Civic Intelligence

Artspace Inc.

990 • Fiscal year 2021 • EIN 04-2986718

Jan 01, 2021 to Dec 31, 2021 • Filed on May 12, 2022

Organization Profilewwww.artspacemaynard.com
63 Summer StreetMaynard, MA 01754

(978) 897-9828

Siviq Scores

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

Liabilities / Assets

74th percentile

0.06x

Higher debt load relative to assets than 74% of similar nonprofits.

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

Liabilities / Revenue

76th percentile

0.06x

Higher debt load relative to revenue than 76% of similar nonprofits.

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

Net Margin

13th percentile

-42%

Higher net margin than 13% of similar nonprofits.

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

Top Officer Pay

77th percentile

$0

Higher top officer pay than 77% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

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

Asset Growth

13th percentile

-32%

Faster asset growth than 13% of similar nonprofits.

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

Revenue Growth

41st percentile

-6.1%

Faster revenue growth than 41% of similar nonprofits.

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

Balance Sheet
Liabilities / Assets74th percentile

Assets

Down

$304,805

Down $144,462 (-32%) from 2020

Net Assets

Down

$286,859

Down $123,019 (-30%) from 2020

Liabilities

Down

$17,946

Down $21,443 (-54%) from 2020

Revenue And Expenses
Liabilities / Revenue76th percentileNet Margin13th percentile

Revenue

Down

$291,785

Down $19,101 (-6.1%) from 2020

Expenses

Up

$414,804

Up $65,668 (+19%) from 2020

Net Income

Down

-$123,019

Down $84,769 (-222%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth13th percentile

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

$600K$400K$200K$0Assets 2010: $317,550Liabilities 2010: $14,918Net Assets 2010: $302,6322010Assets 2011: $358,574Liabilities 2011: $15,101Net Assets 2011: $343,4732011Assets 2012: $405,981Liabilities 2012: $14,435Net Assets 2012: $391,5462012Assets 2013: $405,811Liabilities 2013: $14,367Net Assets 2013: $391,4442013Assets 2014: $451,704Liabilities 2014: $13,899Net Assets 2014: $437,8052014Assets 2015: $442,904Liabilities 2015: $15,251Net Assets 2015: $427,6532015Assets 2016: $417,936Liabilities 2016: $14,263Net Assets 2016: $403,6732016Assets 2017: $392,350Liabilities 2017: $15,199Net Assets 2017: $377,1512017Assets 2018: $408,641Liabilities 2018: $17,869Net Assets 2018: $390,7722018Assets 2019: $465,997Liabilities 2019: $17,869Net Assets 2019: $448,1282019Assets 2020: $449,267Liabilities 2020: $39,389Net Assets 2020: $409,8782020Assets 2021: $304,805Liabilities 2021: $17,946Net Assets 2021: $286,8592021Assets 2022: $206,340Liabilities 2022: $144,223Net Assets 2022: $62,1172022Assets 2023: $119,825Liabilities 2023: $44,847Net Assets 2023: $74,9782023Assets 2024: $28,686Liabilities 2024: $0Net Assets 2024: $28,6862024

Highlighted filing

2021

Assets$304,805
Liabilities$17,946
Net Assets$286,859
Open 2021 Filing

Operations Trend

Revenue Growth41st percentile

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

$1.0M$500K$0-$500KExpenses 2010: $214,3812010Expenses 2011: $205,2392011Expenses 2012: $194,4852012Revenue 2013: $247,447Expenses 2013: $247,549Net Income 2013: -$1022013Revenue 2014: $255,475Expenses 2014: $209,114Net Income 2014: $46,3612014Revenue 2015: $259,060Expenses 2015: $269,212Net Income 2015: -$10,1522015Revenue 2016: $271,995Expenses 2016: $295,975Net Income 2016: -$23,9802016Revenue 2017: $280,404Expenses 2017: $306,926Net Income 2017: -$26,5222017Revenue 2018: $327,743Expenses 2018: $314,122Net Income 2018: $13,6212018Revenue 2019: $331,406Expenses 2019: $282,050Net Income 2019: $49,3562019Revenue 2020: $310,886Expenses 2020: $349,136Net Income 2020: -$38,2502020Revenue 2021: $291,785Expenses 2021: $414,804Net Income 2021: -$123,0192021Revenue 2022: $437,967Expenses 2022: $662,709Net Income 2022: -$224,7422022Revenue 2023: $347,306Expenses 2023: $225,840Net Income 2023: $121,4662023Revenue 2024: $256,628Expenses 2024: $302,920Net Income 2024: -$46,2922024

