Civic Intelligence

Latchis Arts Inc.

990 • Fiscal year 2015 • EIN 03-0231573

Jul 01, 2014 to Jun 30, 2015 • Filed on Jan 27, 2016

Organization ProfileWWW.LATCHIS.ORG
50 Main StreetBrattleboro, VT 05301

(802) 254-1109

Siviq Scores

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

Liabilities / Assets

55th percentile

0.15x

Higher debt load relative to assets than 55% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Liabilities / Revenue

93rd percentile

3.79x

Higher debt load relative to revenue than 93% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Net Margin

7th percentile

-46%

Higher net margin than 7% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Top Officer Pay

39th percentile

$27,481

Higher top officer pay than 39% of similar nonprofits.

Top officer pay equals 38.4% of source-year revenue.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Asset Growth

13th percentile

-9.6%

Faster asset growth than 13% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Revenue Growth

2nd percentile

-78%

Faster revenue growth than 2% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets55th percentile

Assets

Down

$1,864,628

Down $198,464 (-9.6%) from 2014

Net Assets

Down

$1,593,234

Down $188,268 (-11%) from 2014

Liabilities

Down

$271,394

Down $10,196 (-3.6%) from 2014

Revenue And Expenses
Liabilities / Revenue93rd percentileNet Margin7th percentile

Revenue

Down

$71,624

Down $260,717 (-78%) from 2014

Expenses

Down

$104,889

Down $9,522 (-8.3%) from 2014

Net Income

Down

-$33,265

Down $251,195 (-115%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth13th percentile

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

$3.0M$2.0M$1.0M$0Assets 2011: $1,752,526Liabilities 2011: $312,522Net Assets 2011: $1,440,0042011Assets 2012: $1,588,683Liabilities 2012: $315,298Net Assets 2012: $1,273,3852012Assets 2013: $1,827,173Liabilities 2013: $290,416Net Assets 2013: $1,536,7572013Assets 2014: $2,063,092Liabilities 2014: $281,590Net Assets 2014: $1,781,5022014Assets 2015: $1,864,628Liabilities 2015: $271,394Net Assets 2015: $1,593,2342015Assets 2016: $1,879,220Liabilities 2016: $262,659Net Assets 2016: $1,616,5612016Assets 2017: $1,667,645Liabilities 2017: $251,000Net Assets 2017: $1,416,6452017Assets 2018: $1,554,089Liabilities 2018: $243,875Net Assets 2018: $1,310,2142018Assets 2019: $1,364,662Liabilities 2019: $232,683Net Assets 2019: $1,131,9792019Assets 2020: $1,166,742Liabilities 2020: $226,918Net Assets 2020: $939,8242020Assets 2021: $1,259,053Liabilities 2021: $222,290Net Assets 2021: $1,036,7632021Assets 2022: $1,308,952Liabilities 2022: $215,047Net Assets 2022: $1,093,9052022Assets 2023: $1,307,535Liabilities 2023: $207,382Net Assets 2023: $1,100,1532023Assets 2024: $1,228,132Liabilities 2024: $203,323Net Assets 2024: $1,024,8092024Assets 2025: $1,091,869Liabilities 2025: $190,875Net Assets 2025: $900,9942025

Highlighted filing

2015

Assets$1,864,628
Liabilities$271,394
Net Assets$1,593,234
Open 2015 Filing

Operations Trend

Revenue Growth2nd percentile

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

$400K$300K$200K$100K$0-$100KRevenue 2011: $131,699Expenses 2011: $113,589Net Income 2011: $18,1102011Revenue 2012: $206,641Expenses 2012: $130,611Net Income 2012: $76,0302012Revenue 2013: $346,069Expenses 2013: $82,697Net Income 2013: $263,3722013Revenue 2014: $332,341Expenses 2014: $114,411Net Income 2014: $217,9302014Revenue 2015: $71,624Expenses 2015: $104,889Net Income 2015: -$33,2652015Revenue 2016: $133,752Expenses 2016: $110,425Net Income 2016: $23,3272016Revenue 2017: $87,112Expenses 2017: $129,421Net Income 2017: -$42,3092017Revenue 2018: $88,364Expenses 2018: $129,192Net Income 2018: -$40,8282018Revenue 2019: $117,994Expenses 2019: $112,685Net Income 2019: $5,3092019Revenue 2020: $145,425Expenses 2020: $139,125Net Income 2020: $6,3002020Revenue 2021: $73,556Expenses 2021: $83,486Net Income 2021: -$9,9302021Revenue 2022: $103,735Expenses 2022: $97,477Net Income 2022: $6,2582022Revenue 2023: $278,340Expenses 2023: $191,366Net Income 2023: $86,9742023Revenue 2024: $249,172Expenses 2024: $161,818Net Income 2024: $87,3542024Revenue 2025: $188,359Expenses 2025: $203,767Net Income 2025: -$15,4082025

Highlighted filing

2015

Revenue$71,624
Expenses$104,889
Net Income-$33,265
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
Jan 27, 2016
Return Version
2014v6.0
Gross Receipts
$72,110
Mission and Program Overview

Mission

Renovations of latchis theatre in brattleboro, vermont

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$1,626,151$1,471,149▼ $155,002
Intangible Assets$308,335$286,311▼ $22,024
Savings and Temporary Cash Investments$64,395$50,593▼ $13,802
Cash and Non-Interest-Bearing Accounts$51,418$26,468▼ $24,950
Other Notes and Loans Receivable, Net$10,000$25,000▲ $15,000
Accounts Receivable$2,350$4,831▲ $2,481
Land, Buildings, and Equipment, Net$443$276▼ $167
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$2,063,092$1,864,628▼ $198,464
Other Assets Total-$0-
Liabilities
Mortgage Notes Payable Secured by Investment Property$279,162$268,753▼ $10,409
Accounts Payable and Accrued Expenses$2,428$2,641▲ $213
Total Liabilities$281,590$271,394▼ $10,196
Net Assets / Fund Balance
Unrestricted Net Assets$1,776,357$1,588,089▼ $188,268
Temporarily Rstr Net Assets$5,145$5,145→ $0
Total Net Assets Fund Balance$1,781,502$1,593,234▼ $188,268
Total Liabilities and Net Assets / Fund Balance$2,063,092$1,864,628▼ $198,464

