Folk Art Society Of America in Richmond, Virginia (VA)
Table of contents:
| Folk Art Society Of America | |
| Employer Identification Number (EIN) | 541415937 |
| Name of Organization | Folk Art Society Of America |
| Address | 1904 Byrd Ave Ste 312, Richmond, VA 23230-3029 |
| Activities | Discussion groups, forums, panels lectures, etc. |
| Subsection | Charitable Organization |
| Ruling Date | 03/1989 |
| 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 | 12/2013 |
| Assets | $100,000 to $499,999 |
| Income | $25,000 to $99,999 |
| Filing Requirement | 990 (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 |
Non-representatives - add comments:
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% |
Revenue for 2013
Support schedule
| Revenue, Expenses, and Changes in Net Assets or Fund Balances | |||
| 2011 | 2012 | 2013 | |
|---|---|---|---|
| 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 | |||
| 2011 | 2012 | 2013 | |
|---|---|---|---|
| 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 | |||
| 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 | $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 | |||||
| Id | Name | Address | State | Established | Total Income |
|---|---|---|---|---|---|
| 1 | Center For The Arts Of Greater Manassas Prince William County Inc | 9419 Battle St, Manassas, VA 20110-5438 | VA | 1984-10 | $522,597 |
| 2 | St Anns Warehouse Inc | 55 Washington St Ste 458, Brooklyn, NY 11201-1059 | NY | 1984-01 | $5,107,486 |
| 3 | The Wichita Center For The Arts Inc | 9112 E Central Ave, Wichita, KS 67206-2506 | KS | 1935-07 | $3,431,371 |
| 4 | Museum Of Contemporary Art Santa Barbara Inc | 653 Paseo Nuevo, Santa Barbara, CA 93101-3392 | CA | 1979-02 | $3,272,599 |
| 5 | The Ark | 117 N 1st St Ste 40, Ann Arbor, MI 48104-1354 | MI | 1984-03 | $3,164,867 |
| 6 | Seward Redesign Inc | 2619 East Franklin Ave, Minneapolis, MN 55406-1300 | MN | 1975-11 | $2,038,214 |
| 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 | Cultural Arts Center At Glen Allen Foundation | Glen Allen Foundation 2880 Mountain, Glen Allen, VA 23060 | VA | 1997-06 | $1,319,316 |
| 11 | Virginia Highlands Festival Incorporated | PO BOX 801, Abingdon, VA 24212-0801 | VA | 1974-07 | $311,202 |
| 12 | Shenandoah Valley Art Center Inc | 126 S Wayne Ave, Waynesboro, VA 22980-4618 | VA | 1986-01 | $303,023 |
| 13 | Pro-Art Association A Chapter Of The Virginia Museum Of Fine Arts, Pro Art Association | PO BOX 2080, Wise, VA 24293-2080 | VA | 1978-11 | $271,709 |
| 14 | Community Arts Center Foundation | 700 Bruce St, South Boston, VA 24592-3801 | VA | 1998-04 | $235,738 |
| 15 | First Night Alexandria Inc | 421 King Street, Alexandria, VA 22314-3135 | VA | 1994-06 | $233,991 |
| 16 | Arts Center Of Orange | PO BOX 13, Orange, VA 22960-0011 | VA | 1998-05 | $204,563 |
| 17 | Northern Virginia Fine Arts Association | 201 Prince St, Alexandria, VA 22314-3313 | VA | 1964-04 | $180,055 |
| 18 | Fine Arts Center For The New River Valley Inc | PO BOX 309, Pulaski, VA 24301-0309 | VA | 1979-03 | $154,882 |
| 19 | Mclean Arts Center Inc | 1437 Emerson Ave, Mclean, VA 22101-5706 | VA | 1966-09 | $101,662 |
| 20 | North American Folk Music And Dance Alliance Inc, Potomac Celtic Alliance | 525-K E Market St Ste 295, Leesburg, VA 20176-4113 | VA | 1996-09 | $96,039 |
| Number of organizations performing similar types of work | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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