The Bascom Corporation
- Assets
- $11.6m
- Revenue
- $1.6m
- Investments
- $0.0
- Employees
- 14
- Location
- Highlands, NC
- Founding
- 03/2000
- Data as of
- 12/2021
- EIN
- 56-2093546
Organization Overview
The Bascom Corporation is located in Highlands, NC. The organization was established in 2000. According to its NTEE Classification (A40) the organization is classified as: Visual Arts, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2021, Bascom Corporation employed 14 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bascom Corporation 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 12/2021, Bascom Corporation generated $1.6m 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 (5.9%) each year. All expenses for the organization totaled $1.6m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (5.7%) 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 BASCOM CREATES VISUAL ART EXPERIENCES THAT INSPIRE AND EMPOWER INDIVIDUALS AND COMMUNITIES THROUGH SEEING, THINKING AND DOING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THROUGH ENGAGING THE ARTISTIC IMAGINATION, WE BUILD HUMAN CAPACITY AND RESILIENCE IN THE PEOPLE OF OUR REGION AND INFUSE THE CREATIVE ECONOMY OF WESTERN NORTH CAROLINA WITH OPPORTUNITIES FOR COMMUNITY MEMBERS, VISITORS, AND ARTISTS ALIKE. WE SERVE THE PUBLIC AT LARGE BY OFFERING 9-12 EXHIBITIONS ANNUALLY, FREE OF CHARGE, AND FEE-BASED ART CLASSES AND STUDIO EXPERIENCES THROUGHOUT THE YEAR. WE SUPPORT ARTISTS BY OFFERING PROFESSIONAL OPPORTUNITIES FOR RESIDENCIES, EXHIBITIONS, TEACHING, CURATORSHIPS, AND RETAIL SALES. WE SERVE YOUTH IN OUR COMMUNITY BY PARTNERING WITH OTHER LOCAL NONPROFITS AND SCHOOLS TO PROVIDE ART-INFUSED STEM AND LITERACY EDUCATION, AND WE OFFER ON-SITE CLASSES AND ARTS-BASED SUMMER CAMPS. WE ALSO PROVIDE SCHOOL TEACHERS WITH IN-SERVICE PROFESSIONAL DEVELOPMENT OPPORTUNITIES.
THE BASCOM'S PUBLIC PROGRAMS SERVE 3,000 PARTICIPANTS OF ALL AGES LIVING IN MACON AND JACKSON COUNTIES. ACTIVITIES INCLUDE FREE ART EXHIBITIONS AND ADJOINING PROGRAMMING, ARTIST RESIDENCIES, IN-CLASS AND OUT-OF-SCHOOL-TIME STEAM AND ART ACTIVITIES, PROFESSIONAL DEVELOPMENT OPPORTUNITIES FOR LOCAL EDUCATORS, WORKSHOPS, CAMPS, AND SALES OPPORTUNITIES FOR LOCAL ARTISTS.
