Liberty Arts Inc in Durham, North Carolina (NC)

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Liberty Arts Inc
Employer Identification Number (EIN)562234909
Name of OrganizationLiberty Arts Inc
In Care of NameRick Aycock
Address923 Franklin Street, Durham, NC 27701
SubsectionCharitable Organization
Ruling Date10/2001
DeductibilityContributions are deductible
FoundationOrganization which receives a substantial part of its support from a governmental unit or the general public
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period2012
Assets$25,000 to $99,999
Income$25,000 to $99,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$48,217
Amount of Income$87,118
Form 990 Revenue Amount$86,606
National Taxonomy of Exempt Entities (NTEE)Arts, Culture and Humanities: Art Museums


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Amount of income in 2012: $87,118 (it was $86,606 in 2013)
Liberty Arts Inc: 

 $87,118
Other organizations performing similar types of work: 

 $85,415

Assets in 2012: $48,217 (it was $44,262 in 2013)
Liberty Arts Inc: 

 $48,217
Other organizations performing similar types of work: 

 $116,686

Expenses in 2013: $42,344
This organization: 

 $42,344
Other organizations performing similar types of work: 

 $69,526

Income to expenses ratio in 2013: 2.1
Liberty Arts Inc: 

 2.1
Other organizations performing similar types of work: 

 1.7

Grants share in income in 2013: 33.7%
This organization: 

 33.7%
Other organizations performing similar types of work: 

 100.0%

Financial snapshot ($)

Revenue for 2013

Support schedule

Revenue, Expenses, and Changes in Net Assets or Fund Balances
2013
Total revenue$86,606
Contributions, gifts, grants, and similar amounts received$29,217
Program service revenue including government fees and contracts$6,038
Membership dues and assessments$23,399
Investment income$1
Gain/Loss from sale of assets other than inventory$0
Net income/loss from gaming and fundraising events$27,951
Gross income from gaming$0
Gross income from fundraising events$28,463
Less: direct expenses from gaming and fundraising events$512
Gross profit/loss from sales of inventory$0
Other revenue$0
Total expenses$42,344
Total net assets$44,262
Excess/Deficit for the year$44,262
Net assets or fund balances at beginning of year$0
Other changes in net assets or fund balances$0
Net assets or fund balances at end of year$44,262
Balance Sheets
2013
Total assets$44,262
Total liabilities$0
Net assets or fund balances$44,262
Other Information
2013
Did the organization engage in any significant activity not previously reported to the IRS?No
Were any significant changes made to the organizing or governing documents?No
Did the organization have unrelated business gross income of $1,000 or more during the year from business activitiesNo
Has the organization filed a Form 990-T for the year?No
Did the organization undergo a liquidation, dissolution, termination, or significant disposition of net assets during the year?No
Amount of political expenditures, direct or indirect$0
Did the organization file Form 1120-POL for this year?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
Total amount involved$0
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$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
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?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 supported0
Sum of amounts of support$0
Support Schedule for Organizations Described in Section 509(a)(2) (for 2009 - 2013)
2009 - 2013 Total
Public support$58,654
Subtotal$58,654
Gifts, grants, contributions, and membership fees received$29,217
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$23,399
Gross receipts from activities that are not an unrelated trade or business under section 513$6,038
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$0
Amounts received from disqualified persons$0
Amounts received from other than disqualified persons that exceed the greater of $5,000 or 1% of the total support$0
Total support$58,654
Public support$58,654
Subtotal$0
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources$0
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
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Shraman South Asian Museum And Learning Center FoundationTwo Lincoln Center, Dallas, TX 75240TX2012-11$21,378,476
2American Museum Of Western Art-The Anschutz Collection1727 Tremont Pl, Denver, CO 80202-4006CO2010-09$13,080,693
3Broad Collection10900 Wilshire Blvd Fl 12, Los Angeles, CA 90024-6548CA2011-05$9,302,568
4New Museum At The Bradford Brinton RanchPO BOX 460, Big Horn, WY 82833-0460WY2012-06$6,938,926
5Museum Of World War Ii Inc46 Eliot St, Natick, MA 01760-6042MA2013-03$4,867,300
6Museum Of Craft And Design2569 3rd St, San Francisco, CA 94107-3112CA2003-09$2,898,809
7International Art Museum Of America1023 Market St, San Francisco, CA 94103-1605CA2010-08$2,046,282
8Westwood Village Improvement Assn10880 Wilshire Blvd Ste 117, Los Angeles, CA 90024-4177CA2001-01$1,176,647
9Blowing Rock Art & History Museum IncPO BOX 828, Blowing Rock, NC 28605-0828NC2002-01$1,165,439
10Shepards Cornerstone Foundation Inc124 Prospect St, Ridgewood, NJ 07450-4406NJ2002-07$1,147,908
11Cedarburg Art Museum IncW63n675 Washington Ave, Cedarburg, WI 53012-1900WI2013-03$1,055,638
12Washington Art ConsortiumWwu Fine Arts Complex 130, Bellingham, WA 98225WA2001-05$995,777
13Mint Museum Auxiliary500 S Tryon St, Charlotte, NC 28202-1811NC1967-02$547,347
14Sparta Teapot Museum115 Atwood St, Sparta, NC 28675-9299NC2005-11$119,249
15Bechtler Collection Preservationfoundation420 S Tryon St, Charlotte, NC 28202-1937NC2008-06$114,000
16Liberty Arts Inc923 Franklin Street, Durham, NC 27701NC2001-10$87,118
17Doll And Toy MuseumPO BOX 105, Spencer, NC 28159-0105NC2012-07$21,381
18Moncure Museum Of Art631 Old Us 1, Moncure, NC 27559NC2000-09$0
19Norfolk & Southern Historical Society2222 W Club Blvd, Durham, NC 27705NC2003-03$0
20Smith Island Art League Inc7423 Poseidon Point, Wilmington, NC 28411NC2005-06$0
Number of organizations performing similar types of work
Alaska2
Alabama8
Arkansas3
Arizona11
California79
Colorado11
Connecticut7
District of Columbia2
Delaware1
Florida22
Georgia14
Hawaii1
Iowa2
Illinois27
Indiana7
Kansas3
Kentucky5
Louisiana12
Massachusetts17
Maryland8
Maine7
Michigan15
Minnesota11
Missouri15
Mississippi3
Montana4
North Carolina9
North Dakota1
Nebraska3
New Hampshire4
New Jersey10
New Mexico9
Nevada6
New York54
Ohio13
Oklahoma5
Oregon4
Pennsylvania9
Rhode Island2
South Carolina5
Tennessee5
Texas34
Utah3
Virginia9
Vermont2
Washington13
Wisconsin7
West Virginia3
Wyoming4
International2
Total513

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