Five Points Center For The Visual Arts Inc
- Assets
- $3.2m
- Revenue
- $887.3k
- Investments
- $0.0
- Employees
- 15
- Location
- Torrington, CT
- Founding
- 09/2014
- Data as of
- 12/2022
- EIN
- 46-1555586
Organization Overview
Five Points Center For The Visual Arts Inc is located in Torrington, CT. The organization was established in 2014. According to its NTEE Classification (A40) the organization is classified as: Visual Arts, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2022, Five Points Center For The Visual Arts Inc employed 15 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Five Points Center For The Visual 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 12/2022, Five Points Center For The Visual Arts Inc generated $887.3k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 24.3% each year . All expenses for the organization totaled $768.6k during the year ending 12/2022. While expenses have increased by 29.2% 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
FIVE POINTS ARTS' MISSION IS TO CHAMPION AND NURTURE ARTISTS AT ALL STAGES OF THEIR CAREERS AND TO EMPOWER A DIVERSE COMMUNITY THROUGH THE PRESENTATION OF INSPIRING EXHIBITIONS AND EDUCATIONAL INITIATIVES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FIVE POINTS ARTS FINALIZED THE PURCHASE OF THE FORMER UNIVERSITY OF CONNECTICUT TORRINGTON CAMPUS ON JUNE 30, 2020. THE 30,000 SQ. FT. BUILDING AND SURROUNDING 90 ACRES HAS BEEN TRANSFORMED INTO THE FIVE POINTS ART CENTER. THE CENTER IS DESIGNED AS A DYNAMIC, VIBRANT, CROSS DISCIPLINARY LABORATORY WHERE ARTISTS EXPLORE NEW TECHNIQUES AND CONCEPT, LEARN FROM ONE ANOTHER AND ENGAGE THE COMMUNITY THROUGH WORKSHOPS, SEMINARS, LECTURES, AND OUTDOOR INTERACTIVE EXPERIENCES.IN CONJUNCTION WITH THE FIVE POINTS' GALLERIES AND LAUNCHPAD INITIATIVES IN DOWNTOWN TORRINGTON THE ART CENTER WILL EXPONENTIALLY FURTHER THE POSITIVE IMPACT OF THE ARTS IN OUR REGION AND EXTEND THE UNDERSTANDING OF THE VISUAL ARTS AS A VEHICLE FOR POSITIVE SOCIAL, COMMUNITY, CULTURAL AND ECONOMIC CHANGE.
THE FIVE POINTS LAUNCHPAD SUPPORTS EMERGING ARTISTS BY PROVIDING AFFORDABLE SHARED STUDIO SPACES ABOVE FIVE POINTS GALLERY. IN ADDITION TO WORKSPACE, THE INITIATIVE OFFERS A MENTORSHIP PROGRAM, A SERIOUS ARTS COMMUNITY, GALLERY MANAGEMENT EXPERIENCE AND A FIVE POINTS GALLERY EXHIBITION OPPORTUNITY.
THE FIVE POINTS ANNEX, AN EXPANSION OF THE FIVE POINTS LAUNCHPAD PROGRAM, IS AN AFFORDABLE COMMUNITY POP-UP GALLERY MANAGED BY THE LAUNCHPAD ARTISTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Judith Mcelhone Executive Dir. | OfficerTrustee | 40 | $38,718 |
Ricardo J Reyes Director | Trustee | 1 | $0 |
Joe Gitterman Director | Trustee | 1 | $0 |
Mark Malaspina Director | Trustee | 1 | $0 |
Anna Webersen Director | Trustee | 1 | $0 |
Mark Cavagnero Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $39,277 |
| Related organizations | $0 |
| Government grants | $332,884 |
| All other contributions, gifts, grants, and similar amounts not included above | $363,044 |
| Noncash contributions included in lines 1a–1f | $122,800 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $735,205 |
| Total Program Service Revenue | $78,523 |
| Investment income | $30,158 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $7,931 |
| Net Income from Fundraising Events | -$2,229 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $887,287 |
| 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. | $38,718 |
| Compensation of current officers, directors, key employees. | $10,067 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $274,353 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $25,731 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $20,053 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $13,641 |
| Advertising and promotion | $6,479 |
| Office expenses | $6,851 |
| Information technology | $9,753 |
| Royalties | $0 |
| Occupancy | $155,551 |
| 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 | $24,632 |
| Insurance | $21,804 |
| All other expenses | $10,892 |
| Total functional expenses | $768,565 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $150,410 |
| Savings and temporary cash investments | $405,805 |
| Pledges and grants receivable | $54,577 |
| Accounts receivable, net | $59,533 |
| 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 | $1,113,262 |
| Investments—publicly traded securities | $1,418,407 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $7,344 |
| Other assets | $0 |
| Total assets | $3,209,338 |
| Accounts payable and accrued expenses | $4,046 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $5,000 |
| 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 | $9,046 |
| Net assets without donor restrictions | $1,568,029 |
| Net assets with donor restrictions | $1,632,263 |
| 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 | $3,209,338 |