Artspace Inc
- Assets
- $1.2m
- Revenue
- $651.8k
- Investments
- $0.0
- Employees
- 16
- Location
- Raleigh, NC
- Founding
- 03/1982
- Data as of
- 06/2022
- EIN
- 58-1450132
Organization Overview
Artspace Inc is located in Raleigh, NC. The organization was established in 1982. According to its NTEE Classification (A25) the organization is classified as: Arts Education, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 06/2022, Artspace Inc employed 16 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Artspace 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, Artspace Inc generated $651.8k 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 (3.5%) each year. All expenses for the organization totaled $920.5k during the year ending 06/2022. 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
ARTS EDUCATION AND AWARENESS
Describe the Organization's Program Activity:
Part 3 - Line 4a
EXHIBITIONS AND GALLERY (BUILDING PROGRAM):PROVIDE AN AFFORDABLE ENVIRONMENT FOR ARTIST TO PERFORM AND DISPLAY THEIR WORK, ALLOWING FOR INTERACTION WITH THE PUBLIC.
ART PROGRAMS:INVOLVING THE PUBLIC IN THE ARTSPACE PROGRAM AND ENCOURAGING PARTICIPATION IN CREATIVE DEVELOPMENT THROUGH CLASSES OF INSTRUCTION, INCLUDING HOLDING RECEPTIONS AND DISPLAYING WORKS OF THE RESIDENTS AS WELL AS OUTSIDE ARTISTS IN ORDER TO INCREASE AWARENESS OF ARTSPACE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mary Poole Former President & CEO | Officer | 40 | $89,906 |
Carly Jones President & CEO | Officer | 40 | $42,308 |
Amy Bacon Secretary | OfficerTrustee | 1 | $0 |
Steven Martin Chair | OfficerTrustee | 1 | $0 |
Pam Blondin Treasurer | OfficerTrustee | 1 | $0 |
Corey Branch Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $11,721 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $232,232 |
| All other contributions, gifts, grants, and similar amounts not included above | $92,695 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $336,648 |
| Total Program Service Revenue | $314,657 |
| Investment income | $79 |
| 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 | $651,834 |
| 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. | $132,214 |
| Compensation of current officers, directors, key employees. | $24,380 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $316,586 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $31,604 |
| Payroll taxes | $33,526 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,057 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $128,863 |
| Advertising and promotion | $18,665 |
| Office expenses | $6,688 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $95,318 |
| Travel | $634 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $23,828 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $49,653 |
| Insurance | $17,696 |
| All other expenses | $9,543 |
| Total functional expenses | $920,511 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $48,069 |
| Savings and temporary cash investments | $271,145 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $83,178 |
| 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 | $799,135 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $92 |
| Other assets | $0 |
| Total assets | $1,201,619 |
| Accounts payable and accrued expenses | $33,129 |
| 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 | $398,368 |
| Unsecured mortgages and notes payable | $158,206 |
| Other liabilities | $13,491 |
| Total liabilities | $603,194 |
| Net assets without donor restrictions | $598,425 |
| 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 | $1,201,619 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Artspace Inc has recieved totaling $22,547.
| Awarding Organization | Amount |
|---|---|
Mary Duke Biddle Foundation Durham, NC PURPOSE: 2021 ARTS OPERATING BUDGET | $10,000 |
Mary Duke Biddle Foundation Durham, NC PURPOSE: 2022 ARTS OPERATING BUDGET | $10,000 |
The Duke Energy Foundation Charlotte, NC PURPOSE: VIBRANT ECONOMIES | $2,500 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $47 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Penland School Of Craft Penland, NC | $77,347,904 | $8,195,417 |
Georgia Family Connection Partnership Inc Atlanta, GA | $2,438,280 | $6,252,094 |
Arrowmont School Of Arts And Crafts Gatlinburg, TN | $53,053,900 | $4,804,249 |
International Public Management Association For Human Resources Alexandria, VA | $3,795,401 | $2,711,747 |
Artsplus Charlotte, NC | $2,425,687 | $2,154,815 |
Academy Of Arts Taylors, SC | $0 | $1,967,967 |
Governors School For The Arts Fdn Inc Greenville, SC | $6,951,882 | $1,280,520 |
Artspace Inc Raleigh, NC | $1,201,619 | $651,834 |
W O Smith Nashville Community Music School Nashville, TN | $5,939,533 | $597,362 |
Open Hearts Art Center Asheville, NC | $896,904 | $891,931 |
Art 180 Inc Richmond, VA | $1,595,079 | $791,306 |
Artportunity Knocks Atlanta, GA | $37,008 | $383,836 |