARTS ORGANIZATIONS AND CREATIVE COMMERCE; AND MORE. OUR PROGRAMMING WILL INCLUDE WORKSHOPS, CLASSES, AND LECTURES FOR ALL AGES, ALONG WITH COMMISSIONED WORKS OF ART FOR OUR EXTERIOR AND INTERIOR SPACES. WE ENVISION VIBRANT, ACCESSIBLE OUTDOOR PUBLIC SPACES AROUND OUR CAMPUS FEATURING ART INSTALLATIONS AND SPACES TO GATHER. OUR SITE FEATURES DIRECT ACCESS TO THE FARMINGTON CANAL LINEAR TRAIL FOR EASY PEDESTRIAN AND CYCLIST ACCESS, AS WELL AS DIRECT ACCESS TO PUBLIC TRANSPORTATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ilona Somogyi President | OfficerTrustee | 40 | $7,500 |
Ron Bergamo Chairman | Trustee | 15 | $0 |
Karin Arai Treasurer | OfficerTrustee | 10 | $0 |
Regina Thornton Secretary | OfficerTrustee | 5 | $0 |
Anthony Carter Director | Trustee | 2 | $0 |
Roberta Havlick Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $56,795 |
| Related organizations | $0 |
| Government grants | $814,812 |
| All other contributions, gifts, grants, and similar amounts not included above | $366,113 |
| Noncash contributions included in lines 1a–1f | $100,000 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,237,720 |
| Total Program Service Revenue | $0 |
| Investment income | $11,401 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$6,480 |
| Net Gain/Loss on Asset Sales | -$332 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,247,243 |
| 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. | $30,000 |
| Compensation of current officers, directors, key employees. | $7,500 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $135,624 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $16,620 |
| Payroll taxes | $14,728 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $26,073 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $2,315 |
| Fees for services: Other | $0 |
| Advertising and promotion | $25,284 |
| Office expenses | $20,137 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $63,457 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $50,670 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $33,889 |
| Insurance | $2,415 |
| All other expenses | $4,496 |
| Total functional expenses | $425,708 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $197,106 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $676,834 |
| 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 | $6,566,693 |
| Investments—publicly traded securities | $281,387 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,070 |
| Total assets | $7,725,090 |
| Accounts payable and accrued expenses | $152,535 |
| Grants payable | $0 |
| Deferred revenue | $1,250 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $62,162 |
| Secured mortgages and notes payable | $2,165,976 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,500,000 |
| Total liabilities | $4,881,923 |
| Net assets without donor restrictions | $2,843,167 |
| 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 | $7,725,090 |