Norfolk Society Of Arts
- Assets
- $896.7k
- Revenue
- $66.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Norfolk, VA
- Founding
- 02/1931
- Data as of
- 06/2021
- EIN
- 54-6038427
Organization Overview
Norfolk Society Of Arts is located in Norfolk, VA. The organization was established in 1931. According to its NTEE Classification (A26) the organization is classified as: Arts & Humanities Councils & Agencies, 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. Norfolk Society Of Arts 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 06/2021, Norfolk Society Of Arts generated $66.3k 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 (3.1%) each year. All expenses for the organization totaled $26.6k during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (5.0%) per year over the past 7 years. 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
THE SOCIETY SHALL PROMOTE AND ENHANCE THE CULTURAL LIFE OF THE COMMUNITY AND PROVIDE FINANCIAL SUPPORT TO THE CHRYSLER MUSEUM OF ART.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTION OF CULTURAL LIFE THROUGH ART LECTURES, LITERARY CONTESTS, EXHIBITIONS, MUSICAL AND DRAMATICAL RECITALS, AND FINANCIAL SUPPORT FOR ORGANIZATIONS WITH SIMILAR OBJECTIVES. IN THE YEAR OF COVID, THE ACTIVITIES OF THE ORGANIZATION WERE CURTAILED. INPERSON MEETINGS, PROGRAMS & LUNCHEONS WERE NOT HELD. LECTURES WERE PROVIDED VIA VIDEO STREAMING, AT SUBSTANTIAL COST.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jan Bradley President | OfficerTrustee | $0 | |
Susan Comer 2nd V/p | OfficerTrustee | $0 | |
Carrie Coleman Correspondin | OfficerTrustee | $0 | |
Sandra Finn Recording Se | OfficerTrustee | $0 | |
Robert Harris Treasurer | OfficerTrustee | $0 | |
Pam Kloeppel Parliamentar | OfficerTrustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $21,800 |
| Investment income | $17,122 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $27,350 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $66,272 |
| Statement of Expenses | |
|---|---|
| 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 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 | $3,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $2,885 |
| Fees for services: Other | $6,600 |
| Advertising and promotion | $132 |
| Office expenses | $2,407 |
| 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 | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $26,556 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,556 |
| Savings and temporary cash investments | $62,060 |
| Pledges and grants receivable | $0 |
| 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 |
| Investments—publicly traded securities | $828,036 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $896,652 |
| Accounts payable and accrued expenses | $784 |
| 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 | $784 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | $895,868 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Norfolk Society Of Arts has recieved totaling $250.
| Awarding Organization | Amount |
|---|---|
Hampton Roads Community Foundation Norfolk, VA PURPOSE: STAFF DEVELOPMENT | $250 |
Endowment Analysis
| Beg. Balance | $33,590 |
| Earnings | $6,850 |
| Ending Balance | $40,440 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Arts And Humanities Council Of Montgomery County In Silver Spring, MD | $1,619,347 | $6,596,599 |
Arts Memphis Memphis, TN | $27,136,198 | $4,849,435 |
Arts Council Incorporated Winston-Salem Arts Council Winstonsalem, NC | $15,705,377 | $2,746,354 |
North Carolina Humanities Council Charlotte, NC | $2,197,159 | $2,458,418 |
Arts Council Of Fayetteville Fayetteville, NC | $3,779,003 | $2,578,724 |
United Arts Council Of Raleigh And Wake County Inc Raleigh, NC | $1,299,106 | $2,647,753 |
The Art League Inc Alexandria, VA | $1,163,966 | $1,385,812 |
Durham Arts Council Inc Durham, NC | $657,218 | $2,110,368 |
West Virginia Humanities Council Inc Charleston, WV | $2,418,938 | $2,018,202 |
Howard County Arts Council Ellicott City, MD | $1,355,950 | $1,672,254 |
Lexarts Inc Lexington, KY | $1,309,442 | $1,460,251 |
Kentucky Humanities Council Inc University Of Kentucky Lexington, KY | $5,126,960 | $1,642,415 |