Li Huasheng Art Foundation
- Assets
- $19.2m
- Revenue
- -$55.0
- Investments
- $0.0
- Employees
- 0
- Location
- Shoreline, WA
- Founding
- Data as of
- 12/2021
- EIN
- 82-4407587
Organization Overview
Li Huasheng Art Foundation is located in Shoreline, WA. According to its NTEE Classification (A40) the organization is classified as: Visual Arts, 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. Li Huasheng Art Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
COLLECTION OF MORE THAN 2000 ARTWORKS ACTIVITIES INCLUDE PUBLIC EXHIBITIONS ARTWORK LOANS TO MUSEUMS AND SCHOLARLY RESEARCH
Describe the Organization's Program Activity:
Part 3 - Line 4a
RESEARCH. IN 2021, CHINESE ART SCHOLARS VIEWED OVER 950 LI HUASHENG ART FOUNDATION ARTWORKS, ASSESSING EACH FOR CONDITION AND IMPORTANCE TO THE MISSION OF THE FOUNDATION. THE SCHOLARS' CATEGORICAL ASSESSMENT OF EACH ARTWORK WILL PROVIDE THE FOUNDATION WITH THE BASIS FOR SPONSORING FUTURE RESEARCH AND EXHIBITIONS, AUTHORING FUTURE PUBLICATIONS, AND DETERMINING WHICH ARTWORKS REMAIN IN THE FOUNDATION'S PERMANENT COLLECTION.
PERMANENT COLLECTION. MAINTENANCE OF THE FOUNDATION'S ARTWORK DATABASE THAT DOCUMENTS ALL ARTWORKS DONATED BY LI HUASHENG TO THE FOUNDATION. DATA ENTRY OF DOCUMENTARY IMAGES, TEXTUAL TRANSCRIPTION, COMPLETE ARTWORK DESCRIPTION, AND CONDITION FOR EACH DONATED ARTWORK ARE ADDED TO THE DATABASE AS THEY BECOME AVAILABLE. THE DATABASE IS AVAILABLE TO QUALIFIED SCHOLARS WHO WISH TO UTILIZE THE FOUNDATION'S RESEARCH FOR THEIR ACADEMIC PROJECTS. ARTWORK STORAGE AND INSURANCE ARE ALSO COSTS OF MAINTAINING THE FOUNDATION'S PERMANENT COLLECTION OF ARTWORKS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Donald A Leitz Treasurer | Officer | 1 | $3,950 |
Craig L Yee President | Officer | 5 | $0 |
Susanna Ferrell Director | Trustee | 0.5 | $0 |
Britta Erickson PHD Director | Trustee | 0.5 | $0 |
Richard Fabian Reverend Director | Trustee | 0.5 | $0 |
Wei Xiong Director | Trustee | 0.5 | $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 | $60 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $60 |
| Total Program Service Revenue | $0 |
| Investment income | $42 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$157 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | -$55 |
| 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 | $2,007 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,760 |
| Advertising and promotion | $0 |
| Office expenses | $249 |
| Information technology | $6,073 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $8,903 |
| 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 | $0 |
| Insurance | $9,700 |
| All other expenses | $0 |
| Total functional expenses | $46,309 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $59,595 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $171,528 |
| 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 | $15,250 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $18,915,746 |
| Total assets | $19,162,119 |
| Accounts payable and accrued expenses | $22,098 |
| 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 | $22,098 |
| Net assets without donor restrictions | $19,140,021 |
| 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 | $19,162,119 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Elderheart Inc Sisters, OR | $6,200,437 | $6,066,501 |
Gage Academy Of Art Seattle, WA | $3,068,571 | $2,623,877 |
Pratt Fine Arts Center Seattle, WA | $7,081,159 | $1,908,130 |
Kingdom Air Corps Inc Sutton, AK | $2,362,130 | $1,590,178 |
Woodworth Family Foundation Tacoma, WA | $16,382,874 | $3,452,473 |
Pottery Northwest Seattle, WA | $1,169,498 | $523,661 |
Bunnell Street Arts Center Homer, AK | $391,886 | $556,806 |
Oregon Society Of Artists Portland, OR | $357,338 | $646,733 |
Bainbridge Arts & Crafts Inc Bainbridge Island, WA | $908,274 | $485,325 |
Portland Street Art Alliance Portland, OR | $196,129 | $562,703 |
Anacortes Arts Festival Anacortes, WA | $436,946 | $573,195 |
Architectural Foundation Of Oregon Portland, OR | $963,741 | $418,529 |