Visual Arts Exchange
- Assets
- $627.7k
- Revenue
- $490.3k
- Investments
- $0.0
- Employees
- 6
- Location
- Raleigh, NC
- Founding
- 03/1981
- Data as of
- 06/2023
- EIN
- 56-1287429
Organization Overview
Visual Arts Exchange is located in Raleigh, NC. The organization was established in 1981. According to its NTEE Classification (A51) the organization is classified as: Art Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 06/2023, Visual Arts Exchange employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Visual Arts Exchange 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 06/2023, Visual Arts Exchange generated $490.3k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $395.4k during the year ending 06/2023. While expenses have increased by 0.0% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
VAE PRODUCES, FUNDS, AND EXHIBITS SOCIALLY-ENGAGED ART THROUGH COMMUNITY COLLABORATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FUNDING AND FISCAL SPONSORSHIPVAE PROVIDES DIRECT SUPPORT TO ARTISTS CHIEFLY THROUGH ITS LARGEST FUNDING INITIATIVE: THE SNAPDRAGON FUND, A REGIONAL REGRANTING PROGRAM MADE POSSIBLE THROUGH FUNDING FROM THE ANDY WARHOL FOUNDATION FOR THE VISUAL ARTS. THE FUND PROVIDES $60,000 OF FUNDING FOR INDIVIDUAL ARTISTS EACH YEAR. THIS FUNDING IS SPLIT ACROSS 3 CATEGORIES: 8 PROJECT GRANTS OF $5,000, 5 RESEARCH GRANTS OF $2,000, AND 20 MICRO GRANTS OF $500.VAE'S FISCAL SPONSORSHIP PROGRAM ALLOWS THE ORGANIZATION TO SUPPORT INDIVIDUAL ARTISTS AND UNINCORPORATED ARTIST GROUPS THROUGH THE PROVISION OF GRANT AND DONATION-BASED FUNDRAISING OPPORTUNITIES UNDER THE ORGANIZATION'S NONPROFIT UMBRELLA, AS WELL AS ASSISTANCE IN THE MANAGEMENT OF THEIR FINANCES. THE ORGANIZATION IS RESPONSIBLE FOR COLLECTING FUNDS RESTRICTED TO THE PROJECT AND DISBURSING THEM IN ACCORDANCE WITH THE PROJECT'S APPROVED GUIDELINES.
PROJECTS AND EXHIBITIONSVAE ORGANIZES THE BULK OF ITS PROGRAMMING INTO LARGE-SCALE PROJECTS THAT INCLUDE EXHIBITIONS AND COMMUNITY EVENTS. THESE PROJECTS FOCUS ON HIGHLIGHTING THE CREATIVE CONTRIBUTIONS OF PEOPLE WHO ARE OFTEN MARGINALIZED FROM THE CONTEMPORARY ART WORLD AND BUILDING TRUST WITH NEW COMMUNITIES. VAE PRODUCES BETWEEN 6 AND 20 EXHIBITIONS EACH YEAR, DISPLAYING WORKS FROM A GROWING ARRAY OF CONTEMPORARY ARTISTS. IN ADDITION TO THE ORGANIZATION'S MAIN GALLERIES IN THEIR FLAGSHIP LOCATION, THE ORGANIZATION ALSO HOSTS EXHIBITIONS IN A COLLECTION OF COMMUNITY EXHIBITION SPACES ACROSS THE GREATER TRIANGLE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sophie Mcmillian Chair | OfficerTrustee | 2 | $0 |
Liani Yirka Secretary | OfficerTrustee | 2 | $0 |
Pete Harvey Treasurer | OfficerTrustee | 1 | $0 |
Kinard Barnett Director | Trustee | 1 | $0 |
Kristy Garcia Breneman Director | Trustee | 1 | $0 |
Latissa Davis Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $50,940 |
| Related organizations | $0 |
| Government grants | $130,743 |
| All other contributions, gifts, grants, and similar amounts not included above | $339,935 |
| Noncash contributions included in lines 1a–1f | $2,000 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $521,618 |
| Total Program Service Revenue | $14,350 |
| Investment income | $395 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$46,108 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $490,255 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,500 |
| 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. | $71,969 |
| Compensation of current officers, directors, key employees. | $8,636 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $77,857 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $16,672 |
| Payroll taxes | $11,276 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $11,270 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $60,473 |
| Advertising and promotion | $535 |
| Office expenses | $996 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $87,604 |
| 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 | $2,056 |
| Insurance | $6,129 |
| All other expenses | $341 |
| Total functional expenses | $395,441 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $62,366 |
| Savings and temporary cash investments | $59,607 |
| Pledges and grants receivable | $194,596 |
| Accounts receivable, net | $2,110 |
| 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 | $7,903 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $301,152 |
| Total assets | $627,734 |
| Accounts payable and accrued expenses | $15,150 |
| 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 | $301,718 |
| Total liabilities | $316,868 |
| Net assets without donor restrictions | $16,322 |
| Net assets with donor restrictions | $294,544 |
| 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 | $627,734 |