Liberty Arts Inc
- Assets
- $102.3k
- Revenue
- $254.7k
- Investments
- $0.0
- Employees
- 2
- Location
- Durham, NC
- Founding
- 10/2001
- Data as of
- 12/2023
- EIN
- 56-2234909
Organization Overview
Liberty Arts Inc is located in Durham, NC. The organization was established in 2001. 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 12/2023, Liberty Arts Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Liberty Arts 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 12/2023, Liberty Arts Inc generated $254.7k in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 15.8% each year . All expenses for the organization totaled $289.3k during the year ending 12/2023. While expenses have increased by 17.9% per year over the past 9 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
LIBERTY ARTS IS A SCULPTURE STUDIO AND FOUNDRY WHOSE PURPOSE IS TO ENRICH OUR COMMUNITIES WITH ARTS EXPERIENCES THAT INSPIRE, EMPOWER, EDUCATE AND ENTERTAIN. WE: - FACILITATE THE CREATION OF QUALITY, SALEABLE WORKS OF ART - ATTRACT INNOVATIVE AND ACCOMPLISHED SCULPTURES - EDUCATE ASPIRING ARTISTS AND INCUBATE THEIR CAREERS - INSPIRE ENTHUSIASM IN OUR COMMUNITY FOR THE SCUPLTURE ARTS, AND - PROVIDE EASY ACCESS TO SKILLS ASSOCIATED WITH THE INDUSTRIAL ARTS WE FULFILL OUR MISSION IN A WAY THAT PROVIDES AN ADVENTURE TO PARTICIPANTS AND VISITORS ALIKE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OUR PROGRAMS INCLUDE PUBLIC ART EXHIBITS AND SALES, PUBLIC METAL POURS, CLASSES FOR THE PUBLIC (WELDING, PLASMA CUTTING AND CERAMICS), CONTACT WITH LOCAL SCHOOLS AND A PLACE TO WORK FOR LOCAL ARTISTS THAT ARE INCLUDED IN THE LIBERTY ARTS COMMUNITY. WE OFFER A LARGE SELECTION OF ART CLASSES AND HOLD PUBLIC ART EXHIBITS AND METAL POURS THAT ARE OPEN TO THE COMMUNITY AT LARGE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Emily Garvin Executive Di | Trustee | 40 | $63,000 |
Diane Amato Board Member | Trustee | 2 | $0 |
Chris Arena Treasurer | OfficerTrustee | 5 | $0 |
Tiffany Coley Board Member | Trustee | 2 | $0 |
Ilene Hadler Secretary | OfficerTrustee | 5 | $0 |
Leigh Hayes Co-Chair | OfficerTrustee | 15 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $16,730 |
| Membership dues | $0 |
| Fundraising events | $3,767 |
| Related organizations | $0 |
| 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 | $20,497 |
| Total Program Service Revenue | $219,230 |
| Investment income | $26 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $13,163 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $1,769 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $254,685 |
| 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. | $63,000 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,200 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $4,911 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,330 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $70,361 |
| Advertising and promotion | $7,951 |
| Office expenses | $1,919 |
| Information technology | $3,379 |
| Royalties | $0 |
| Occupancy | $84,441 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $424 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,674 |
| Insurance | $2,391 |
| All other expenses | $5,848 |
| Total functional expenses | $289,322 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $37,025 |
| Savings and temporary cash investments | $50,029 |
| 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 |
| Net Land, buildings, and equipment | $15,242 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $102,296 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $2,903 |
| 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 | $444 |
| Total liabilities | $3,347 |
| Net assets without donor restrictions | $89,767 |
| Net assets with donor restrictions | $9,182 |
| 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 | $102,296 |