Kentucky Folk Art Center Inc in Morehead, Kentucky (KY)
Table of contents:
| Kentucky Folk Art Center Inc | |
| Employer Identification Number (EIN) | 611274694 |
| Name of Organization | Kentucky Folk Art Center Inc |
| In Care of Name | M Ray Pace |
| Address | 102 W 1st St, Morehead, KY 40351-1723 |
| Activities | Museum, zoo, planetarium, etc. |
| Subsection | Educational Organization |
| Ruling Date | 05/1995 |
| Deductibility | Contributions are deductible |
| Foundation | Organization that normally receives no more than one third of its support from gross investment income and unrelated business income and at the same time more than one third of its support from contributions, fees, and gross receipts related to exempt purposes |
| Organization | Corporation |
| Exempt Organization Status | Unconditional Exemption |
| Tax Period | 06/2013 |
| Assets | $25,000 to $99,999 |
| Income | $100,000 to $499,999 |
| Filing Requirement | 990 (all other) or 990EZ return |
| Asset Amount | $92,322 |
| Amount of Income | $136,367 |
| Form 990 Revenue Amount | $42,171 |
| National Taxonomy of Exempt Entities (NTEE) | Arts, Culture and Humanities: Arts, Cultural Organizations - Multipurpose |
Non-representatives - add comments:
Amount of income in 2013: $136,367 (it was $126,216 in 2012)
| This organization: | $136,367 |
| Other organizations performing similar types of work: | $195,015 |
Assets in 2013: $92,322 (it was $87,670 in 2012)
| This organization: | $92,322 |
| Other organizations performing similar types of work: | $137,152 |
Expenses in 2013: $69,285
| Kentucky Folk Art Center Inc: | $69,285 |
| Other organizations performing similar types of work: | $181,390 |
Income to expenses ratio in 2013: 2.0
| This organization: | 2.0 |
| Other organizations performing similar types of work: | 1.0 |
Grants share in income in 2013: 52.7%
| This organization: | 52.7% |
| Other organizations performing similar types of work: | 49.7% |
Revenue for 2013
Support schedule
| Revenue, Expenses, and Changes in Net Assets or Fund Balances | |||
| 2011 | 2012 | 2013 | |
|---|---|---|---|
| Total revenue | $66,723 | $78,542 | $42,171 |
| Contributions, gifts, grants, and similar amounts received | $28,743 | $43,526 | $22,232 |
| Program service revenue including government fees and contracts | $20,670 | $16,646 | $15,286 |
| Membership dues and assessments | $1,215 | $885 | $35 |
| Investment income | $0 | $0 | $0 |
| Gain/Loss from sale of assets other than inventory | $0 | $0 | $0 |
| Net income/loss from gaming and fundraising events | $323 | $-7,193 | $-6,464 |
| Gross income from gaming | $0 | $0 | $0 |
| Gross income from fundraising events | $8,600 | $1,540 | $4,510 |
| Less: direct expenses from gaming and fundraising events | $8,277 | $8,733 | $10,974 |
| Gross profit/loss from sales of inventory | $15,772 | $24,678 | $11,082 |
| Gross sales of inventory, less returns and allowances | $47,194 | $63,619 | $94,304 |
| Less: cost of goods sold | $31,422 | $38,941 | $83,222 |
| Other revenue | $0 | $0 | $0 |
| Total expenses | $48,293 | $106,801 | $69,285 |
| Total net assets | $115,929 | $87,670 | $60,556 |
| Excess/Deficit for the year | $18,430 | $-28,259 | $-27,114 |
| Net assets or fund balances at beginning of year | $97,499 | $115,929 | $87,670 |
| Other changes in net assets or fund balances | $0 | $0 | $0 |
| Net assets or fund balances at end of year | $87,670 | $60,556 | |
| Balance Sheets | |||
| 2011 | 2012 | 2013 | |
|---|---|---|---|
| Total assets | $115,929 | $87,670 | $92,322 |
| Total liabilities | $0 | $0 | $31,766 |
| Net assets or fund balances | $115,929 | $87,670 | $60,556 |
| Other Information | |||
| 2011 | 2012 | 2013 | |
|---|---|---|---|
| Did the organization engage in any significant activity not previously reported to the IRS? | No | No | |
| Were any significant changes made to the organizing or governing documents? | No | No | |
| Did the organization have unrelated business gross income of $1,000 or more during the year from business activities | No | No | No |
| Has the organization filed a Form 990-T for the year? | No | No | |
| Did the organization undergo a liquidation, dissolution, termination, or significant disposition of net assets during the year? | No | No | |
| Amount of political expenditures, direct or indirect | $0 | $0 | |
| Did the organization file Form 1120-POL for this year? | No | No | |
| Did the organization borrow from, or make any loans to, any officer, director, trustee, or key employee or were any such loans made in a prior year and still outstanding at the end of the tax year covered by this return? | No | No | |
| Total amount involved | $0 | $0 | |
| Initiation fees and capital contributions | $0 | $0 | $0 |
| Gross receipts for public use of club facilities | $0 | $0 | $0 |
| Did the organization engage in any section 4958 excess benefit transaction during the year, or did it engage in an excess benefit transaction in a prior year that has not been reported on any of its prior Forms 990 or 990-EZ? | No | No | |
