Civic Intelligence

Artspace Inc.

990 • Fiscal year 2022 • EIN 04-2986718

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 15, 2023

74 Main StreetMaynard, MA 01754

(978) 897-9828

Siviq Scores

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

Liabilities / Assets

92nd percentile

0.70x

Higher debt load relative to assets than 92% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Liabilities / Revenue

89th percentile

0.33x

Higher debt load relative to revenue than 89% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Net Margin

10th percentile

-51%

Higher net margin than 10% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Top Officer Pay

78th percentile

$0

Higher top officer pay than 78% of similar nonprofits.

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

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Asset Growth

15th percentile

-32%

Faster asset growth than 15% of similar nonprofits.

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

Revenue Growth

73rd percentile

50%

Faster revenue growth than 73% of similar nonprofits.

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

Assets

Down

$206,340

Down $98,465 (-32%) from 2021

Net Assets

Down

$62,117

Down $224,742 (-78%) from 2021

Liabilities

Up

$144,223

Up $126,277 (+704%) from 2021

Revenue

Up

$437,967

Up $146,182 (+50%) from 2021

Expenses

Up

$662,709

Up $247,905 (+60%) from 2021

Net Income

Down

-$224,742

Down $101,723 (-83%) from 2021

Historical Trend

Balance Sheet Trend

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

2022

Assets$206,340
Liabilities$144,223
Net Assets$62,117

Operations Trend

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

2022

Revenue$437,967
Expenses$662,709
Net Income-$224,742
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 15, 2023
Return Version
2022v5.0
Gross Receipts
$437,967
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
Land, Buildings, and Equipment, Net$123,836$115,940▼ $7,896
Cash and Non-Interest-Bearing Accounts$180,969$90,400▼ $90,569
Loans From Officers Directors-$40,000-
Total Assets$304,805$206,340▼ $98,465
Liabilities
Mortgage Notes Payable Secured by Investment Property-$85,000-
Other Liabilities$17,946$13,223▼ $4,723
Unsecured Notes Loans Payable-$6,000-
Total Liabilities$17,946$144,223▲ $126,277
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$276,859$62,117▼ $214,742
Net Assets With Donor Restrictions$10,000--
Total Net Assets Fund Balance$286,859$62,117▼ $224,742
Total Liabilities and Net Assets / Fund Balance$304,805$206,340▼ $98,465

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$110,688$127,055$237,743
Equipment$5,252$4,757$10,009
Compensation and Service Providers

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$293,097
Program Service Revenue
$144,536
Investment Income
$334
Other Revenue
$0
All Other Contributions
$213,201
Change in Net Assets
$-224,742
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$537,907
Salaries, Compensation, and Employee Benefits$124,802
Total Fundraising Expense$20,536
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Expenses$338,993--$338,993
Other Salaries and Wages$74,904$36,859$3,351$115,114
Fees for Services Other$14,544$14,672$16,903$46,119
Office Expenses$2,760$8,207-$10,967
Payroll Taxes$6,304$3,102$282$9,688
Insurance$7,525$1,211-$8,736
Depreciation Depletion$7,494$402-$7,896
Information Technology$6,755--$6,755
Interest-$1,944-$1,944
Advertising$1,837--$1,837
All Other Expenses$1,332--$1,332
Occupancy$1--$1
Total Functional Expenses$575,776$66,397$20,536$662,709
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees-$40,000-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Security Deposits$13,223
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
74 MAIN STREET, MAYNARD, MA 01754

Signing Officer

Name
Gail Erwin
Title
President
Phone
9788979828
Signed
2023-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Gail Erwin
Formed
1987
Legal Domicile
Ma
Voting Board Members
9
Independent Board Members
9
Employees
2
Volunteers
9

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, 2022. 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, 2019 are open to examination.

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IRS990/ProgSrvcAccomActy2Grp/Desc0The METAL-ITY Exhibition a dynamic, open-air art exhibition encompassing more than 100 works of art from across New England, interplaying art and nature while offering bountiful opportunities for learning and community celebration.
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IRS990/ProgSrvcAccomActy2Grp/RevenueAmt010766
IRS990/ProgSrvcAccomActy3Grp/Desc0Workshops in monoprinting with a press from painterly plates to experimental markmaking.
IRS990/ProhibitedTaxShelterTransInd0false
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IRS990/ReconcilationRevenueExpnssAmt0-224742
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IRS990/ReportLandBuildingEquipmentInd0true
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IRS990/ReportOtherLiabilitiesInd0true
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IRS990/RevenueAmt0133770
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IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus4YearsAmt013789
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/TotalAmt0369223
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IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus1YearAmt0103
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus2YearsAmt0400
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus3YearsAmt01686
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus4YearsAmt01345
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IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearAmt0152759
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IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt0314023
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt0319593
IRS990ScheduleA/Total509Grp/TotalAmt01693483
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IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt0291785
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt0322729
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0315709
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt0320938
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt01697351
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IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/BuildingsGrp/BookValueAmt0110688
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0127055
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt0237743
IRS990ScheduleD/EquipmentGrp/BookValueAmt05252
IRS990ScheduleD/EquipmentGrp/DepreciationAmt04757
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IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt013223
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Security Deposits
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, 2022. 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, 2019 are open to examination.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Footnote for uncertain tax position under FIN 48 (Part X)
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IRS990ScheduleD/TotalLiabilityAmt013223
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt040000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm0Douglas Moore
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt0Presidents Spouse
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IRS990ScheduleL/TotalBalanceDueAmt040000
IRS990/ScheduleORequiredInd0true
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
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0MA
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0304805
IRS990/TotalAssetsEOYAmt0206340
IRS990/TotalAssetsGrp/BOYAmt0304805
IRS990/TotalAssetsGrp/EOYAmt0206340
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0293097
IRS990/TotalEmployeeCnt02
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt020536
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt066397
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0575776
IRS990/TotalFunctionalExpensesGrp/TotalAmt0662709
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt017946
IRS990/TotalLiabilitiesEOYAmt0144223
IRS990/TotalLiabilitiesGrp/BOYAmt017946
IRS990/TotalLiabilitiesGrp/EOYAmt0144223
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0286859
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt062117

Document Assets

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Filings

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