Liberace Foundation For The Performing And Creative Arts in Las Vegas, Nevada (NV)

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Liberace Foundation For The Performing And Creative Arts
Employer Identification Number (EIN)953044116
Name of OrganizationLiberace Foundation For The Performing And Creative Arts
Address1775 E Tropicana Ave Ste 30, Las Vegas, NV 89119-6558
ActivitiesScholarships (other), Described in section 509(a)(2) of the Code
SubsectionCharitable Organization
Ruling Date05/1977
DeductibilityContributions are deductible
FoundationOrganization 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
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period08/2012
Assets$10,000,000 to $49,999,999
Income$100,000 to $499,999
Filing Requirement990 - Not required to file (all other)
Asset Amount$14,818,576
Amount of Income$323,953
Form 990 Revenue Amount$-16,044
National Taxonomy of Exempt Entities (NTEE)Arts, Culture and Humanities: Museum, Museum Activities


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Amount of income in 2012: $323,953
This organization: 

 $323,953
Other organizations performing similar types of work: 

 $433,282

Assets in 2012: $14,818,576
Liberace Foundation For The Performing And Creative Arts: 

 $14,818,576
Other organizations performing similar types of work: 

 $1,224,023

Expenses in 2012: $450,248
This organization: 

 $450,248
Other organizations performing similar types of work: 

 $338,913

Income to expenses ratio in 2012: 0.7
This organization: 

 0.7
Other organizations performing similar types of work: 

 1.5

Expenses allocated to program services in 2002: 75.6%
Liberace Foundation For The Performing And Creative Arts: 

 75.6%
Other organizations performing similar types of work: 

 70.3%

Number of employees in 2012: 2
This organization: 

 2
Other organizations performing similar types of work: 

 9

Grants share in income in 2012: -18.2%
This organization: 

 -18.2%
Other organizations performing similar types of work: 

 70.6%

Financial snapshot ($)

