Civic Intelligence

Studio Place Arts Incorporated

990 • Fiscal year 2022 • EIN 03-0357848

Jan 01, 2022 to Dec 31, 2022 • Filed on May 06, 2023

201 North Main StreetBarre, VT 05641

(802) 479-7069

Siviq Scores

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

Liabilities / Assets

87th percentile

0.50x

Higher debt load relative to assets than 87% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Liabilities / Revenue

95th percentile

2.17x

Higher debt load relative to revenue than 95% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Net Margin

26th percentile

-6.5%

Higher net margin than 26% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Top Officer Pay

67th percentile

$49,344

Higher top officer pay than 67% of similar nonprofits.

Top officer pay equals 42.6% of source-year revenue.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Asset Growth

34th percentile

-3.7%

Faster asset growth than 34% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2021 to 2022

Revenue Growth

31st percentile

-6.5%

Faster revenue growth than 31% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2021 to 2022

Assets

Down

$508,433

Down $19,686 (-3.7%) from 2021

Net Assets

Down

$256,726

Down $7,551 (-2.9%) from 2021

Liabilities

Down

$251,707

Down $12,135 (-4.6%) from 2021

Revenue

Down

$115,772

Down $8,101 (-6.5%) from 2021

Expenses

Up

$123,323

Up $15,714 (+15%) from 2021

Net Income

Down

-$7,551

Down $23,815 (-146%) from 2021

Historical Trend

Balance Sheet Trend

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

$800K$600K$400K$200K$0Assets 2010: $741,370Liabilities 2010: $486,836Net Assets 2010: $254,5342010Assets 2011: $727,436Liabilities 2011: $489,613Net Assets 2011: $237,8232011Assets 2012: $706,848Liabilities 2012: $489,517Net Assets 2012: $217,3312012Assets 2013: $698,483Liabilities 2013: $480,747Net Assets 2013: $217,7362013Assets 2014: $719,526Liabilities 2014: $460,066Net Assets 2014: $259,4602014Assets 2015: $605,930Liabilities 2015: $315,323Net Assets 2015: $290,6072015Assets 2016: $572,227Liabilities 2016: $303,885Net Assets 2016: $268,3422016Assets 2017: $574,520Liabilities 2017: $295,889Net Assets 2017: $278,6312017Assets 2018: $540,235Liabilities 2018: $293,793Net Assets 2018: $246,4422018Assets 2019: $526,594Liabilities 2019: $279,381Net Assets 2019: $247,2132019Assets 2020: $521,615Liabilities 2020: $273,602Net Assets 2020: $248,0132020Assets 2021: $528,119Liabilities 2021: $263,842Net Assets 2021: $264,2772021Assets 2022: $508,433Liabilities 2022: $251,707Net Assets 2022: $256,7262022Assets 2023: $556,120Liabilities 2023: $284,907Net Assets 2023: $271,2132023Assets 2024: $474,226Liabilities 2024: $269,919Net Assets 2024: $204,3072024

Highlighted filing

2022

Assets$508,433
Liabilities$251,707
Net Assets$256,726

Operations Trend

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

$400K$300K$200K$100K$0-$100KRevenue 2010: $144,193Expenses 2010: $152,859Net Income 2010: -$8,6662010Revenue 2011: $160,680Expenses 2011: $177,391Net Income 2011: -$16,7112011Revenue 2012: $158,664Expenses 2012: $179,156Net Income 2012: -$20,4922012Revenue 2013: $171,715Expenses 2013: $171,310Net Income 2013: $4052013Revenue 2014: $221,709Expenses 2014: $179,985Net Income 2014: $41,7242014Revenue 2015: $218,972Expenses 2015: $187,825Net Income 2015: $31,1472015Revenue 2016: $141,493Expenses 2016: $163,758Net Income 2016: -$22,2652016Revenue 2017: $125,976Expenses 2017: $115,687Net Income 2017: $10,2892017Revenue 2018: $92,458Expenses 2018: $124,647Net Income 2018: -$32,1892018Revenue 2019: $110,869Expenses 2019: $110,098Net Income 2019: $7712019Revenue 2020: $115,340Expenses 2020: $114,540Net Income 2020: $8002020Revenue 2021: $123,873Expenses 2021: $107,609Net Income 2021: $16,2642021Revenue 2022: $115,772Expenses 2022: $123,323Net Income 2022: -$7,5512022Revenue 2023: $309,051Expenses 2023: $294,564Net Income 2023: $14,4872023Revenue 2024: $123,837Expenses 2024: $190,743Net Income 2024: -$66,9062024

Highlighted filing

2022

Revenue$115,772
Expenses$123,323
Net Income-$7,551
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
May 6, 2023
Return Version
2022v5.0
Gross Receipts
$161,546
Mission and Program Overview

Mission

The mission of SPA is to provide the general public with a vital center for the visual arts through: (1) Mounting original exhibits; (2) Teaching a broad spectrum of visual arts and crafts; (3) Creating opportunities for people to see and interact with working artists (4) Renting studios to working artists at reasonable rates.

