Forman Art Institute Inc
- Assets
- $83.5m
- Revenue
- -$1.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Philadelphia, PA
- Founding
- Data as of
- 12/2023
- EIN
- 83-2902185
Organization Overview
Forman Art Institute Inc is located in Philadelphia, PA. According to its NTEE Classification (A51) the organization is classified as: Art Museums, 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. Forman Art Institute Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTE THE STUDY, EDUCATION, DISPLAY AND ADVANCEMENT OF THE ARTS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael C Forman President | 1 | $0 | |
Jennifer S Rice Vice President | 1 | $0 | |
Thomas Trala Treasurer/secretary | 10 | $113,027 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Dvdl Design | 12/30/23 | $266,250 |
Fb Capital Partners Lp | 12/30/23 | $170,405 |
Isaacson Miller Inc | 12/30/23 | $112,208 |
Blue Medium Inc | 12/30/23 | $86,769 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $1,715,000 |
| Interest on Savings | $6,575 |
| Dividends & Interest | $308,749 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$3,831,250 |
| Capital Gain Net Income | $6,293,750 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | -$1,800,926 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $113,027 |
| Other employee salaries and wages | $20,735 |
| Pension plans, employee benefits | $18,610 |
| Interest | $1,053,332 |
| Taxes | $100,000 |
| Depreciation | $0 |
| Occupancy | $126,248 |
| Travel, conferences, and meetings | $6,976 |
| Printing and publications | $0 |
| Other expenses | $306,641 |
| Total operating and administrative expenses | $2,282,911 |
| Contributions, gifts, grants paid | $662,000 |
| Total expenses and disbursements | $2,944,911 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $205,862 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $1,405 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $13,487,015 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $69,850,000 |
| Total assets | $83,544,282 |
| Accounts payable and accrued expenses | $130,002 |
| Grants payable | $340,000 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $226,825 |
| Total liabilities | $696,827 |
Grants Awarded
Over the last fiscal year, Forman Art Institute Inc has awarded $322,000 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
DREXEL UNIVERSITY PURPOSE: SUPPORT IS INTENDED TO ESTABLISH THE FORMAN ARTS INITIATIVE CO-OP PROGRAM FUND AT THE LENFEST CENTER FOR CULTURAL PARTNERSHIPS. THE PROGRAM IS INTENDED TO RUN FOR 5 YEARS. | $75,000 |
PHILADELPHIA MURAL ARTS ADVOCATES PURPOSE: SUPPORT FOR PUBLIC WORKS RESIDENCY PROGRAM THAT EMBEDS ARTISTS IN CITY GOVERNMENT AGENCIES OR OTHER SIMILAR ORGANIZATIONS TO PROPOSE AND IMPLEMENT CREATIVE SOLUTIONS TO PRESSING CIVIC CHALLENGES. | $30,000 |
PHILADELPHIA FOUNDATION PURPOSE: ARTWORKS (YR4) - GRANT TO SUPPORT ARTS, CULTURE & CREATIVITY IN COMMUNITY-BASED ORGANIZATIONS & ARTISTS WORKING IN PARTNERSHIP WITH BLACK, INDIGENOUS, PEOPLE OF COLOR, OTHER MARGINALIZED, & VULNERABLE COMMUNITIES IN THE GREATER PHILA AREA. | $215,000 |
BLACKSTAR PROJECTS INC PURPOSE: GENERAL SUPPORT | $2,000 |