Functional expenses for 2012

Support schedule

Statements Regarding Other IRS Filings and Tax Compliance (for 2012)
Did the organization have unrelated business gross income of $1,000 or more during the year?Yes
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities $0
Gross income from members or shareholders$0
Gross income from other sources$0
Statement of Revenue (for 2012)
Total revenue$-16,044
Contributions, Gifts, Grants and Other Similar Amounts$2,925
Program Service Revenue$3,275
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$0
Income from investment of tax-exempt bond proceeds$0
Royalties$56,192
Net rental loss$-168,177
Gross rents (Real / Personal)$171,813 / $0
Less: rental expenses (Real / Personal)$339,990 / $0
Rental income or (loss) (Real / Personal)$-168,177 / $0
Net gain from sales of assets other than inventory$0
Net loss from fundraising events$-7
Gross income from fundraising events$0
Less: direct expenses$7
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous Revenue$89,748
Statement of Functional Expenses (for 2012)
Total functional expenses$450,248
Compensation of current officers, directors, trustees, and key employees$0
Other salaries and wages$94,073
Payroll taxes$9,744
Professional fundraising services$0
Other$346,431
Balance Sheet (for 2012)
Total assets$14,818,576
Total liabilities$1,439,055
Tax-exempt bond liabilities$0
Secured mortgages and notes payable to unrelated third parties$1,271,632
Unsecured notes and loans payable to unrelated third parties$0
Other$167,423
Total net assets or fund balances$13,379,521
Retained earnings, endowment, accumulated income, or other funds$0
Reason for Public Charity Status (for 2012)
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
Support Schedule for Organizations Described in Section 509(a)(2) (for 2012)
2008 - 2012 Total
Total support$4,727,370
Gifts, grants, contributions, and membership fees received$246,177
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$2,752,448
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
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources and Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975$1,673,277
Other$55,468
Revenue, Expenses, and Changes in Net Assets or Fund Balances
200020012002
Total revenue$585,110$1,131,164$1,254,345
Contributions, gifts, grants, and similar amounts received$8,066$17,315$2,312
Contributions to donor advised funds
Direct public support$8,066$17,315$2,312
Indirect public support$0$0$0
Government contributions (grants)$0$0$0
Program service revenue including government fees and contracts$444,866$498,984$666,827
Membership dues and assessments$0$0$0
Interest on savings and temporary cash investments$2,329$856$172
Dividends and interest from securities$261,594$185,681$186,849
Net rental income or (loss)$-301,414$-289,072$-135,674
Gross rents$386,197$351,595$373,626
Less: rental expenses$687,611$640,667$509,300
Other investment income$103,686$111,919$90,954
Gain or (loss) from sales of assets other than inventory$-133,854$323,063$104,742
Gross amount from sales of assets other than inventory$3,633,747$2,781,686$2,316,187
Less: cost or other basis and sales expenses$3,767,601$2,458,623$2,211,445
Net income or (loss) from special events and activities$-1,334$0$-4,905
Gross revenue$5,000$0$7,843
Less: direct expenses other than fundraising expenses$6,334$0$12,748
Gross profit or (loss) from sales of inventory$201,171$282,418$323,883
Gross sales of inventory, less returns and allowances$325,052$475,200$568,795
Less: cost of goods sold$123,881$192,782$244,912
Other revenue$0$0$19,185
Total expenses$1,174,521$1,187,583$1,285,406
Program services$855,543$901,793$972,028
Management and general$318,978$285,790$313,378
Fundraising$0$0$0
Payments to affiliates$0$0$0
Net assets or fund balances at end of year$11,795,325$11,251,122$11,321,664
Excess or (deficit) for the year$-589,411$-56,419$-31,061
Net assets or fund balances at beginning of year$13,871,163$11,795,325$11,251,122
Other changes in net assets or fund balances$-1,486,427$-487,784$101,603
Statement of Functional Expenses (for 2002)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$1,285,406$972,028$313,378$0
Grants paid from donor advised funds
Other grants and allocations$151,050
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$77,276$52,332$24,944$0
Compensation of former officers, directors, key employees, etc.
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)
Salaries and wages of employees not included above$341,975$232,845$109,130$0
Pension plan contributions not included above$0$0$0$0
Employee benefits not included above$32,210$32,210$0$0
Payroll taxes$34,778$32,519$2,259$0
Professional fundraising fees$0$0$0$0
Accounting fees$14,350$7,175$7,175$0
Legal fees$0$0$0$0
Supplies$25,197$25,197$0$0
Telephone$10,910$10,036$874$0
Postage and shipping$11,845$8,738$3,107$0
Occupancy$37,703$37,703$0$0
Equipment rental and maintenance$0$0$0$0
Printing and publications$4,078$4,078$0$0
Travel$27,486$13,043$14,443$0
Conferences, conventions, and meetings$420$420$0$0
Interest$0$0$0$0
Depreciation, depletion, etc.$16,616$16,616$0$0
Other expenses not covered above$499,512$348,066$151,446$0
Balance Sheets