SEE STATEMENT.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$455,359$436,010▼ $19,349
Rtn Earn Endowment Incm Other Fnds$264,277$256,726▼ $7,551
Cash and Non-Interest-Bearing Accounts$56,527$54,436▼ $2,091
Savings and Temporary Cash Investments$16,232$17,987▲ $1,755
Total Assets$528,119$508,433▼ $19,686
Other Assets Total$1--
Liabilities
Mortgage Notes Payable Secured by Investment Property$246,551$237,606▼ $8,945
Accounts Payable and Accrued Expenses$12,550$9,360▼ $3,190
Other Liabilities$4,741$4,741→ $0
Total Liabilities$263,842$251,707▼ $12,135
Net Assets / Fund Balance
Total Net Assets Fund Balance$264,277$256,726▼ $7,551
Total Liabilities and Net Assets / Fund Balance$528,119$508,433▼ $19,686

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$365,992$545,154$911,146
Land$70,000-$70,000
Equipment$18$20,458$20,476

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$16,000-▲ $16-$16,016
2021$10,000$6,000▲ $144$144$16,000
2020$10,000-▲ $174$174$10,000
2019$10,000-▲ $182$182$10,000
2018$10,000-▲ $175$175$10,000
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Sue HigbyExecutive DirectorFT$49,344$49,344

Board Members and Trustees

NameTitle
Darryl GarlandChair
Janet Van FleetBoard Member
Michael RidgeBoard Member
Jody BrownTreasurersecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$82,134
Program Service Revenue
$29,484
Investment Income
$20
Other Revenue
$4,134
All Other Contributions
$82,134
Change in Net Assets
$-7,551
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$62,301
Salaries, Compensation, and Employee Benefits$61,022
Total Fundraising Expense$15,183
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$27,139$9,869$4,934$41,942
Occupancy$2,733$5,469$2,735$10,937
Advertising$9,439$1,064-$10,503
Depreciation Depletion$1,935$3,870$1,935$7,740
Other Salaries and Wages$5,390$1,540$770$7,700
Payroll Taxes$3,690$1,342$671$5,703
Other Employee Benefits$3,973$1,135$569$5,677
Insurance$1,748$2,193$1,097$5,038
Office Expenses$3,002$1,180$238$4,420
Other Expenses$1,719$470$236$2,425
Fees for Services Accounting$555$696$600$1,851
Interest$129$1,015$507$1,651
All Other Expenses$419$522-$941
Fees for Services Other$811--$811
Information Technology$329$76$45$450
Total Functional Expenses$76,010$32,130$15,183$123,323
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$4,036
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Security Deposits$4,741
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
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 governing body review Part VI line 11

REVIEWED BY BOARD.

Governing documents etc available to public Part VI line 19

UPON REQUEST.

Filing and Contact Details

Filer

Filer Name
Studio Place Arts Inc
EIN
03-0357848
Address
201 NORTH MAIN STREET, BARRE, VT 05641

Signing Officer

Name
Sue Higby
Title
Exec Director
Phone
8024797069
Signed
2023-05-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Darryl Garland
Formed
1998
Legal Domicile
Vt
Voting Board Members
4
Independent Board Members
4
Employees
2
Volunteers
18

Preparer

Firm
Pace and Hawley LLC
Address
PO Box 603, MONTPELIER, VT 05601
Preparer
Robert Pace CPA
Phone
8024612587
Supplemental Narrative

Additional Explanations

General explanation attachment

Mission: the mission of spa is to provide the general public with a vital center for the visual arts through: (1) mounting original exhibits; (2) teaching a broad spectrum of visual arts and crafts; (3) creating opportunities for people to see and interact with working artists (4) renting studios to working artists at reasonable rates.

