Richmond Area Arts Council Inc
- Assets
- $1.2m
- Revenue
- $19.0k
- Investments
- $0.0
- Employees
- 3
- Location
- Richmond, KY
- Founding
- 11/1990
- Data as of
- 06/2022
- EIN
- 61-1168831
Organization Overview
Richmond Area Arts Council Inc is located in Richmond, KY. The organization was established in 1990. 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. As of 06/2022, Richmond Area Arts Council Inc employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Richmond Area Arts Council 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, Richmond Area Arts Council Inc generated $19.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (26.0%) each year. All expenses for the organization totaled $139.1k 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
ENHANCEMENT OF THE LOCAL ARTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTED AND PRESENTED ARTS EVENTS AND ARTS EDUCATION PROGRAMS- APPROX. 12,500 PEOPLE ATTENDED THOSE EVENTS; CONDUCTED CAMPS AND AFTERSCHOOL ACTIVITIES WHERE 264 CHILDREN WERE INTRODUCED TO VARIOUS ART FORMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Randy Westbrook Exec. Director | 40 | $47,681 | |
Steve Gillespie Chair | OfficerTrustee | 2 | $0 |
Teresa Tope Past Chair | OfficerTrustee | 1 | $0 |
Debra Neal Treasurer | OfficerTrustee | 1 | $0 |
Patti Baker Secretary | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $76,693 |
| Investment income | -$104,115 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $3,734 |
| 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 | $19,001 |
| Statement of Expenses | |
|---|---|
| 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. | $47,681 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,306 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $4,436 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,334 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,221 |
| Office expenses | $325 |
| Information technology | $1,678 |
| 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 | $4 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $17,454 |
| Insurance | $8,036 |
| All other expenses | $0 |
| Total functional expenses | $139,094 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $39,155 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,415 |
| 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 |
| Investments—publicly traded securities | $699,238 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $97,113 |
| Total assets | $1,202,999 |
| Accounts payable and accrued expenses | $428 |
| 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 | $1,450 |
| Total liabilities | $1,878 |
| Net assets without donor restrictions | $1,186,121 |
| Net assets with donor restrictions | $15,000 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $1,201,121 |