200020012002
Total assets$13,655,989$13,076,459$13,106,761
Cash - non-interest-bearing$2,950$2,950$2,950
Savings and temporary cash investments$74,847$73,012$136,583
Accounts receivable less allowance for doubtful accounts$0$0$0
Pledges receivable less allowance for doubtful accounts$0$0$0
Grants receivable$0$0$0
Receivables from current and former officers, directors, trustees, and key employees$0$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)
Other notes and loans receivable less allowance for doubtful accounts$0$0$0
Inventories for sale or use$79,701$84,833$79,480
Prepaid expenses and deferred charges$0$0$0
Investments - publicly-traded securities
Investments - other securities$6,375,821$4,939,911$4,825,747
Investments - land, buildings, and equipment less accumulated depreciation$0$0$0
Investments - other$3,349,449$0$0
Land, buildings, and equipment less accumulated depreciation$3,691,856$7,879,622$7,932,461
Other assets, including program-related investments$81,365$96,131$129,540
Total liabilities$1,860,664$1,825,337$1,785,097
Accounts payable and accrued expenses$0$0$0
Grants payable$0$0$0
Deferred revenue$0$0$0
Loans from officers, directors, trustees, and key employees$0$0$0
Tax-exempt bond liabilities$0$0$0
Mortgages and other notes payable$1,860,664$1,825,337$1,785,097
Other liabilities$0$0$0
Total liabilities and net assets/fund balances$13,655,989$13,076,459$13,106,761
Total net assets or fund balances$11,795,325$11,251,122$11,321,664
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
200020012002
Total revenue$0$0$0
Total revenue, gains, and other support per audited financial statements$0$0$0
Other expenses$0$0$0
Net unrealized gains on investments$0$0$0
Donated services and use of facilities$0$0$0
Recoveries of prior year grants$0$0$0
Other$0$0$0
Other revenue$0$0$0
Investment expenses$0$0$0
Other$0$0$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
200020012002
Total expenses$0$0$0
Total expenses and losses per audited financial statements$0$0$0
Other revenue$0$0$0
Donated services and use of facilities$0$0$0
Prior year adjustments$0$0$0
Losses$0$0$0
Other$0$0$0
Other expenses$0$0$0
Investment expenses$0$0$0
Other$0$0$0
Current Officers, Directors, Trustees, and Key Employees
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings0
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?
Does the organization have a written conflict of interest policy?
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?No
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?
Did the organization acquire a direct or indirect interest in any applicable insurance contract?
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?
Number of employees employed in the pay period that includes March 12, 20060
Analysis of Income-Producing Activities (for 2002)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$0$585,206$666,827
Program service revenue
Program service revenue 1000000$000$0$666,827
Program service revenue 2000000$000$0$0
Program service revenue 3000000$000$0$0
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$0
Interest on savings and temporary cash investments000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$172$0
Dividends and interest from securities000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$186,849$0
Net rental income or (loss) from real estate
debt-financed property000000$0Real property rental income that does not depend on the income or profits derived by the person leasing the property and is excluded by section 512(b)(3)$-135,674$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$0Royalty income excluded by section 512(b)(2)$90,954$0
Gain or (loss) from sales of assets other than inventory000000$0Gain (or loss, to the extent allowed) from the sale of investments and other non-inventory property and from certain property acquired from financial institutions that are in conservatorship or receivership (sections 512(b)(5) and 512(b)(16)(A))$104,742$0
Net income or (loss) from special events000000$0Income from an activity that is not regularly carried on (section 512(a)(1))$-4,905$0
Gross profit or (loss) from sales of inventory000000$0Section 501(c)(3) organization - Income from an activity carried on primarily for the convenience of the organization's members, students, patients, visitors, officers, or employees (hospital parking lot or museum cafeteria, for example) (section 513(a)(2))$323,883$0
Other revenue000000$0Income from an activity that is not regularly carried on (section 512(a)(1))$19,185$0
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2002)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0%$0$0
0%$0$0
0%$0$0
0%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2002)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$0$0$0
$0$0$0
$0$0$0
$0$0$0
$0$0$0
Total number of other employees paid over $50,0000
Statements About Activities (for 2002)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?
Did the organization maintain any donor advised funds?
Did the organization make any taxable distributions under section 4966?
Did the organization make a distribution to a donor, donor advisor, or related person?
