Farnsworth Real Estate Inc
- Assets
- $10.8m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Rockland, ME
- Founding
- 09/2015
- Data as of
- 09/2021
- EIN
- 47-3086544
Organization Overview
Farnsworth Real Estate Inc is located in Rockland, ME. The organization was established in 2015. According to its NTEE Classification (A11) the organization is classified as: Single Organization Support, 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. Farnsworth Real Estate 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 09/2021, Farnsworth Real Estate Inc generated $1.2m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 14.3% each year . All expenses for the organization totaled $645.2k during the year ending 09/2021. While expenses have increased by 5.6% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO HOLD,MAINTAIN,PRESERVE REAL ESTATE USED WITH THE WILLIAM A. FARNSWORTH LIBRARY/ART MUSEUM, INC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION IS A REAL ESTATE HOLDING COMPANY DEDICATED TO HOLDING, MAINTAINING AND PRESERVING THE REAL ESTATE USED IN CONNECTION WITH THE WILLIAM A. FARNSWORTH LIBRARY AND ART MUSEUM, INC. IT WAS FORMED FOR THE PURPOSE OF SUPPORTING THE EXEMPT ACTIVITIES OF THE SUPPORTED ORGANIZATION, INCLUDING ACQUIRING ITS REAL ESTATE TO ALLOW FOR THE FINANCING OF SUBSTANTIAL IMPROVEMENTS TO THAT REAL ESTATE.
THE ORGANIZATION IS A REAL ESTATE HOLDING COMPANY DEDICATED TO HOLDING, MAINTAINING AND PRESERVING THE REAL ESTATE USED IN CONNECTION WITH THE WILLIAM A. FARNSWORTH LIBRARY AND ART MUSEUM, INC. IT WAS FORMED FOR THE PURPOSE OF SUPPORTING THE EXEMPT ACTIVITIES OF THE SUPPORTED ORGANIZATION, INCLUDING ACQUIRING ITS REAL ESTATE TO ALLOW FOR THE FINANCING OF SUBSTANTIAL IMPROVEMENTS TO THAT REAL ESTATE.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Susan Deutsch President | OfficerTrustee | 0.2 | $0 |
Ed Waller Treasurer | OfficerTrustee | 0.2 | $0 |
Christopher Brownawell Vice President/secretary | Officer | 1 | $0 |
Richard Aroneau Director | Trustee | 0.2 | $0 |
Kris Eimicke Director | Trustee | 0.2 | $0 |
Anne Jenkins Director | Trustee | 0.2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $694,000 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $694,000 |
| Total Program Service Revenue | $545,897 |
| Investment income | $98 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,239,995 |
| 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 | $0 |
| Fees for services: Accounting | $58,134 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| 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 | $151,991 |
| Payments to affiliates | $7,000 |
| Depreciation, depletion, and amortization | $427,899 |
| Insurance | $0 |
| All other expenses | $180 |
| Total functional expenses | $645,204 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $130,077 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,829,596 |
| 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 | $8,487,445 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $356,271 |
| Other assets | $0 |
| Total assets | $10,803,389 |
| Accounts payable and accrued expenses | $21,006 |
| 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 | $12,001,400 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $12,022,406 |
| Net assets without donor restrictions | -$1,219,017 |
| 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 | $10,803,389 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Ogunquit Playhouse Foundation Ogunquit, ME | $16,189,954 | $13,533,922 |
Farnsworth Real Estate Inc Rockland, ME | $10,803,389 | $1,239,995 |
The Opera House At Boothbay Harbor Boothbay Harbor, ME | $3,047,558 | $513,394 |
Cca North Corp Concord, NH | $4,494,491 | $126,000 |
Friends Of The Daponte String Quartet Damariscotta, ME | $374,776 | $403,825 |
Majestic Theatre Manchester, NH | $191,750 | $366,095 |
Wilhelm Reich Infant Trust Rangeley, ME | $808,958 | $371,908 |
Rangeley Friends Of The Performing Arts Inc Rangeley, ME | $1,046,663 | $241,635 |
Harbor Theater Boothbay, ME | $295,945 | $0 |
Pejepscot Endowment Trust Brunswick, ME | $1,134,159 | $164,130 |
Old Fort Western Fund Augusta, ME | $392,040 | $102,282 |
July 4th Portland Portland, ME | $4,983 | $0 |