The Raleigh Fine Arts Society Inc
- Assets
- $2.3m
- Revenue
- $288.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Raleigh, NC
- Founding
- 05/1966
- Data as of
- 06/2022
- EIN
- 56-6073681
Organization Overview
The Raleigh Fine Arts Society Inc is located in Raleigh, NC. The organization was established in 1966. 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. Raleigh Fine Arts Society 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, Raleigh Fine Arts Society Inc generated $288.1k 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 (4.1%) each year. All expenses for the organization totaled $169.9k during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (5.8%) 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO CULTIVATE, PRODUCE AND ENGAGE IN THE ARTS AND CREATE A FLOURISHING ARTS COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CHORAL CELEBRATION ALLOWS ELEMENTARY SCHOOL STUDENTS THE OPPORTUNITY TO PERFORM IN PUBLIC VENUES AND TO BE CRITIQUED BY ADJUDICATORS. STUDENT PARTICIPATION WAS DOWN, IN LARGE PART DUE TO CONTINUED DISRUPTIONS FROM COVID OUTBREAKS.
THE LITERARY CONTEST ADVANCES AND RECOGNIZES LITERARY SKILLS IN WAKE COUNTY HIGH SCHOOLS. STUDENT PARTICIPATION WAS DOWN, IN LARGE PART DUE TO CONTINUED DISRUPTIONS FROM COVID OUTBREAKS.
THE TOURS FUND IS USED TO COLLECT AND DISBURSE MONIES FROM THE PARTICIPATING MEMBERS FOR VARIOUS TRAVEL TOURS SPONSORED BY THE SOCIETY DURING THE YEAR. THE TOURS ARE EDUCATIONAL IN NATURE, AND INVOLVE TRAVEL TO IMPORTANT ART, HISTORICAL AND/OR CULTURAL LOCATIONS, SUCH AS MUSEUMS, HOMES, GALLERIES, MUSICAL VENUES, ETC.
THE ANNUAL NC ARTISTS' EXHIBITION WAS MOVED FROM A SPRING EVENT TO A FALL EVENT, WITH THE NEXT SCHEDULED IN EARLY OCTOBER 2022. THUS, THE SOCIETY DID NOT PRODUCE AN EXHIBITION IN FISCAL YEAR 2021- 2022, BUT DID HAVE EXPENSES IN PREPARATION FOR FALL 2022. THE SOCIETY ALSO HAS VARIOUS OTHER PROGRAMS AND SERVICES WHICH ENCOURAGE INVOLVEMENT IN AND PROMOTION OF FINE ARTS IN THE COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Melanie Rankin President-Elect | OfficerTrustee | 35 | $0 |
Nancy Sumner Vp-Projects | OfficerTrustee | 12 | $0 |
Catherine Cox Vp-Programs | OfficerTrustee | 1.5 | $0 |
Jan Woodard President | OfficerTrustee | 40 | $0 |
Kathy Brown Vp-Member Services | OfficerTrustee | 2 | $0 |
Lyn Maness Vp-Community Liaisons | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $39,450 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $79,944 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $119,394 |
| Total Program Service Revenue | $23,175 |
| Investment income | $31,247 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $114,311 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $288,127 |
| 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 | $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 | $38,378 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $16,150 |
| 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 | $18,671 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $16,309 |
| Total functional expenses | $169,918 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $81,504 |
| Savings and temporary cash investments | $148,428 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,318 |
| 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 | $0 |
| Investments—publicly traded securities | $2,052,360 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,284,610 |
| Accounts payable and accrued expenses | $2,051 |
| 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 | $2,051 |
| Net assets without donor restrictions | $2,282,559 |
| 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 | $2,284,610 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that The Raleigh Fine Arts Society Inc has recieved totaling $1,000.
| Awarding Organization | Amount |
|---|---|
John And Mary Camp Foundation Crozier, VA PURPOSE: GENERAL | $1,000 |
Endowment Analysis
| Beg. Balance | $1,337,146 |
| Earnings | -$175,401 |
| Net Contributions | $300 |
| Other Expense | $59,520 |
| Ending Balance | $1,102,525 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
Chapman Cultural Center Inc Spartanburg, SC | $23,950,821 | $2,123,080 |
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 |
Metropolitan Arts Council Greenville, SC | $3,409,693 | $2,105,516 |
Arts Council Of Fairfax County Inc Fairfax, VA | $710,775 | $1,457,030 |
Cultureworks Inc Richmond, VA | $827,621 | $1,289,541 |
United Arts Council Of Greater Greensboro Inc Greensboro, NC | $1,155,592 | $966,419 |