Foundation For Arts Initiatives
- Assets
- $37.4m
- Revenue
- $2.2m
- Investments
- $36.0m
- Employees
- 0
- Location
- New York, NY
- Founding
- 02/1964
- Data as of
- 08/2021
- EIN
- 98-6000319
Organization Overview
Foundation For Arts Initiatives is located in New York, NY. The organization was established in 1964. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Foundation For Arts Initiatives 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 08/2021, Foundation For Arts Initiatives generated $2.2m in total revenue. The organization has seen a slow decline revenue. Over the past 3 years, revenues have fallen by an average of (1.3%) each year. All expenses for the organization totaled $1.9m during the year ending 08/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Foundation For Arts Initiatives has awarded 181 individual grants totaling $3,396,000. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joan Weakley Secretary | 50 | $138,000 | |
Vasif Kortun Chairman, Treasurer & Board Member | 20 | $15,000 | |
Manuel J Borja-Villel Board Member | 5 | $10,000 | |
Claire Hsu Board Member | 5 | $10,000 | |
Frederick B Henry Board Member | 5 | $10,000 | |
Alessandro Petti Board Member | 5 | $10,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $6 |
| Dividends & Interest | $434,815 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $1,722,573 |
| Capital Gain Net Income | $1,722,573 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $2,157,394 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $233,000 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $10,786 |
| Interest | $0 |
| Taxes | $15,000 |
| Depreciation | $2,150 |
| Occupancy | $1,500 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $83,190 |
| Total operating and administrative expenses | $507,064 |
| Contributions, gifts, grants paid | $1,344,000 |
| Total expenses and disbursements | $1,851,064 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $62,668 |
| Savings and temporary cash investments | $1,241,470 |
| Net Accounts receivable | $0 |
| 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 | $3,558 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $1,299,782 |
| Net Land, buildings, and equipment | $2,250 |
| Other assets | $52,691 |
| Total assets | $37,377,202 |
| Accounts payable and accrued expenses | $6,338 |
| Grants payable | $272,500 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $278,838 |
Grants Awarded
Over the last fiscal year, Foundation For Arts Initiatives has awarded $1,526,000 in support to 94 organizations.
| Grant Recipient | Amount |
|---|---|
THE LEBANESE ASSOCIATION FOR PLASTIC ARTS ASHKAL ALWAN PURPOSE: GENERAL ACTIVITIES AND PROGRAM SUPPORT | $70,000 |
ARAB IMAGE FOUNDATION PURPOSE: GENERAL ACTIVITIES AND PROGRAM SUPPORT | $70,000 |
THE LEBANESE ASSOCIATION FOR PLASTIC ARTS ASHKAL ALWAN PURPOSE: GENERAL ACTIVITIES AND PROGRAM SUPPORT | $60,000 |
YAYASAN JAKARTA BIENNALE (JAKARTA BIENNALE FOUNDATION) PURPOSE: JAKARTA BIENNALE 2021: ESOKS PUBLIC PROGRAMS | $60,000 |
KALAKUTA TRUST PURPOSE: CHIMURENGA MAGAZINE, LIBRARY AND SPACE | $50,000 |
CRITICAL ART AND MEDIA PRACTICES PURPOSE: CAMP INFRASTRUCTURE AND ACTIVITIES | $50,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
John R Oishei Foundation Buffalo, NY | $294,151,477 | $18,357,929 |
Lor Foundation Inc West Chester, PA | $352,392,197 | $12,888,892 |
Grable Foundation Pittsburgh, PA | $386,701,292 | $35,946,563 |
Connelly Foundation West Conshohocken, PA | $387,913,026 | $27,891,431 |
American Express Foundation New York, NY | $66,234,265 | $62,922,703 |
Essel Foundation Inc Purchase, NY | $100,106,056 | $12,292,478 |
Beth And Ravenel Curry Foundation New York, NY | $0 | $44,744,046 |
Kz Family Foundation New York, NY | $10,936,301 | $30,139,672 |
The Freeman Foundation P-01644-00-7 New York, NY | $343,405,683 | $35,941,951 |
Hearst Foundation Inc New York, NY | $439,249,947 | $42,040,987 |
Tansy Charitable Foundation New York, NY | $325,076,608 | $77,631,295 |
Gordon & Llura Gund Foundation Princeton, NJ | $18,024,465 | $6,191,436 |