| At any time during the tax year, was the organization a party to a prohibited tax shelter transaction? | No | No | |
| Reason for Public Charity Status (for 2013) | |
| The organization is not a private foundation because it is: | An organization that normally receives: (1) more than 33 1/3 % of its support from contributions, membership fees, and gross receipts from activities related to its exempt functions - subject to certain exceptions, and (2) no more than 33 1/3 % of its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses acquired by the organization after June 30, 1975 |
| Number of organizations supported | 0 |
| Sum of amounts of support | $0 |
| Support Schedule for Organizations Described in Section 509(a)(2) (for 2009 - 2013) | |
| 2009 - 2013 Total | |
|---|---|
| Public support | $604,145 |
| Subtotal | $660,425 |
| Gifts, grants, contributions, and membership fees received | $235,478 |
| Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose | $424,947 |
| Gross receipts from activities that are not an unrelated trade or business under section 513 | $0 |
| Tax revenues levied for the organization's benefit and either paid to or expended on its behalf | $0 |
| The value of services or facilities furnished by a governmental unit to the organization without charge | $0 |
| Less | $56,280 |
| Amounts received from disqualified persons | $56,280 |
| Amounts received from other than disqualified persons that exceed the greater of $5,000 or 1% of the total support | $0 |
| Total support | $660,434 |
| Public support | $660,425 |
| Subtotal | $9 |
| Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources | $9 |
| Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975 | $0 |
| Net income from unrelated business activities, whether or not the business is regularly carried on | $0 |
| Other income | $0 |
| Write your review! |
|
|
| Recently Added Reviews |
Isaiah House Inc in Willisburg, KY
 |
| Boyle Mercer County Helping Hands Association Inc in Danville, KY |
|
Louisville Poker Society in Louisville, KY
|
| Southwest E-Z-Duz-It Club Inc in Louisville, KY |
|
Campbell County Rural Knothole League Inc in Alexandria, KY
|
|
Boston Union Church Foundation in Butler, KY
|
|
Vineyard Worship Center in Mortons Gap, KY
|
Dover Volunteer Fire Department Inc in Dover, KY
 |
|
Kentucky Environmental Foundation Inc in Berea, KY
|
| St Stephens Cemetery Association in Louisville, KY |
| Organizations performing similar types of work | |||||
| Id | Name | Address | State | Established | Total Income |
|---|---|---|---|---|---|
| 1 | St Anns Warehouse Inc | 55 Washington St Ste 458, Brooklyn, NY 11201-1059 | NY | 1984-01 | $5,107,486 |
| 2 | The Wichita Center For The Arts Inc | 9112 E Central Ave, Wichita, KS 67206-2506 | KS | 1935-07 | $3,431,371 |
| 3 | Museum Of Contemporary Art Santa Barbara Inc | 653 Paseo Nuevo, Santa Barbara, CA 93101-3392 | CA | 1979-02 | $3,272,599 |
| 4 | The Ark | 117 N 1st St Ste 40, Ann Arbor, MI 48104-1354 | MI | 1984-03 | $3,164,867 |
| 5 | Seward Redesign Inc | 2619 East Franklin Ave, Minneapolis, MN 55406-1300 | MN | 1975-11 | $2,038,214 |
| 6 | Appalshopinc | 91 Madison Ave, Whitesburg, KY 41858-9317 | KY | 1976-05 | $1,998,489 |
| 7 | Sesame Flyers International Inc | 3510 Church Ave, Brooklyn, NY 11203-2804 | NY | 1992-03 | $1,960,263 |
| 8 | White Bear Center For The Arts | 4971 Long Ave, White Bear Lk, MN 55110-2629 | MN | 1968-05 | $1,938,548 |
| 9 | Sausalito Art Festival Foundation | PO BOX 10, Sausalito, CA 94966-0010 | CA | 2001-08 | $1,854,005 |
| 10 | Westport Arts Center | 51 Riverside Ave, Westport, CT 06880-4215 | CT | 1974-05 | $1,849,261 |
| 11 | Sangre De Cristo Arts & Conference Center Inc | 210 N Santa Fe Ave, Pueblo, CO 81003-4133 | CO | 1972-09 | $1,809,763 |
| 12 | Rivers Of Steel Heritage Corporation | 338 E 9th Ave, Homestead, PA 15120-1774 | PA | 1992-05 | $1,724,969 |
| 13 | South Texas Institute For The Arts | 1902 N Shoreline Blvd, Corp Christi, TX 78401-1138 | TX | 1957-06 | $1,525,804 |
| 14 | Utah Arts Festival Foundation Inc | 230 S 500 W Ste 120, Slc, UT 84101-1244 | UT | 1984-07 | $1,524,782 |
| 15 | Spruill Center For The Arts Inc | 5339 Chamblee Dunwoody Road, Atlanta, GA 30338-4148 | GA | 1978-08 | $1,276,368 |
| 16 | Sedona Arts Center Inc | 15 Art Barn Rd, Sedona, AZ 86336-4249 | AZ | 1962-02 | $1,266,634 |
| 17 | Salem Art Association | 600 Mission St Se, Salem, OR 97302-6203 | OR | 1941-11 | $1,242,752 |
| 18 | World Affairs Council Of Kentucky Souther Indiana | 200 West Broadway, Louisville, KY 40202-2128 | KY | 1986-02 | $260,357 |
| 19 | Kentucky Folk Art Center Inc | 102 W 1st St, Morehead, KY 40351-1723 | KY | 1995-05 | $136,367 |
| 20 | Mayfield Graves County Art Guild Inc | 120 North 8th Street, Mayfield, KY 42066 | KY | 1991-02 | $0 |
| Number of organizations performing similar types of work | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | 720 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization representatives - add corrected or new information about Kentucky Folk Art Center Inc »
Non-representatives - add comments about Kentucky Folk Art Center Inc»