Artspace Inc
- Assets
- $34.1m
- Revenue
- $4.8m
- Investments
- $0.0
- Employees
- 4
- Location
- Salt Lake City, UT
- Founding
- 07/1983
- Data as of
- 12/2021
- EIN
- 94-2772520
Organization Overview
Artspace Inc is located in Salt Lake City, UT. The organization was established in 1983. According to its NTEE Classification (A99) the organization is classified as: Arts, Culture & Humanities N.E.C., under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2021, Artspace Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Artspace 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 12/2021, Artspace Inc generated $4.8m 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 (12.1%) each year. All expenses for the organization totaled $4.9m during the year ending 12/2021. 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
ARTSPACE CREATES AFFORDABLE LIVING AND WORK SPACE FOR ARTISTS, CULTURAL ORGANIZATIONS, NON-PROFITS AND OTHERS TO REVITALIZE AND PROMOTE STABLE, VIBRANT AND SAFE COMMUNITIES. ARTSPACE ALSO UTILIZES NEW MARKETS TAX CREDITS IN LOW INCOME COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOUSING - REVITALIZING THE COMMUNITY AND PROVIDING AFFORDABLE RENTAL UNITS TO LOW AND MODERATE INCOME TENANTS THROUGH BUILDING RENOVATIONS AND IMPROVEMENTS. COMMUNITY REDEVELOPMENT PROJECTS AND CREATION OF NEW AFFORDABLE HOUSING PROJECTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jessica Norie President | Officer | 40 | $260,400 |
Cindy Frank Deputy Director | 40 | $100,989 | |
Jennifer Speers Chair | OfficerTrustee | 1 | $0 |
John Milliken Secretary/treasurer | OfficerTrustee | 1 | $0 |
Wendy Lionelli Board Member | Trustee | 1 | $0 |
Robert Lake Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $50,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $253,383 |
| Noncash contributions included in lines 1a–1f | $25,950 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $303,383 |
| Total Program Service Revenue | $4,485,930 |
| Investment income | $43,145 |
| 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 | $4,832,458 |
| 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. | $279,449 |
| Compensation of current officers, directors, key employees. | $67,497 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $518,615 |
| Pension plan accruals and contributions | $1,500 |
| Other employee benefits | $42,534 |
| Payroll taxes | $59,930 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $17,381 |
| Fees for services: Accounting | $53,519 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,435 |
| Advertising and promotion | $0 |
| Office expenses | $20,846 |
| Information technology | $52,199 |
| Royalties | $0 |
| Occupancy | $272,950 |
| Travel | $3,757 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $551,022 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,423,920 |
| Insurance | $175,939 |
| All other expenses | $160,840 |
| Total functional expenses | $4,858,580 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,775,106 |
| 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 | $5,324,654 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $156,741 |
| Net Land, buildings, and equipment | $25,144,865 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $86,237 |
| Intangible assets | $126,852 |
| Other assets | $1,436,286 |
| Total assets | $34,050,741 |
| Accounts payable and accrued expenses | $176,425 |
| 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 | $15,215,273 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $441,553 |
| Total liabilities | $15,833,251 |
| Net assets without donor restrictions | $18,217,490 |
| 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 | $34,050,741 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Artspace Inc has recieved totaling $20,000.
| Awarding Organization | Amount |
|---|---|
The Mark And Kathie Miller Foundation Holladay, UT PURPOSE: GENERAL CASH DONATION | $15,000 |
Jeps Foundation Salt Lake City, UT PURPOSE: GENERAL FUND | $2,000 |
Washington Federal Foundation Seattle, WA PURPOSE: COMMUNITY SERVICES | $1,500 |
Jeffrey S And Helen H Cardon Foundation Salt Lake City, UT PURPOSE: CHARITABLE CONTRIBUTION | $1,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Artspace Inc Salt Lake City, UT | $34,050,741 | $4,832,458 |
Downtown Denver Events Inc Denver, CO | -$3,259,692 | $2,252,393 |
Nevada Urban Indians Inc Reno, NV | $1,731,908 | $3,144,359 |
Nevada Rural Counties Rsvp Program Inc Carson City, NV | $434,499 | $1,716,339 |
Create Academy Inc Tempe, AZ | $184,127 | $1,377,364 |
Arizona Health Information Network Incorporated Tucson, AZ | $1,547,927 | $1,862,672 |
Wyofile Lander, WY | $990,906 | $1,070,369 |
Morrison Theatre Company Golden, CO | $5,960,038 | $3,214,249 |
Crested Butte Music Festival Inc Crested Butte, CO | $370,840 | $452,517 |
Talking Talons Youth Leadership Cedar Crest, NM | $469,184 | $610,447 |
Xico Inc Phoenix, AZ | $2,244,663 | $853,373 |
Wyoming Heritage Foundation Cheyenne, WY | $2,230,202 | $346,936 |