The total number of donor advised funds owned at the end of the tax year
The aggregate value of assets held in all donor advised funds owned at the end of the tax year
The total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts
The aggregate value of assets held in all funds or accounts included above at the end of the tax year
Reason for Non-Private Foundation Status
The organization is not a private foundation because it isOrganization that normally receives: less than 1/3 of its support from gross investment income and unrelated taxable business income and more than 1/3 of its support from contribution, membership fees
Support Schedule
199920002001
Total$1,452,608$1,536,790$1,641,550
Gifts, grants, and contributions received$79,277$13,066$17,315
Membership fees received$0$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$831,787$769,918$974,184
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$541,544$753,806$650,051
Net income from unrelated business activities not included above$0$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0$0
Other income$0$0$0
Lobbying Expenditures by Electing Public Charities (for 2002)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
Unrelated Trade or Business Income (for 2008)
IncomeExpensesNet
Total$1,300,861$171,728$-41,642
Gross receipts or sales less returns and allowances$0$0$0
Cost of goods sold$0$0$0
Gross profit$0$0$0
Capital gain net income$0$0$0
Net gain$0$0$0
Capital loss deduction for trusts$0$0$0
Income (loss) from partnerships and S corporations$0$0$0
Rent income$0$0$0
Unrelated debt-financed income$1,300,861$171,728$-41,642
Interest, annuities, royalties, and rents from controlled organizations$0$0$0
Investment income of a section 501(c)(7), (9), or (17) organization$0$0$0
Exploited exempt activity income$0$0$0
Advertising income$0$0$0
Other income$0$0$0
Deductions Not Taken Elsewhere (for 2008)
Total deductions$0
Compensation of officers, directors, and trustees$0
Salaries and wages$0
Repairs and maintenance$0
Bad debts$0
Interest$0
Taxes and licenses$0
Charitable contributions$0
Depreciation$0
Depletion$0
Contributions to deferred compensation plans$0
Employee benefit programs$0
Excess exempt expenses$0
Excess readership costs$0
Other deductions$0
Unrelated business taxable income$-41,642
Unrelated business taxable income before net operating loss deduction$-41,642
Net operating loss deduction$0
Unrelated business taxable income before specific deduction$-41,642
Specific deduction$1,000
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Smith Museum Of Stained Glass Windows And American Art20 N Wacker Drive, Chicago, IL 60606-2806IL1994-05$838,665
2Liberace Foundation For The Performing And Creative Arts1775 E Tropicana Ave Ste 30, Las Vegas, NV 89119-6558NV1977-05$323,953
3Witte Museum3801 Broadway St, San Antonio, TX 78209-6309TX1932-11$20,214,005
4Studio Museum In Harlem Inc144 W 125th Street, New York, NY 10027-4423NY1967-11$11,364,824
5Southwest Dairy Museum Inc1210 Houston St, Sulphur Spgs, TX 75482-2310TX1983-11$8,689,664
6Uss Constitution Museum IncPO BOX 291812, Charlestown, MA 02129-0215MA1973-01$8,440,275
7Yankee Air Force IncorporatedPO BOX 590, Belleville, MI 48112-0590MI1982-02$4,557,797
8Vesterheim Norwegian American MuseumPO BOX 379, Decorah, IA 52101-0379IA1965-04$3,540,724
9Vanderbilt Museum Suffolk County Commission180 Little Neck Rd, Centerport, NY 11721-1145NY1963-03$3,401,225
10Sherwin Miller Museum Of Jewish Art Inc, Fenster General Fund2021 E 71st St, Tulsa, OK 74136-5408OK1968-08$3,372,784
11Stamford Museum And Nature Center Incorporated39 Scofieldtown Rd, Stamford, CT 06903-4023CT1952-04$3,231,146
12Staten Island Institute Of Arts And Sciences75 Stuyvesant Pl, Staten Island, NY 10301-1912NY1940-06$3,136,665
13Wheelwright Museum Of The American IndianPO BOX 5153, Santa Fe, NM 87502-5153NM1943-10$2,458,268
14Whatcom Museum Foundation121 Prospect St, Bellingham, WA 98225-4401WA1982-12$2,455,092
15The Museum Of The African Diaspora685 Mission St, San Francisco, CA 94105-4126CA2000-02$2,274,413
16San Francisco Maritime National Park AssociationPO BOX 470310, San Francisco, CA 94147-0310CA1952-01$2,246,123
17Whaling Museum Society Inc279 Main St, Cold Spg Hbr, NY 11724-1438NY1947-10$2,101,040
18Powerhouse Science Center3615 Auburn Blvd, Sacramento, CA 95821-2007CA1995-01$2,006,185
19Thronateeska Heritage Foundation Inc100 W Roosevelt Ave, Albany, GA 31701-2325GA1976-05$2,005,947
20Neon Museum770 Las Vegas Blvd N, Las Vegas, NV 89101-2010NV1999-01$1,947,326
Number of organizations performing similar types of work
Alaska2
Alabama2
Arkansas6
Arizona11
California72
Colorado12
Connecticut16
District of Columbia3
Delaware3
Florida25
Georgia11
Hawaii10
Iowa15
Idaho4
Illinois33
Indiana16
Kansas18
Kentucky9
Louisiana6
Massachusetts17
Maryland13
Maine13
Michigan18
Minnesota7
Missouri14
Mississippi3
Montana3
North Carolina12
North Dakota3
Nebraska2
New Hampshire8
New Jersey14
New Mexico10
Nevada2
New York48
Ohio33
Oklahoma14
Oregon7
Pennsylvania20
Rhode Island2
South Carolina5
South Dakota7
Tennessee13
Texas39
Utah2
Virginia13
Vermont5
Washington13
Wisconsin12
West Virginia2
Wyoming2
International1
Total651

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