Key West Film Society Inc
- Assets
- $1.3m
- Revenue
- $635.6k
- Investments
- $0.0
- Employees
- 17
- Location
- Key West, FL
- Founding
- 12/1999
- Data as of
- 09/2022
- EIN
- 65-0903672
Organization Overview
Key West Film Society Inc, operating under the name Tropic Cinema, is located in Key West, FL. The organization was established in 1999. According to its NTEE Classification (A31) the organization is classified as: Film & Video, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 09/2022, Tropic Cinema employed 17 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Tropic Cinema 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 09/2022, Tropic Cinema generated $635.6k 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 (14.2%) each year. All expenses for the organization totaled $1.0m during the year ending 09/2022. As we would expect to see with falling revenues, expenses have declined by (6.4%) 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 PROMOTE MOVING-PICTURE MEDIA AS AN ESSENTIAL ART FORM TO EDUCATE AND ENGAGE MEMBERS AND VISITORS THROUGH THE PRESENTATION OF FILM, VIDEO, AND NEW MEDIA. TO MAINTAIN AND DEVELOP TROPIC CINEMA AS THE PRINCIPAL VENUE FOR THE KEY WEST FILM SOCIETY WITH RESPECT TO TECHNOLOGY, AESTHETICS, AND AMENITIES. TO EDUCATE, ENTERTAIN, AND ENLIGHTEN KWFS MEMBERS AND AUDIENCES ABOUT PROJECTED ARTS THROUGH THE PRESENTATION OF FILM VIDEO, AND NEW MEDIA OTHERWISE UNAVAILABLE TO LOWER KEYS AUDIENCES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE FEATURE FILMS & CULTURAL EVENTS TO THE RESIDENTS AND VISITORS TO THE KEY WEST COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Blades Vice Chair | Officer | 0.5 | $0 |
Benjamin Egnatz Board Chair | Officer | 30 | $0 |
Julio Torrado Secretary | Officer | 2 | $0 |
David Atkinson Treasurer | Officer | 5 | $0 |
Terrence George Director | Trustee | 1 | $0 |
Holly Merrill Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| 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 | $0 |
| Total Program Service Revenue | $636,312 |
| Investment income | -$725 |
| 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 | $635,587 |
| 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 | $251,534 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $21,331 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,736 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,708 |
| Advertising and promotion | $11,970 |
| Office expenses | $5,591 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $308,151 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $226 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $195,455 |
| Insurance | $23,022 |
| All other expenses | $0 |
| Total functional expenses | $1,048,983 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $382,358 |
| Savings and temporary cash investments | $6,244 |
| 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 | $3,237 |
| Prepaid expenses and deferred charges | $41,126 |
| Net Land, buildings, and equipment | $821,674 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,254,639 |
| Accounts payable and accrued expenses | $64 |
| Grants payable | $0 |
| Deferred revenue | $13,179 |
| 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 | $536 |
| Total liabilities | $13,779 |
| Net assets without donor restrictions | $1,200,428 |
| Net assets with donor restrictions | $40,432 |
| 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 | $1,254,639 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Key West Film Society Inc has recieved totaling $96,500.
| Awarding Organization | Amount |
|---|---|
Communtiy Foundation Of The Holland Zeeland Area Holland, MI PURPOSE: GENERAL SUPPORT | $85,500 |
Kirby Family Foundation Albany, NY PURPOSE: GENERAL PURPOSE CONTRIBUTION | $11,000 |
Endowment Analysis
| Beg. Balance | $1,613,824 |
| Earnings | -$725 |
| Admin Expense | $19,963 |
| Net Contributions | $636,312 |
| Other Expense | $1,029,020 |
| Ending Balance | $1,200,428 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Sarasota Film Society Inc Lakewood Ranch, FL | $6,229,550 | $3,181,545 |
Enzian Theatre Inc Maitland, FL | $3,911,986 | $3,550,632 |
Dawning Family Services Inc Tampa, FL | $5,111,125 | $3,709,345 |
Atlanta Jewish Film Society Inc Marietta, GA | $1,057,555 | $1,845,019 |
Sidewalk Film Center And Cinema Inc Birmingham, AL | $3,485,005 | $1,620,388 |
Palm Beach County Film & Television Commission Inc West Palm Bch, FL | $459,945 | $1,395,583 |
Broward County Film Society Inc Fort Lauderdale, FL | $809,517 | $1,454,783 |
Key West Film Society Inc Key West, FL | $1,254,639 | $635,587 |
Independent Media Artists Of Ga Etc Inc Atlanta, GA | $644,570 | $1,227,603 |
Vision Earth Society Incorporated Miami, FL | $446,491 | $413,499 |
Athens Film Arts Institute Inc Athens, GA | $2,591,562 | $922,375 |
Professional Development Resources Inc Jacksonville, FL | $125,822 | $456,921 |