K Space Contemporary
- Assets
- $85.6k
- Revenue
- $189.6k
- Investments
- $0.0
- Employees
- 6
- Location
- Corpus Christi, TX
- Founding
- 09/2003
- Data as of
- 12/2021
- EIN
- 74-3006446
Organization Overview
K Space Contemporary is located in Corpus Christi, TX. The organization was established in 2003. According to its NTEE Classification (A40) the organization is classified as: Visual Arts, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2021, K Space Contemporary employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. K Space Contemporary 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 12/2021, K Space Contemporary generated $189.6k 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 (4.0%) each year. All expenses for the organization totaled $168.5k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (5.1%) 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
EDUCATION & PROMOTION OF CULTURAL FINE ARTS TO THE LOCAL COMMUNITIES
Describe the Organization's Program Activity:
Part 3 - Line 4a
EXHIBITION OF INNOVATIVE CONTEMPORARY ART BY LOCAL EMERGING & MID-CAREER ARTISTS FOR THE PURPOSE OF PROMOTING THEIR WORK AND PROVIDING EDUCATIONAL PROGRAMS INCLUDING A FORUM FOR NEW ART FORMS. FEATURED EXHIBITIONS WERE HELD IN VARIOUS GALLERIES HELD IN JANUARY THROUGH SEPTEMBER WITH VISITORS OF APPROX. 8,750. NEW THIS YEAR WAS A YOUTH ART EXHIBITION.
CULTURAL EVENTS ARE HELD TO PROMOTE CULTURE THROUGH THE WORK OF LOCAL ARTISTS, MUSICIANS AND PERFORMERS AND TO MAKE IT ACCESSIBLE TO THE GENERAL PUBLIC. THE DIA DE LOS MUERTOS FESTIVAL NORMALLY HELD IN NOV IS AN ANNUAL OUTDOOR FESTIVAL THAT COVERS 10 CITY BLOCKS AND FEATURES DEMONSTRATIONS BY THE ART DEPARTMENTS OF LOCAL COLLEGES, AN ART EXHIBITION, EDUCATIONAL WORKSHOPS, AN ART EXPO WITH ARTS & CRAFT VENDORS, FOOD VENDORS AND MUSICIANS AND OTHER PERFORMERS. AN ESTIMATED 4,148 VISITORS ATTENDED THE FESTIVAL.
EDUCATIONAL PROGRAMS OFFER OPPORTUNITY TO ANYONE INTERESTED IN LEARNING ABOUT ART AS WELL AS THOSE TRYING TO IMPROVE THEIR ART SKILLS. THE PROGRAMS BRING HANDS-ON MULTI-DISCIPLINARY ART PROJECTS CLASSES IN MURAL ARTS, CULTURAL DANCE, DRAWING, PAINTING,AND PAPIER MACHE. GALLERY LECTURES, DEMONSTRATIONS AND WORKSHOPS ARE HELD THOUGHOUT THE YEAR BY EXHIBITING ARTISTS AND AVAILABLE TO ALL AGES. SUMMER ARTS CAMP WAS HELD IN JULY AND AUGUST AND INCLUDED 47 PARTICIPANTS AND 70 GUESTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jennifer Arnold Art Chair | Officer | 2 | $0 |
Omar Lopez Co-Secretary | Officer | 2 | $0 |
Kimberly Rios Co-Secretary | Officer | 2 | $0 |
Scott Ellison Treasurer | Officer | 2 | $0 |
Lynda Jones Vice Chair | Officer | 2 | $0 |
Andrea Valenti Business Cha | Officer | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $8,824 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $85,093 |
| All other contributions, gifts, grants, and similar amounts not included above | $56,535 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $150,452 |
| Total Program Service Revenue | $15,005 |
| Investment income | $0 |
| 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 | $21,143 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $189,581 |
| 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 | $73,094 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $5,592 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $885 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $26,003 |
| Advertising and promotion | $2,315 |
| Office expenses | $7,111 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $31,255 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,490 |
| Insurance | $1,420 |
| All other expenses | $4,323 |
| Total functional expenses | $168,483 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $52,256 |
| Savings and temporary cash investments | $14,273 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,500 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $3,540 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $13,025 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $85,594 |
| Accounts payable and accrued expenses | $1,845 |
| 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 | $3,906 |
| Total liabilities | $5,751 |
| Net assets without donor restrictions | $79,843 |
| 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 | $85,594 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that K Space Contemporary has recieved totaling $20,000.
| Awarding Organization | Amount |
|---|---|
Frazier Family Foundation Inc Corpus Christi, TX PURPOSE: SUPPORT FOR MURAL ARTS SUMMER PROGRAM | $20,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Dallas Contemporary Dallas, TX | $3,580,432 | $1,729,811 |
Louisiana Art And Science Museum Inc Baton Rouge, LA | $6,561,733 | $3,010,375 |
Kid Smart New Orleans, LA | $1,431,671 | $1,483,541 |
Glass Control Inc Emp Ben Tr Lubbock, TX | $187,823 | $1,183,121 |
Ballroom Cultural Arts Foundation Marfa, TX | $1,422,501 | $1,165,140 |
Gil And Dody Weaver Foundation Dallas, TX | $0 | $964,218 |
Fotofest Inc Houston, TX | $1,959,929 | $2,155,129 |
Interform Springdale, AR | $499,617 | $931,526 |
Inspiration Point Fine Arts Colony Inc Eureka Springs, AR | $3,726,831 | $2,341,148 |
Dallas Spark Dallas, TX | $494,166 | $779,653 |
Valere B Potter Trust Uw Dallas, TX | $5,062,926 | $695,206 |
Creative Arts Center Of Dallas Dallas, TX | $609,840 | $730,284 |