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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt064804
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt0399716
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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt0175
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt0-2684
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt0281125
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearAmt03042
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus1YearAmt01195
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus2YearsAmt0679
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus3YearsAmt06
IRS990ScheduleA/OtherIncome170Grp/TotalAmt04922
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IRS990ScheduleA/PublicSupportPY170Pct00.81190
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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
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IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
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IRS990ScheduleD/BuildingsGrp/BookValueAmt0365992
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0545154
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IRS990ScheduleD/CYEndwmtFundGrp/BeginningYearBalanceAmt016000
IRS990ScheduleD/CYEndwmtFundGrp/EndYearBalanceAmt016016
IRS990ScheduleD/CYEndwmtFundGrp/InvestmentEarningsOrLossesAmt016
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IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/ContributionsAmt06000
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/EndYearBalanceAmt016000
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IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/EndYearBalanceAmt010000
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt0174
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/OtherExpendituresAmt0174
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IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/EndYearBalanceAmt010000
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt0182
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IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/EndYearBalanceAmt010000
IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt0175
IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/OtherExpendituresAmt0175
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IRS990ScheduleD/EquipmentGrp/BookValueAmt018
IRS990ScheduleD/EquipmentGrp/DepreciationAmt020458
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt020476
IRS990ScheduleD/LandGrp/BookValueAmt070000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt070000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt04741
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0SECURITY DEPOSITS
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IRS990ScheduleD/TotalLiabilityAmt04741
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0REVIEWED BY BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2MISSION: THE MISSION OF SPA IS TO PROVIDE THE GENERAL PUBLIC WITH A VITAL CENTER FOR THE VISUAL ARTS THROUGH: (1) MOUNTING ORIGINAL EXHIBITS; (2) TEACHING A BROAD SPECTRUM OF VISUAL ARTS AND CRAFTS; (3) CREATING OPPORTUNITIES FOR PEOPLE TO SEE AND INTERACT WITH WORKING ARTISTS (4) RENTING STUDIOS TO WORKING ARTISTS AT REASONABLE RATES.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990 governing body review Part VI line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Governing documents etc available to public Part VI line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2General explanation attachment
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IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxableDistributionsInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalAssetsEOYAmt0508433
IRS990/TotalAssetsGrp/BOYAmt0528119
IRS990/TotalAssetsGrp/EOYAmt0508433
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt082134
IRS990/TotalEmployeeCnt02
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt015183
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt032130
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt076010
IRS990/TotalFunctionalExpensesGrp/TotalAmt0123323
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0263842
IRS990/TotalLiabilitiesEOYAmt0251707
IRS990/TotalLiabilitiesGrp/BOYAmt0263842
IRS990/TotalLiabilitiesGrp/EOYAmt0251707
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IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt076010
IRS990/TotalProgramServiceRevenueAmt029484
IRS990/TotalReportableCompFromOrgAmt049344
IRS990/TotalRevenueGrp/ExclusionAmt04036
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt029602

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$4.74$2.70$2.04$1.24$1.91$0.67
2023Detailed filing. Detailed filing data is available for this year.$5.56$2.85$2.71$3.09$2.95$0.14
2022Detailed filing. Detailed filing data is available for this year.$5.08$2.52$2.57$1.16$1.23$0.08
2021Detailed filing. Detailed filing data is available for this year.$5.28$2.64$2.64$1.24$1.08$0.16
2020Detailed filing. Detailed filing data is available for this year.$5.22$2.74$2.48$1.15$1.15$0.01
2019Detailed filing. Detailed filing data is available for this year.$5.27$2.79$2.47$1.11$1.10$0.01
2018Detailed filing. Detailed filing data is available for this year.$5.40$2.94$2.46$0.92$1.25$0.32
2017Detailed filing. Detailed filing data is available for this year.$5.75$2.96$2.79$1.26$1.16$0.10
2016Detailed filing. Detailed filing data is available for this year.$5.72$3.04$2.68$1.41$1.64$0.22
2015Detailed filing. Detailed filing data is available for this year.$6.06$3.15$2.91$2.19$1.88$0.31
2014Summary only. Only limited summary data is available for this year.$7.20$4.60$2.59$2.22$1.80$0.42
2013Summary only. Only limited summary data is available for this year.$6.98$4.81$2.18$1.72$1.71$0.00
2012Summary only. Only limited summary data is available for this year.$7.07$4.90$2.17$1.59$1.79$0.20
2011Summary only. Only limited summary data is available for this year.$7.27$4.90$2.38$1.61$1.77$0.17
2010Summary only. Only limited summary data is available for this year.$7.41$4.87$2.55$1.44$1.53$0.09