Civic Intelligence

Elastic Arts Foundation

990 • Fiscal year 2021 • EIN 02-0645505

Sep 01, 2020 to Aug 31, 2021 • Filed on Jan 31, 2022

3429 W Diversey Ave 208Chicago, IL 60647

(773) 772-3616

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

84th percentile

0.24x

Higher debt load relative to assets than 84% of similar nonprofits.

2021 filings • 501(c)3 • <$500k nonprofits • Source year 2021

Liabilities / Revenue

85th percentile

0.22x

Higher debt load relative to revenue than 85% of similar nonprofits.

2021 filings • 501(c)3 • <$500k nonprofits • Source year 2021

Net Margin

63rd percentile

18%

Higher net margin than 63% of similar nonprofits.

2021 filings • 501(c)3 • <$500k nonprofits • Source year 2021

Top Officer Pay

93rd percentile

$55,417

Higher top officer pay than 93% of similar nonprofits.

Top officer pay equals 17.3% of source-year revenue.

2021 filings • 501(c)3 • <$500k nonprofits • Source year 2021

Asset Growth

84th percentile

66%

Faster asset growth than 84% of similar nonprofits.

2021 filings • 501(c)3 • <$500k nonprofits • Annualized from 2020 to 2021

Revenue Growth

80th percentile

66%

Faster revenue growth than 80% of similar nonprofits.

2021 filings • 501(c)3 • <$500k nonprofits • Annualized from 2020 to 2021

Assets

Up

$286,304

Up $114,103 (+66%) from 2020

Net Assets

Up

$216,161

Up $60,395 (+39%) from 2020

Liabilities

Up

$70,143

Up $53,708 (+327%) from 2020

Revenue

Up

$320,540

Up $127,583 (+66%) from 2020

Expenses

Up

$261,886

Up $15,601 (+6.3%) from 2020

Net Income

Up

$58,654

Up $111,982 (+210%) from 2020

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$1.0M$500K$0Assets 2011: $23,045Liabilities 2011: $1,7002011Assets 2013: $144,424Liabilities 2013: $22,259Net Assets 2013: $122,1652013Assets 2014: $35,895Liabilities 2014: $2,950Net Assets 2014: $32,9452014Assets 2015: $192,130Liabilities 2015: $2,950Net Assets 2015: $189,1802015Assets 2016: $139,116Liabilities 2016: $3,3192016Assets 2017: $108,865Liabilities 2017: $2,2172017Assets 2018: $93,160Liabilities 2018: $3,237Net Assets 2018: $89,9232018Assets 2019: $210,927Liabilities 2019: $1,833Net Assets 2019: $209,0942019Assets 2020: $172,201Liabilities 2020: $16,435Net Assets 2020: $155,7662020Assets 2021: $286,304Liabilities 2021: $70,143Net Assets 2021: $216,1612021Assets 2022: $287,059Liabilities 2022: $13,498Net Assets 2022: $273,5612022Assets 2023: $437,195Liabilities 2023: $24,740Net Assets 2023: $412,4552023Assets 2024: $361,411Liabilities 2024: $12,667Net Assets 2024: $348,7442024Assets 2025: $842,518Liabilities 2025: $374,042Net Assets 2025: $468,4762025

Highlighted filing

2021

Assets$286,304
Liabilities$70,143
Net Assets$216,161

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$800K$600K$400K$200K$0-$200KRevenue 2011: $68,018Expenses 2011: $72,153Net Income 2011: -$4,1352011Revenue 2013: $358,108Expenses 2013: $327,639Net Income 2013: $30,4692013Revenue 2014: $222,111Expenses 2014: $311,331Net Income 2014: -$89,2202014Revenue 2015: $371,366Expenses 2015: $215,131Net Income 2015: $156,2352015Revenue 2016: $151,467Expenses 2016: $204,850Net Income 2016: -$53,3832016Revenue 2017: $189,379Expenses 2017: $218,528Net Income 2017: -$29,1492017Revenue 2018: $229,630Expenses 2018: $246,355Net Income 2018: -$16,7252018Revenue 2019: $361,562Expenses 2019: $253,550Net Income 2019: $108,0122019Revenue 2020: $192,957Expenses 2020: $246,285Net Income 2020: -$53,3282020Revenue 2021: $320,540Expenses 2021: $261,886Net Income 2021: $58,6542021Revenue 2022: $470,759Expenses 2022: $413,359Net Income 2022: $57,4002022Revenue 2023: $627,092Expenses 2023: $488,198Net Income 2023: $138,8942023Revenue 2024: $508,476Expenses 2024: $572,187Net Income 2024: -$63,7112024Revenue 2025: $600,713Expenses 2025: $480,981Net Income 2025: $119,7322025