Highlighted filing

2021

Revenue$291,785
Expenses$414,804
Net Income-$123,019
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
May 12, 2022
Return Version
2021v4.2
Gross Receipts
$291,785
Mission and Program Overview

Mission

Promotion the arts by leasing real estate and sub-leasing it to performing artists for studio and performace space at below market rental levels and to provide arts education classes, workshops, tours and similar activities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$317,535$180,969▼ $136,566
Land, Buildings, and Equipment, Net$131,732$123,836▼ $7,896
Total Assets$449,267$304,805▼ $144,462
Liabilities
Unsecured Notes Loans Payable$21,520--
Other Liabilities$17,869$17,946▲ $77
Total Liabilities$39,389$17,946▼ $21,443
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$404,878$276,859▼ $128,019
Net Assets With Donor Restrictions$5,000$10,000▲ $5,000
Total Net Assets Fund Balance$409,878$286,859▼ $123,019
Total Liabilities and Net Assets / Fund Balance$449,267$304,805▼ $144,462

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$118,182$119,561$237,743
Equipment$5,654$4,355$10,009
Compensation and Service Providers
Top Officer Pay77th percentile

Board Members and Trustees

NameTitle
Gail ErwinPresident
John HouchinDirector
Raquel BaumanDirector
Timothy a HessDirector
Gwen MurphyClerk
Bill CohnCurrent Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$48,086
Program Service Revenue
$243,596
Investment Income
$103
Other Revenue
$0
All Other Contributions
$16,566
Change in Net Assets
$-123,019
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$231,326
Salaries, Compensation, and Employee Benefits$183,478
Total Fundraising Expense$3,463
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$88,345$78,334$2,936$169,615
Other Expenses$43,645--$43,645
Advertising$19,016--$19,016
Payroll Taxes$7,221$6,402$240$13,863
Office Expenses$6,749$1,107$287$8,143
Depreciation Depletion$7,494$402-$7,896
Insurance$6,344$1,130-$7,474
Fees for Services Other$2,410$4,650-$7,060
Information Technology$4,371--$4,371
All Other Expenses$3,017$100-$3,117
Fees for Services Legal-$3,000-$3,000
Occupancy$1--$1
Total Functional Expenses$316,216$95,125$3,463$414,804
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Security Deposits$17,946
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
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
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Committee meeting documentation Part VI line 8B

“No committee has the authority to act on behalf of the governing body.”

Form 990 governing body review Part VI line 11

“Two weeks before filing, a copy of the 990 for is given to each board of directors for review and discussion.”

Conflict of interest policy compliance Part VI line 12C

“Once per year all directors and officers provide a signed statement confirming that they are in compliance with the conflict of interest policy.”

CEO executive director top management comp Part VI line 15A

“The board of directors establishes the compensation of the organizations Office Manager and Administrative Assistant. The board of directors establishes this compensation package within the range or organizations similar in size and scope of ArtSpace Inc.”

Governing documents etc available to public Part VI line 19

“The organization makes its governing documents, conflict of interest policy and financial statements available to the public, upon request, at the organizations office.”

