Norwalk Art Space Inc
- Assets
- $4.2m
- Revenue
- $2.5m
- Investments
- $0.0
- Employees
- 3
- Location
- Norwalk, CT
- Founding
- Data as of
- 12/2023
- EIN
- 86-3340267
Organization Overview
Norwalk Art Space Inc is located in Norwalk, CT. According to its NTEE Classification (A20) the organization is classified as: Arts & Culture, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2023, Norwalk Art Space Inc employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Norwalk Art Space 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 12/2023, Norwalk Art Space Inc generated $2.5m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 3 years, the organization has seen revenues fall by an average of (11.0%) each year. All expenses for the organization totaled $1.2m during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (29.5%) per year over the past 3 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE NORWALK ART SPACE STRIVES TO INCREASE OPPORTUNITIES AND EQUITY IN THE LOCAL ARTS COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ON APRIL 12, 2021, THE NORWALK ART SPACE, INC. (THE ORGANIZATION) A NONPROFIT, WAS ESTABLISHED TO ENHANCE OPPORTUNITIES AND EQUITY IN THE LOCAL ARTS COMMUNITY OF NORWALK, CONNECTICUT BY SERVING AS A MUSEUM AND HUB FOR THE ARTS. THEY OFFER FREE ART AND MUSIC EDUCATION AND MENTORSHIP TO UNDERSERVED LOCAL STUDENTS, PROMOTE AND SUPPORT CONNECTICUT-BASED ARTISTS WITH FREE EXHIBITIONS AND STUDIO SPACE, AND PROVIDE A PUBLIC VENUE FOR THE COMMUNITY TO EXPLORE THE ARTS. ALL PROGRAMMING IS OFFERED TO STUDENTS, ARTISTS AND THE PUBLIC FREE OF CHARGE. ON MAY 1, 2021, ART SPACE CAFE OF NORWALK LLC . (THE CAF) WAS ESTABLISHED WITH AN INITIAL CAPITAL CONTRIBUTION OF 1,000 FROM THE ORGANIZATION, ITS SOLE MEMBER. THE CAF IS LOCATED WITHIN THE PREMISES OF THE ORGANIZATION AND PROVIDES FOOD AND BEVERAGE SERVICES TO VISITORS AND STUDENTS OF THE ORGANIZATION. THE CAF IS REPORTED AS A PROGRAM WITHIN THE FINANCIAL STATEMENTS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rebecca Panovka Board Member | Trustee | 1 | $0 |
Robin Panovka Chairman | OfficerTrustee | 1 | $0 |
Sarah Panovka Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
A V Tuchy Inc | 12/30/21 | $2,264,989 |
William Taibe | 12/30/21 | $58,333 |
Frederick William Hoag Architect | 12/30/21 | $218,612 |
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 | $2,094,470 |
| Noncash contributions included in lines 1a–1f | $1,600,000 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,094,470 |
| Total Program Service Revenue | $115,975 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,499,507 |
| 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 | $474,361 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $15,500 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $39,855 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $371 |
| Office expenses | $17,155 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $63,617 |
| 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 | $161,310 |
| Insurance | $3,695 |
| All other expenses | $87,171 |
| Total functional expenses | $1,197,552 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $20,985 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $90,000 |
| 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 | $0 |
| Prepaid expenses and deferred charges | $6,998 |
| Net Land, buildings, and equipment | $4,103,706 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,221,689 |
| Accounts payable and accrued expenses | $24,139 |
| 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 | $24,139 |
| Net assets without donor restrictions | $4,107,550 |
| Net assets with donor restrictions | $90,000 |
| 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 | $4,221,689 |