Highlighted filing

2021

Revenue$320,540
Expenses$261,886
Net Income$58,654
Jump To
Filing Snapshot
Filing Period
Sep 1, 2020 to Aug 31, 2021
Signed
Jan 31, 2022
Return Version
2020v4.0
Gross Receipts
$322,950
Mission and Program Overview

Mission

Elastic Arts fosters a community of musicians and artists in the Avondale/Logan Square neighborhood of Chicago by developing and presenting creative and independent music, art, and performance events.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$123,396$222,097▲ $98,701
Pledges and Grants Receivable$26,820$35,569▲ $8,749
Land, Buildings, and Equipment, Net$17,480$25,638▲ $8,158
Prepaid Expenses and Deferred Charges$1,505$0▼ $1,505
Savings and Temporary Cash Investments-$0-
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$172,201$286,304▲ $114,103
Other Assets Total$3,000$3,000→ $0
Liabilities
Deferred Revenue-$50,703-
Unsecured Notes Loans Payable$13,400$15,400▲ $2,000
Accounts Payable and Accrued Expenses$3,033$4,040▲ $1,007
Other Liabilities$2--
Total Liabilities$16,435$70,143▲ $53,708
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$92,997$133,287▲ $40,290
Net Assets With Donor Restrictions$62,769$82,874▲ $20,105
Total Net Assets Fund Balance$155,766$216,161▲ $60,395
Total Liabilities and Net Assets / Fund Balance$172,201$286,304▲ $114,103

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$22,430$16,483$38,913
Leasehold Improvements$3,208$14,355$17,563
Other Land Buildings-$14,340$14,340
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Adam ZanoliniExecutive DirectorFT$55,417$55,417

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$279,506
Program Service Revenue
$29,032
Investment Income
$0
Other Revenue
$12,002
All Other Contributions
$196,091
Change in Net Assets
$58,654

Audited Revenue Reconciliation

Revenue per Audited Statements
$320,540
Total Revenue per Audited Statements
$320,540
Total Revenue per Form 990
$320,540
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$168,910
Salaries, Compensation, and Employee Benefits$92,976
Total Fundraising Expense$4,475
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$95,766$1,801-$97,567
Current Officers, Directors, Trustees, and Key Employees$47,104$5,542$2,771$55,417
Occupancy$36,340$2,437-$38,777
Other Salaries and Wages$24,259$157$78$24,494
Payroll Taxes$6,042$482$241$6,765
Depreciation Depletion$5,546$652$326$6,524
Other Employee Benefits$5,355$630$315$6,300
Insurance$388$4,889-$5,277
All Other Expenses$39$2,070$98$2,207
Other Expenses$240$1,036-$1,036
Advertising$382-$646$1,028
Travel$250--$250
Conferences and Meetings-$25-$25
Total Functional Expenses$234,935$22,476$4,475$261,886

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$261,886
Total Expenses per Audited Statements$261,886
Total Expenses per Form 990$261,886
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$14,412
Fundraising Direct Expenses$2,410
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B: Form 990 Review Process

The board reviews the 990 prior to filing.

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

Conflicts of interests are addressed as they arise.

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

The Board sets management compensation levels.

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

The Board sets management officer or key employee compensation levels.

Form 990, Part VI, Line 18: Explanation of Other Means Forms Available For Public Inspection

The 990 can be acquired through the IL Attorney General and the Guidestar.org websites.

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

Available upon request.