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$276$3,637$3,913
Compensation and Service Providers
Top Officer Pay39th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Jonathan PotterMng DirectorPT$27,481$27,481

Board Members and Trustees

NameTitle
Lisa BlochPresident
Gordan HaywardVice President
Anne LatchisDirector
Janet WallsteinDirector
Jonathan SchwartzDirector
Marty RamsburgDirector
Riley GoodemoteDirector
Robin SweetappleDirector
Thomas BunnellDirector
Jenny BurtisSecretary
Shea WitzbergerSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$41,868
Program Service Revenue
$15,289
Investment Income
$7,642
Other Revenue
$6,825
All Other Contributions
$41,868
Change in Net Assets
$-33,265
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$73,056
Salaries, Compensation, and Employee Benefits$31,833
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$27,481--$27,481
Depreciation Depletion$22,191--$22,191
Interest$12,237--$12,237
All Other Expenses$5,156--$5,156
Fees for Services Accounting$4,888--$4,888
Other Expenses$3,098--$3,098
Other Employee Benefits$2,250--$2,250
Payroll Taxes$2,102--$2,102
Insurance$1,254--$1,254
Office Expenses$1,127--$1,127
Advertising$1,044--$1,044
Travel$450--$450
Total Functional Expenses$104,889$0$0$104,889
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
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
Yes
Annual disclosure for covered persons
No
Audit committee
No
Backup withholding compliance
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
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

“Form 990 is reviewed by the managing director”

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

“AVAILABLE UPON REQUEST”

Filing and Contact Details

Filer

Filer Name
Latchis Arts Inc
EIN
03-0231573
Phone
8022541109
Address
50 MAIN STREET, BRATTLEBORO, VT 05301

Signing Officer

Name
Lisa Bloch
Title
President
Signed
2016-01-27
Discuss with paid preparer
Yes

Organization Details

Formed
1997
Legal Domicile
Vt
Voting Board Members
12
Independent Board Members
12
Employees
1
Volunteers
24

Preparer

Firm
Pieciak & Company PC
Address
PO BOX 797, Brattleboro, VT 05302-0797
Preparer
Joseph S Pieciak Jr CPA
Phone
8022571307
Supplemental Narrative

Additional Explanations

Other Changes In Net Assets Or Fund Balances - Other Decreases

“Dividends received latches corp = -$7600”

Other Changes In Net Assets Or Fund Balances - Other Decreases

“Loss from subsidiary = -$147403”

Financial Statement Notes

Part X : FIN48 Footnote

“Management has analyzed its various federal and state income tax filings for the last three preceding years that remain open within the statute of limitations and they believe that Latchis' reported revenues and deductions are well documented and supported, and that no controversial or questionable income tax reporting positions have been taken regarding these filings. Consequently, management believes that there are no unasserted tax liabilities, interest or penalties related to these filings and, accordingly, has made no provision for contingent income tax liabilities.”

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Management has analyzed its various federal and state income tax filings for the last three preceding years that remain open within the statute of limitations and they believe that Latchis' reported revenues and deductions are well documented and supported, and that no controversial or questionable income tax reporting positions have been taken regarding these filings. Consequently, management believes that there are no unasserted tax liabilities, interest or penalties related to these filings and, accordingly, has made no provision for contingent income tax liabilities.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FORM 990 IS REVIEWED BY THE MANAGING DIRECTOR
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1AVAILABLE UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2DIVIDENDS RECEIVED LATCHES CORP = -$7600

Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,864,628
Liabilities
$271,394
Net assets
$1,593,234
Revenue
$71,624
Expenses
$104,889
Net income
-$33,265
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$1.09$0.19$0.90$0.19$0.20$0.02
2024Detailed filing. Detailed filing data is available for this year.$1.23$0.20$1.02$0.25$0.16$0.09
2023Detailed filing. Detailed filing data is available for this year.$1.31$0.21$1.10$0.28$0.19$0.09
2022Detailed filing. Detailed filing data is available for this year.$1.31$0.22$1.09$0.10$0.10$0.01
2021Detailed filing. Detailed filing data is available for this year.$1.26$0.22$1.04$0.07$0.08$0.01
2020Detailed filing. Detailed filing data is available for this year.$1.17$0.23$0.94$0.15$0.14$0.01
2019Detailed filing. Detailed filing data is available for this year.$1.36$0.23$1.13$0.12$0.11$0.01
2018Detailed filing. Detailed filing data is available for this year.$1.55$0.24$1.31$0.09$0.13$0.04
2017Detailed filing. Detailed filing data is available for this year.$1.67$0.25$1.42$0.09$0.13$0.04
2016Detailed filing. Detailed filing data is available for this year.$1.88$0.26$1.62$0.13$0.11$0.02
2015Detailed filing. Detailed filing data is available for this year.$1.86$0.27$1.59$0.07$0.10$0.03
2014Detailed filing. Detailed filing data is available for this year.$2.06$0.28$1.78$0.33$0.11$0.22
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.83$0.29$1.54$0.35$0.08$0.26
2012Summary only. Only limited summary data is available for this year.$1.59$0.32$1.27$0.21$0.13$0.08
2011Summary only. Only limited summary data is available for this year.$1.75$0.31$1.44$0.13$0.11$0.02