Roanoke Cultural Endowment
- Assets
- $5.6m
- Revenue
- $758.7k
- Investments
- $0.0
- Employees
- 2
- Location
- Roanoke, VA
- Founding
- 04/2015
- Data as of
- 12/2023
- EIN
- 47-2754436
Organization Overview
Roanoke Cultural Endowment is located in Roanoke, VA. The organization was established in 2015. According to its NTEE Classification (A12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2023, Roanoke Cultural Endowment employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Roanoke Cultural Endowment 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 12/2023, Roanoke Cultural Endowment generated $758.7k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 8.0% each year. All expenses for the organization totaled $122.3k during the year ending 12/2023. 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
THE ORGANIZATION'S MISSION IS TO CULTIVATE A LEGACY OF STABILITY, ENGAGEMENT, AND VITALITY FOR ARTS AND CULTURES IN THE CITY OF ROANOKE THROUGH GRANT MAKING. THROUGH A STRATEGIC PARTNERSHIP WITH THE CITY OF ROANOKE, THE ORGANIZATION WILL PROVIDE A SUSTAINABLE REVENUE SOURCE FOR ARTS AND CULTURAL ORGANIZATIONS IN THE CITY OF ROANOKE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION IS CURRENTLY RAISING FUNDS TO ACHIEVE ITS GOAL OF SECURING $20 MILLION IN FUNDING TO PROVIDE SUPPORT TO ARTS AND CULTURAL ORGANIZATIONS IN THE CITY OF ROANOKE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Shaleen Powell Executive Dir. | OfficerTrustee | 20 | $40,000 |
J David Wine President | OfficerTrustee | 0.5 | $0 |
Katherine Fralin Walker Secretary | OfficerTrustee | 0.5 | $0 |
Lucas L Thornton Treasurer | OfficerTrustee | 1 | $0 |
Katherine L Strickland Board Member | Trustee | 0.5 | $0 |
Sarah Tune Doherty Board Member | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $200,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $423,225 |
| Noncash contributions included in lines 1a–1f | $5,269 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $623,225 |
| Total Program Service Revenue | $0 |
| Investment income | $81,791 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $53,640 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $758,656 |
| 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. | $40,000 |
| Compensation of current officers, directors, key employees. | $28,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,331 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $3,253 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $13,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $13,381 |
| Fees for services: Other | $0 |
| Advertising and promotion | $18,132 |
| Office expenses | $0 |
| Information technology | $6,224 |
| 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 | $0 |
| Insurance | $530 |
| All other expenses | $2,448 |
| Total functional expenses | $122,261 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $373,564 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $934,498 |
| 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 | $0 |
| Investments—publicly traded securities | $4,294,226 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,602,288 |
| Accounts payable and accrued expenses | $1,925 |
| 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 | $1,925 |
| Net assets without donor restrictions | $1,565,876 |
| Net assets with donor restrictions | $4,034,487 |
| 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 | $5,602,288 |