Filing and Contact Details

Filer

Filer Name
Elastic Arts Foundation
EIN
02-0645505
Phone
7737723616
Address
3429 W Diversey Ave 208, Chicago, IL 60647

Signing Officer

Name
David Rempis
Title
President
Signed
2022-01-31
Discuss with paid preparer
Yes

Organization Details

Principal Officer
David Rempis
Formed
2002
Legal Domicile
Il
Voting Board Members
10
Independent Board Members
10
Employees
4
Volunteers
15

Preparer

Firm
Il Nfp Audit and Tax Llp
Address
564 W RANDOLPH STREET SUITE 200, CHICAGO, IL 60661
Preparer
Abdullah Khan CPA
Phone
3129985500
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

The Organization is exempt from Federal and State income taxes under Section 501(c)(3) of the Internal Revenue Code, therefore, the financial statements do not include a provision for income taxes. The Organization reviews income tax positions taken or expected to be taken in income tax returns to determine if there are any income tax uncertainties. This includes positions that the entity is exempt from income taxes or not subject to income taxes on unrelated business income. The Organization recognizes tax benefits from uncertain tax positions only if it is more likely than not that the tax positions will be sustained on examination by taxing authorities, based on the technical merits of the positions. The Organization has identified no significant income tax uncertainties. The Organization files information returns as a tax-exempt organization. Should that status be challenged in the future, all years since inception could be subject to review by the IRS.

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IRS990/Desc01) Development and maintenance of ChicagoMusic.org web-site. This web-site promotes local concerts, musicians, and organizations, in order to grow audiences and build a network for collaborative support for Chicago's many independent live music ecosystems. 2) Production and presentation of approximately 150 music concerts, performances, and arts events, open to the general public. 3) Rental of performance space to local artists for a nominal fee.
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IRS990/MissionDesc0Elastic Arts fosters a community of musicians and artists in the Avondale/Logan Square neighborhood of Chicago by developing and presenting creative and independent music, art, and performance events.
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Organization is exempt from Federal and State income taxes under Section 501(c)(3) of the Internal Revenue Code, therefore, the financial statements do not include a provision for income taxes. The Organization reviews income tax positions taken or expected to be taken in income tax returns to determine if there are any income tax uncertainties. This includes positions that the entity is exempt from income taxes or not subject to income taxes on unrelated business income. The Organization recognizes tax benefits from uncertain tax positions only if it is more likely than not that the tax positions will be sustained on examination by taxing authorities, based on the technical merits of the positions. The Organization has identified no significant income tax uncertainties. The Organization files information returns as a tax-exempt organization. Should that status be challenged in the future, all years since inception could be subject to review by the IRS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$8.43$3.74$4.68$6.01$4.81$1.20
2024Detailed filing. Detailed filing data is available for this year.$3.61$0.13$3.49$5.08$5.72$0.64
2023Detailed filing. Detailed filing data is available for this year.$4.37$0.25$4.12$6.27$4.88$1.39
2022Detailed filing. Detailed filing data is available for this year.$2.87$0.13$2.74$4.71$4.13$0.57
2021Detailed filing. Detailed filing data is available for this year.$2.86$0.70$2.16$3.21$2.62$0.59
2020Detailed filing. Detailed filing data is available for this year.$1.72$0.16$1.56$1.93$2.46$0.53
2019Detailed filing. Detailed filing data is available for this year.$2.11$0.02$2.09$3.62$2.54$1.08
2018Detailed filing. Detailed filing data is available for this year.$0.93$0.03$0.90$2.30$2.46$0.17
2017Summary only. Only limited summary data is available for this year.$1.09$0.02$1.89$2.19$0.29
2016Summary only. Only limited summary data is available for this year.$1.39$0.03$1.51$2.05$0.53
2015Summary only. Only limited summary data is available for this year.$1.92$0.03$1.89$3.71$2.15$1.56
2014Summary only. Only limited summary data is available for this year.$0.36$0.03$0.33$2.22$3.11$0.89
2013Summary only. Only limited summary data is available for this year.$1.44$0.22$1.22$3.58$3.28$0.30
2011Summary only. Only limited summary data is available for this year.$0.23$0.02$0.68$0.72$0.04