Art & Practice
- Assets
- $27.7m
- Revenue
- $1.3m
- Investments
- $26.2m
- Employees
- 0
- Location
- Los Angeles, CA
- Founding
- 03/2014
- Data as of
- 12/2021
- EIN
- 46-1471404
Organization Overview
Art & Practice is located in Los Angeles, CA. The organization was established in 2014. According to its NTEE Classification (T23) the organization is classified as: Private Operating Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Art & Practice 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, Art & Practice generated $1.3m 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 (9.3%) each year. All expenses for the organization totaled $1.1m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
ART + PRACTICE'S MISSION IS TO SUPPORT THE NEEDS OF ITS LOCAL FOSTER YOUTH AND PROVIDE ITS COMMUNITY WITH FREE ACCESS TO MUSEUM-CURATED CONTEMPORARY ART. MANAGEMENT AND GENERAL ACTIVITIES INCLUDE THOSE THAT PROVIDE GOVERNANCE, OVERSIGHT, BUSINESS MANAGEMENT, FINANCIAL RECORD KEEPING, BUDGETING, LEGAL SERVICES, HUMAN RESOURCE MANAGEMENT, AND SIMILAR ACTIVITIES THAT ENSURE AN ADEQUATE WORKING ENVIRONMENT AND AN EQUITABLE EMPLOYMENT PROGRAM.
PUBLIC ENGAGEMENT - ART + PRACTICE, IN CONJUNCTION WITH MUSEUM-INSTITUTIONS, ORGANIZES ART EXHIBITIONS AND PUBLIC PROGRAMS FOR THE PUBLIC AT NO CHARGE. THESE PROGRAMS INCLUDED INDIVIDUAL ARTISTS' TALKS AND PANEL DISCUSSIONS.
FOSTER YOUTH - ART + PRACTICE SUPPORTS THE NEEDS OF ITS LOCAL FOSTER YOUTH THROUGH ITS COLLABORATIONS WITH NONPROFIT FOSTER YOUTH SOCIAL SERVICES PROVIDER FIRST PLACE FOR YOUTH. FOSTER YOUTH RECEIVED JOB TRAINING, HOUSING SERVICES, AND EDUCATION SUPPORT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sophia Belsheim Secretary | 40 | $107,774 | |
Mark Bradford Chief Executive Officer | 1 | $0 | |
Allan Dicastro Chief Financial Officer | 25 | $0 | |
Eileen Harris Norton Director | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Md Custom Wood | 12/30/15 | $87,075 |
Benjamin Garcia | 12/30/15 | $66,277 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $415,221 |
| Interest on Savings | $67,795 |
| Dividends & Interest | $384,519 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $432,420 |
| Capital Gain Net Income | $432,420 |
| Net ST Capital Gain | $3,340 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $1,299,955 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $107,774 |
| Other employee salaries and wages | $159,650 |
| Pension plans, employee benefits | $21,020 |
| Interest | $0 |
| Taxes | $12,732 |
| Depreciation | $91,637 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $509,820 |
| Total operating and administrative expenses | $1,012,830 |
| Contributions, gifts, grants paid | $111,000 |
| Total expenses and disbursements | $1,123,830 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,308,727 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $630 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $172,654 |
| Other assets | $19,989 |
| Total assets | $27,695,531 |
| Accounts payable and accrued expenses | $79,276 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $79,276 |
Grants Awarded
Over the last fiscal year, Art & Practice has awarded $111,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
FIRST PLACE FOR YOUTH PURPOSE: TO SUPPORT THE ART + PRACTICE SCHOLARS PROGRAM AS DESCRIBED IN FIRST PLACE FOR YOUTH'S PROPOSAL | $101,000 |
Los Angeles, CA PURPOSE: PROVIDE SUPPORT TO COMMUNITY PARTNERS PROJECT FOR THE CALIFORNIA AFRICAN AMERICAN MUSEUM. | $10,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Art & Practice has recieved totaling $345,396.
| Awarding Organization | Amount |
|---|---|
Arizona Community Foundation Phoenix, AZ PURPOSE: PROGRAM SUPPORT | $345,396 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Singleton Foundation For Financial Literacy And Entrepreneurship Burbank, CA | $5,023,733 | $12,067,602 |
Draper Richards Kaplan Foundation Menlo Park, CA | $54,158,347 | $29,356,238 |
Oprah Winfrey Leadership Academy Foundation Los Angeles, CA | $17,969,443 | $12,010,898 |
Wadhwani Operating Foundation Los Altos, CA | $0 | $65,339,394 |
Henry T Nicholas Education Foundation Inc Santa Ana, CA | $712,720 | $5,509,546 |
Chinese Character A Day Foundation Huntington Beach, CA | $0 | $31,765 |
Janie And Donald Friend Foundation San Francisco, CA | $0 | $1,186,592 |
Tomkat Ranch Educational Foundation Pescadero, CA | $1,784,473 | $4,660,042 |
Pacific Research Institute For Public Policy Pasadena, CA | $22,104,229 | $7,799,578 |
Ionetix Ppe Foundation San Francisco, CA | $0 | $4,350,988 |
Na Aina Kai Botanical Gardens Kilauea, HI | $76,195,065 | $4,390,722 |
Easton Sports Development Foundation Van Nuys, CA | $11,576,483 | $3,446,410 |