Liberty Arts Inc in Durham, North Carolina (NC)
Table of contents:
| Liberty Arts Inc | |
| Employer Identification Number (EIN) | 562234909 |
| Name of Organization | Liberty Arts Inc |
| In Care of Name | Rick Aycock |
| Address | 923 Franklin Street, Durham, NC 27701 |
| Subsection | Charitable Organization |
| Ruling Date | 10/2001 |
| Deductibility | Contributions are deductible |
| Foundation | Organization which receives a substantial part of its support from a governmental unit or the general public |
| Organization | Corporation |
| Exempt Organization Status | Unconditional Exemption |
| Tax Period | 2012 |
| Assets | $25,000 to $99,999 |
| Income | $25,000 to $99,999 |
| Filing Requirement | 990 (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 |
Non-representatives - add comments:
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% |
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 activities | No |
| 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 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 | $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 | |||||
| Id | Name | Address | State | Established | Total Income |
|---|---|---|---|---|---|
| 1 | Shraman South Asian Museum And Learning Center Foundation | Two Lincoln Center, Dallas, TX 75240 | TX | 2012-11 | $21,378,476 |
| 2 | American Museum Of Western Art-The Anschutz Collection | 1727 Tremont Pl, Denver, CO 80202-4006 | CO | 2010-09 | $13,080,693 |
| 3 | Broad Collection | 10900 Wilshire Blvd Fl 12, Los Angeles, CA 90024-6548 | CA | 2011-05 | $9,302,568 |
| 4 | New Museum At The Bradford Brinton Ranch | PO BOX 460, Big Horn, WY 82833-0460 | WY | 2012-06 | $6,938,926 |
| 5 | Museum Of World War Ii Inc | 46 Eliot St, Natick, MA 01760-6042 | MA | 2013-03 | $4,867,300 |
| 6 | Museum Of Craft And Design | 2569 3rd St, San Francisco, CA 94107-3112 | CA | 2003-09 | $2,898,809 |
| 7 | International Art Museum Of America | 1023 Market St, San Francisco, CA 94103-1605 | CA | 2010-08 | $2,046,282 |
| 8 | Westwood Village Improvement Assn | 10880 Wilshire Blvd Ste 117, Los Angeles, CA 90024-4177 | CA | 2001-01 | $1,176,647 |
| 9 | Blowing Rock Art & History Museum Inc | PO BOX 828, Blowing Rock, NC 28605-0828 | NC | 2002-01 | $1,165,439 |
| 10 | Shepards Cornerstone Foundation Inc | 124 Prospect St, Ridgewood, NJ 07450-4406 | NJ | 2002-07 | $1,147,908 |
| 11 | Cedarburg Art Museum Inc | W63n675 Washington Ave, Cedarburg, WI 53012-1900 | WI | 2013-03 | $1,055,638 |
| 12 | Washington Art Consortium | Wwu Fine Arts Complex 130, Bellingham, WA 98225 | WA | 2001-05 | $995,777 |
| 13 | Mint Museum Auxiliary | 500 S Tryon St, Charlotte, NC 28202-1811 | NC | 1967-02 | $547,347 |
| 14 | Sparta Teapot Museum | 115 Atwood St, Sparta, NC 28675-9299 | NC | 2005-11 | $119,249 |
| 15 | Bechtler Collection Preservationfoundation | 420 S Tryon St, Charlotte, NC 28202-1937 | NC | 2008-06 | $114,000 |
| 16 | Liberty Arts Inc | 923 Franklin Street, Durham, NC 27701 | NC | 2001-10 | $87,118 |
| 17 | Doll And Toy Museum | PO BOX 105, Spencer, NC 28159-0105 | NC | 2012-07 | $21,381 |
| 18 | Moncure Museum Of Art | 631 Old Us 1, Moncure, NC 27559 | NC | 2000-09 | $0 |
| 19 | Norfolk & Southern Historical Society | 2222 W Club Blvd, Durham, NC 27705 | NC | 2003-03 | $0 |
| 20 | Smith Island Art League Inc | 7423 Poseidon Point, Wilmington, NC 28411 | NC | 2005-06 | $0 |
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