2021 ACHIEVEMENTS **REPRESENTED OVER 200 ARTISTS **EMPLOYED THREE RESIDENT ARTISTS (WINTER RESIDENT,PHOTOGRAPHY RESIDENT,AND EDUCATION FELLOW) **SERVED 3,350 DIRECT PARTICIPANTS **GAVE $13,940 IN SCHOLARSHIPS **PRESENTED 10 FREE EXHIBITIONS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Karin Peterson Executive Director | Officer | 40 | $84,715 |
Bill Reeves Chair | OfficerTrustee | 6 | $0 |
Margaret Denny Secretary | OfficerTrustee | 6 | $0 |
Martha Sutherland-Wright Treasurer | OfficerTrustee | 6 | $0 |
Ann Wrobleski Vice-Chair | OfficerTrustee | 6 | $0 |
Andrew Adams Board Member | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $313,866 |
| Fundraising events | $56,987 |
| Related organizations | $0 |
| Government grants | $15,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $802,612 |
| Noncash contributions included in lines 1a–1f | $30,084 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,188,465 |
| Total Program Service Revenue | $145,281 |
| Investment income | $24,819 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $30,901 |
| Net Income from Fundraising Events | $23,921 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $154,567 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,588,338 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $43,200 |
| Grants and other assistance to domestic individuals. | $5,506 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $84,909 |
| Compensation of current officers, directors, key employees. | $17,003 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $425,906 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $17,845 |
| Payroll taxes | $38,262 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,400 |
| Fees for services: Accounting | $23,668 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $50,696 |
| Fees for services: Investment Management | $13,070 |
| Fees for services: Other | $85,192 |
| Advertising and promotion | $13,439 |
| Office expenses | $97,994 |
| Information technology | $28,837 |
| Royalties | $0 |
| Occupancy | $275,246 |
| Travel | $34,595 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,215 |
| Interest | $3,344 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $283,280 |
| Insurance | $39,084 |
| All other expenses | $0 |
| Total functional expenses | $1,585,271 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $277,776 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $100,289 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $13,010 |
| Prepaid expenses and deferred charges | $15,100 |
| Net Land, buildings, and equipment | $9,457,028 |
| Investments—publicly traded securities | $1,423,404 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $286,195 |
| Total assets | $11,572,802 |
| Accounts payable and accrued expenses | $68,017 |
| Grants payable | $0 |
| Deferred revenue | $7,000 |
| 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 | $107,700 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $182,717 |
| Net assets without donor restrictions | $82,450 |
| Net assets with donor restrictions | $11,307,635 |
| 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 | $11,572,802 |
Grants Awarded
Over the last fiscal year, The Bascom Corporation has awarded $39,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
HIGHLANDS SCHOOL PURPOSE: Support Youth Atrists | $22,000 |
Highlands, NC PURPOSE: Support Youth Atrists | $11,000 |
Highlands, NC PURPOSE: Support Youth Atrists | $6,000 |
Grants Recieved
Over the last fiscal year, we have identified 11 grants that The Bascom Corporation has recieved totaling $232,493.
| Awarding Organization | Amount |
|---|---|
National Christian Charitable Foundation Inc Alpharetta, GA PURPOSE: CULTURE | $82,600 |
Schwab Charitable Fund San Francisco, CA PURPOSE: ARTS, CULTURE & HUMANITIES | $55,250 |
The Community Foundation Of Western North Carolina Inc Asheville, NC PURPOSE: ADVANCING THE ARTS | $43,630 |
Goldman Sachs Philanthropy Fund New York, NY PURPOSE: ARTS AND CULTURE | $15,000 |
Richard J Reynolds Iii And Marie Mallouk Reynolds Foundation Knoxville, TN PURPOSE: BASCOM TERRACE REPAIR | $10,000 |
First Citizens Foundation Raleigh, NC PURPOSE: GENERAL PURPOSE | $10,000 |
Endowment Analysis
| Beg. Balance | $1,318,242 |
| Earnings | $166,461 |
| Admin Expense | $13,070 |
| Other Expense | $48,229 |
| Ending Balance | $1,423,404 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Arts & Science Council Charlotte Mecklenburg Inc Charlotte, NC | $42,519,495 | $11,600,726 |
Frist Art Museum Nashville, TN | $27,247,403 | $12,277,490 |
Professional Photographers Of America Inc Atlanta, GA | $48,960,545 | $12,325,076 |
Textile Rental Services Association Of America Inc Alexandria, VA | $12,660,390 | $5,781,606 |
Inda Association Of The Non Woven Fabrics Industry Cary, NC | $9,846,018 | $4,859,607 |
Andreas H Bechtler Arts Foundation Charlotte, NC | $39,434,021 | $2,461,495 |
Virginia Museum Of Contemporary Art Virginia Beach, VA | $2,164,198 | $3,254,466 |
Georgia Association Of Manufacturers Inc Atlanta, GA | $2,700,140 | $2,292,406 |
The Center For Craft Creativity & Design Inc Asheville, NC | $15,329,103 | $2,386,393 |
Forward Arts Foundation Inc Atlanta, GA | $5,240,641 | $1,648,904 |
Southern Highland Handicraft Guild Inc Asheville, NC | $7,206,278 | $2,199,830 |
Mccoll Center For Art & Innovation Charlotte, NC | $14,043,354 | $2,439,387 |