Contemporary Art Foundation Inc
- Assets
- $3.9m
- Revenue
- $552.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Raleigh, NC
- Founding
- 12/1983
- Data as of
- 06/2022
- EIN
- 56-1376155
Organization Overview
Contemporary Art Foundation Inc is located in Raleigh, NC. The organization was established in 1983. According to its NTEE Classification (A51) the organization is classified as: Art Museums, 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. Contemporary Art Foundation 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 06/2022, Contemporary Art Foundation Inc generated $552.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (9.1%) each year. All expenses for the organization totaled $700.2k during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (9.7%) per year over the past 5 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO SOLICIT MONEY AND PROPERTY TO BE USED TO PROMOTE THE EDUCATIONAL, CULTURAL, AND ECONOMIC DEVELOPMENT OF RALEIGH'S ART COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SUMMER ARTIST RECEPTIONS. THIS WAS A GATHERING OF ARTISTS AND FRIENDS FEATURING FOOD, COCKTAILS, AND MUSIC WITH ARTISTS EXPLAINING WHAT MOTIVATED THEM TO CREATE THE ART ON DISPLAY.
THE BETTY EICHENBERGER ADAMS SOCIETY (BEAS) IS CAM'SWOMEN-ONLY MEMBERSHIPGROUP WITH THE MISSION TO GENERATE, EDUCATE, AND PROMOTE INTEREST IN CONTEMPORARY ART IN RALEIGH AND BEYOND. THE BEAS SEEK TO ESTABLISH AND MAINTAIN A BASE OF SUPPORT FOR CAM, BECOMING PILLARS OF STRENGTH FOR CAM NOW, AND FOR FUTURE GENERATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lisa Mcgowan Ec At Large | Trustee | 1 | $0 |
Fred Beaujeu-Dufour Director | Trustee | 1 | $0 |
Tim Capps Director | Trustee | 1 | $0 |
Paul Coggins Director | Trustee | 1 | $0 |
Leah Goodnight Tyler Director | Trustee | 1 | $0 |
Peter Duffley Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $47,505 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $351,846 |
| 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 | $399,351 |
| Total Program Service Revenue | $88,130 |
| Investment income | $0 |
| 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 | $552,436 |
| 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 | $123,634 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $24,583 |
| Payroll taxes | $1,142 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| 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 | $310,172 |
| 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 | $64,750 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $158,329 |
| Insurance | $17,553 |
| All other expenses | $0 |
| Total functional expenses | $700,163 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $188,539 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $23,196 |
| Accounts receivable, net | $2,337 |
| 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 | $12,614 |
| Net Land, buildings, and equipment | $3,643,089 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,629 |
| Total assets | $3,876,404 |
| Accounts payable and accrued expenses | $15,059 |
| 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 | $1,074,147 |
| Other liabilities | $0 |
| Total liabilities | $1,089,206 |
| Net assets without donor restrictions | $2,787,198 |
| 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 | $3,876,404 |