Filing and Contact Details

Filer

Filer Name
Artspace Inc
EIN
04-2986718
Address
63 SUMMER STREET, MAYNARD, MA 01754

Signing Officer

Name
Gail Erwin
Title
President
Phone
9788979828
Signed
2022-05-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Gail Erwin
Formed
1987
Legal Domicile
Ma
Voting Board Members
6
Independent Board Members
6
Employees
3
Volunteers
6

Preparer

Firm
John M Monticone CPA
Address
5 High Street Suite 207, Medford, MA 02155
Preparer
John M Monticone CPA
Phone
7813950024
Supplemental Narrative

Financial Statement Notes

Footnote for uncertain tax position under FIN 48 (Part X)

“The organizations management has evaluated the tax positions taken on returns for open years and those expected to be taken on returns for the year ended December 31, 2021. It is managements belief that such tax positions are more likely than not to be sustained upon examination by tax authorities. Accordingly, no liability for uncertain tax positions has been reflected in these financial statements. Returns for tax years beginning with those filed for the year ended December 31, 2018 are open to examination.”

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The organizations management has evaluated the tax positions taken on returns for open years and those expected to be taken on returns for the year ended December 31, 2021. It is managements belief that such tax positions are more likely than not to be sustained upon examination by tax authorities. Accordingly, no liability for uncertain tax positions has been reflected in these financial statements. Returns for tax years beginning with those filed for the year ended December 31, 2018 are open to examination.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0No committee has the authority to act on behalf of the governing body.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Two weeks before filing, a copy of the 990 for is given to each board of directors for review and discussion.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ONCE PER YEAR ALL DIRECTORS AND OFFICERS PROVIDE A SIGNED STATEMENT CONFIRMING THAT THEY ARE IN COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The board of directors establishes the compensation of the organizations Office Manager and Administrative Assistant. The board of directors establishes this compensation package within the range or organizations similar in size and scope of ArtSpace Inc.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4The organization makes its governing documents, conflict of interest policy and financial statements available to the public, upon request, at the organizations office.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Committee meeting documentation Part VI line 8b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990 governing body review Part VI line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Conflict of interest policy compliance Part VI line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3CEO executive director top management comp Part VI line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Governing documents etc available to public Part VI line 19
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IRS990/WebsiteAddressTxt0wwww.artspacemaynard.com
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL2
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
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ReturnHeader/BuildTS02022-09-23 18:48:47Z
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ReturnHeader/BusinessOfficerGrp/PersonNm0GAIL ERWIN
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum09788979828
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-05-12
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0ARTSPACE INC
ReturnHeader/Filer/BusinessNameControlTxt0ARTS
ReturnHeader/Filer/EIN0042986718
ReturnHeader/Filer/USAddress/AddressLine1Txt063 SUMMER STREET
ReturnHeader/Filer/USAddress/CityNm0MAYNARD
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MA

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$304,805
Liabilities
$17,946
Net assets
$286,859
Revenue
$291,785
Expenses
$414,804
Net income
-$123,019
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.29$0.00$0.29$2.57$3.03$0.46
2023Detailed filing. Detailed filing data is available for this year.$1.20$0.45$0.75$3.47$2.26$1.21
2022Detailed filing. Detailed filing data is available for this year.$2.06$1.44$0.62$4.38$6.63$2.25
2021Detailed filing. Detailed filing data is available for this year.$3.05$0.18$2.87$2.92$4.15$1.23
2020Detailed filing. Detailed filing data is available for this year.$4.49$0.39$4.10$3.11$3.49$0.38
2019Detailed filing. Detailed filing data is available for this year.$4.66$0.18$4.48$3.31$2.82$0.49
2018Detailed filing. Detailed filing data is available for this year.$4.09$0.18$3.91$3.28$3.14$0.14
2017Detailed filing. Detailed filing data is available for this year.$3.92$0.15$3.77$2.80$3.07$0.27
2016Detailed filing. Detailed filing data is available for this year.$4.18$0.14$4.04$2.72$2.96$0.24
2015Detailed filing. Detailed filing data is available for this year.$4.43$0.15$4.28$2.59$2.69$0.10
2014Detailed filing. Detailed filing data is available for this year.$4.52$0.14$4.38$2.55$2.09$0.46
2013Detailed filing. Detailed filing data is available for this year.$4.06$0.14$3.91$2.47$2.48$0.00
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.06$0.14$3.92$1.94
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.59$0.15$3.43$2.05
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.18$0.15$3.03$2.14