Folk Art Society Of America in Richmond, Virginia (VA)

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Folk Art Society Of America
Employer Identification Number (EIN)541415937
Name of OrganizationFolk Art Society Of America
Address1904 Byrd Ave Ste 312, Richmond, VA 23230-3029
ActivitiesDiscussion groups, forums, panels lectures, etc.
SubsectionCharitable Organization
Ruling Date03/1989
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 Period12/2013
Assets$100,000 to $499,999
Income$25,000 to $99,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$232,991
Amount of Income$80,729
Form 990 Revenue Amount$52,347
National Taxonomy of Exempt Entities (NTEE)Arts, Culture and Humanities: Arts, Cultural Organizations - Multipurpose


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Amount of income in 2013: $80,729 (it was $96,915 in 2012)
This organization: 

 $80,729
Other organizations performing similar types of work: 

 $195,015

Assets in 2013: $232,991 (it was $218,119 in 2012)
Folk Art Society Of America: 

 $232,991
Other organizations performing similar types of work: 

 $137,152

Expenses in 2013: $43,086
Folk Art Society Of America: 

 $43,086
Other organizations performing similar types of work: 

 $181,390

Income to expenses ratio in 2013: 1.9
This organization: 

 1.9
Other organizations performing similar types of work: 

 1.0

Grants share in income in 2013: 59.9%
This organization: 

 59.9%
Other organizations performing similar types of work: 

 49.7%

Financial snapshot ($)

Revenue for 2013

Support schedule

Revenue, Expenses, and Changes in Net Assets or Fund Balances
201120122013
Total revenue$52,522$45,911$52,347
Contributions, gifts, grants, and similar amounts received$27,927$25,329$31,379
Program service revenue including government fees and contracts$0$0$0
Membership dues and assessments$0$0$0
Investment income$688$468$475
Gain/Loss from sale of assets other than inventory$0$0$0
Net income/loss from gaming and fundraising events$23,907$20,114$20,493
Gross income from gaming$0$0$0
Gross income from fundraising events$61,140$71,118$48,875
Less: direct expenses from gaming and fundraising events$37,233$51,004$28,382
Gross profit/loss from sales of inventory$0$0$0
Other revenue$0$0$0
Total expenses$40,244$58,783$43,086
Total net assets$224,495$218,119$232,991
Excess/Deficit for the year$12,278$-12,872$9,261
Net assets or fund balances at beginning of year$212,936$224,495$218,119
Other changes in net assets or fund balances$-719$6,496$5,611
Net assets or fund balances at end of year$218,119$232,991
Balance Sheets
201120122013
Total assets$224,495$218,119$232,991
Total liabilities$0$0$0
Net assets or fund balances$224,495$218,119$232,991
Other Information
201120122013
Did the organization engage in any significant activity not previously reported to the IRS?NoNo
Were any significant changes made to the organizing or governing documents?NoNo
Did the organization have unrelated business gross income of $1,000 or more during the year from business activitiesNoNoNo
Has the organization filed a Form 990-T for the year?NoNo
Did the organization undergo a liquidation, dissolution, termination, or significant disposition of net assets during the year?NoNo
Amount of political expenditures, direct or indirect$0$0
Did the organization file Form 1120-POL for this year?NoNo
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?NoNo
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?NoNo
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?NoNo
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$151,808
Subtotal$151,808
Gifts, grants, contributions, and membership fees received$151,808
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$0
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$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$266,071
Public support$151,808
Subtotal$11,085
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources$11,085
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$103,178
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Center For The Arts Of Greater Manassas Prince William County Inc9419 Battle St, Manassas, VA 20110-5438VA1984-10$522,597
2St Anns Warehouse Inc55 Washington St Ste 458, Brooklyn, NY 11201-1059NY1984-01$5,107,486
3The Wichita Center For The Arts Inc9112 E Central Ave, Wichita, KS 67206-2506KS1935-07$3,431,371
4Museum Of Contemporary Art Santa Barbara Inc653 Paseo Nuevo, Santa Barbara, CA 93101-3392CA1979-02$3,272,599
5The Ark117 N 1st St Ste 40, Ann Arbor, MI 48104-1354MI1984-03$3,164,867
6Seward Redesign Inc2619 East Franklin Ave, Minneapolis, MN 55406-1300MN1975-11$2,038,214
7Sesame Flyers International Inc3510 Church Ave, Brooklyn, NY 11203-2804NY1992-03$1,960,263
8White Bear Center For The Arts4971 Long Ave, White Bear Lk, MN 55110-2629MN1968-05$1,938,548
9Sausalito Art Festival FoundationPO BOX 10, Sausalito, CA 94966-0010CA2001-08$1,854,005
10Cultural Arts Center At Glen Allen FoundationGlen Allen Foundation 2880 Mountain, Glen Allen, VA 23060VA1997-06$1,319,316
11Virginia Highlands Festival IncorporatedPO BOX 801, Abingdon, VA 24212-0801VA1974-07$311,202
12Shenandoah Valley Art Center Inc126 S Wayne Ave, Waynesboro, VA 22980-4618VA1986-01$303,023
13Pro-Art Association A Chapter Of The Virginia Museum Of Fine Arts, Pro Art AssociationPO BOX 2080, Wise, VA 24293-2080VA1978-11$271,709
14Community Arts Center Foundation700 Bruce St, South Boston, VA 24592-3801VA1998-04$235,738
15First Night Alexandria Inc421 King Street, Alexandria, VA 22314-3135VA1994-06$233,991
16Arts Center Of OrangePO BOX 13, Orange, VA 22960-0011VA1998-05$204,563
17Northern Virginia Fine Arts Association201 Prince St, Alexandria, VA 22314-3313VA1964-04$180,055
18Fine Arts Center For The New River Valley IncPO BOX 309, Pulaski, VA 24301-0309VA1979-03$154,882
19Mclean Arts Center Inc1437 Emerson Ave, Mclean, VA 22101-5706VA1966-09$101,662
20North American Folk Music And Dance Alliance Inc, Potomac Celtic Alliance525-K E Market St Ste 295, Leesburg, VA 20176-4113VA1996-09$96,039
Number of organizations performing similar types of work
Alaska4
Alabama5
Arkansas8
Arizona9
California76
Colorado18
Connecticut14
District of Columbia5
Delaware1
Florida33
Georgia11
Hawaii12
Iowa6
Idaho2
Illinois20
Indiana5
Kansas10
Kentucky4
Louisiana11
Massachusetts31
Maryland19
Maine6
Michigan21
Minnesota15
Missouri11
Mississippi2
Montana7
North Carolina27
North Dakota2
Nebraska6
New Hampshire4
New Jersey18
New Mexico4
Nevada2
New York75
Ohio23
Oklahoma4
Oregon11
Pennsylvania38
Rhode Island3
South Carolina5
South Dakota2
Tennessee15
Texas34
Utah8
Virginia24
Vermont10
Washington16
Wisconsin13
West Virginia9
International1
Total720

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