Liabilities / Assets
89th percentile
Higher debt load relative to assets than 89% of similar nonprofits.
Siviq Scores
Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.
1.07x
Liabilities / Revenue
86th percentile
Higher debt load relative to revenue than 86% of similar nonprofits.
Net Margin
50th percentile
Higher net margin than 50% of similar nonprofits.
Top Officer Pay
74th percentile
Higher top officer pay than 74% of similar nonprofits.
Top officer pay equals 0.0% of source-year revenue.
Asset Growth
77th percentile
Faster asset growth than 77% of similar nonprofits.
Revenue Growth
Score unavailable
No earlier valid filing was available within the previous three public years.
Balance Sheet
Assets
Up$75,892
Up $18,549 (+32%) from 2012
Net Assets
Up-$5,637
Up $2,587 (+31%) from 2012
Liabilities
Up$81,529
Up $15,962 (+24%) from 2012
Revenue And Expenses
Revenue
$238,502
No earlier filing loaded for comparison.
Expenses
Down$235,915
Down $149,557 (-39%) from 2012
Net Income
$2,587
No earlier filing loaded for comparison.
Historical Trend
Jump To
Filing Snapshot
- Filing Period
- Jan 1, 2013 to Dec 31, 2013
- Signed
- Aug 15, 2014
- Return Version
- 2013v3.1
- Gross Receipts
- $238,502
Mission and Program Overview
Mission
Supporting artists and curators on an international level as well engaging the local community in brooklyn and the greater new york area. Nars provides an array of creative support services and professional development opportunities for emerging and mid-career artists through short-term integrated residency programs, affordable long-term studio spaces, progressive exhibition programs, international exchanges, and engaging public programs that foster global understanding and dynamic cross-cultural dialogues. These services operate in conjunction with our community outreach initiatives to promote greater accessibility to contemporary art for the under-served local community in south brooklyn. Our mission is to present diverse platforms on which to nurture creative inspiration and innovative cross-pollination of ideas.
The new york art residency and studios (nars) foundation is a 501(c)(3) not-for-profit arts organization committed to supporting artists and curators on an international level as well engaging the local community in brooklyn and the greater new york area. Nars provides an array of creative support services and professional development opportunities for emerging and mid-career artists through short-term integrated residency programs, affordable long-term studio spaces, progressive exhibition programs, international exchanges, and engaging public programs that foster global understanding and dynamic cross-cultural dialogues. These services operate in conjunction with our community outreach initiatives to promote greater accessibility to contemporary art for the under-served local community in south brooklyn. Our mission is to present diverse platforms on which to nurture creative inspiration and innovative cross-pollination of ideas.
Balance Sheet Detail
| Line | Beginning | End | Change |
|---|---|---|---|
| Assets | |||
| Land, Buildings, and Equipment, Net | $15,637 | $46,400 | ▲ $30,763 |
| Cash and Non-Interest-Bearing Accounts | $10,223 | $9,992 | ▼ $231 |
| Total Assets | $57,343 | $75,892 | ▲ $18,549 |
| Other Assets Total | $31,483 | $19,500 | ▼ $11,983 |
| Liabilities | |||
| Unsecured Notes Loans Payable | $62,298 | $46,849 | ▼ $15,449 |
| Other Liabilities | - | $31,174 | - |
| Accounts Payable and Accrued Expenses | $3,269 | $3,506 | ▲ $237 |
| Total Liabilities | $65,567 | $81,529 | ▲ $15,962 |
| Net Assets / Fund Balance | |||
| Unrestricted Net Assets | $-8,224 | $-5,637 | ▲ $2,587 |
| Total Net Assets Fund Balance | $-8,224 | $-5,637 | ▲ $2,587 |
| Total Liabilities and Net Assets / Fund Balance | $57,343 | $75,892 | ▲ $18,549 |
Asset Categories
| Asset | Book Value | Depreciation | Basis |
|---|---|---|---|
| Leasehold Improvements | $46,400 | $79,784 | $126,184 |
| Other Assets Org | $19,500 | - | - |
Compensation and Service Providers
Board Members and Trustees
| Name | Title |
|---|---|
| Bonnie Rubin | Board Member |
| Chong Hun Song | Board Member |
| Ed Rubin | Board Member |
| Hyewon Yi | Board Member |
| Michelle Loh | Board Member |
| Junho Lee | Officer |
| Mariko Sasaki | Officer |
Revenue and Support
Revenue Composition
- Contributions and Grants
- $2,616
- Program Service Revenue
- $235,886
- Investment Income
- $0
- Other Revenue
- $0
- All Other Contributions
- $2,616
- Change in Net Assets
- $2,587
Expenses and Functional Allocation
Major Expense Lines
| Line Item | Amount |
|---|---|
| Other Expenses | $179,865 |
| Salaries, Compensation, and Employee Benefits | $56,050 |
| Grants and Similar Amounts Paid | $0 |
| Professional Fundraising Fees | $0 |
| Total Fundraising Expense | $0 |
Functional Expense Allocation
| Line Item | Program | Management | Fundraising | Total |
|---|---|---|---|---|
| Occupancy | $102,142 | $7,688 | - | $109,830 |
| Other Salaries and Wages | $48,963 | $2,577 | - | $51,540 |
| Depreciation Depletion | $17,237 | - | - | $17,237 |
| Fees for Services Other | $15,393 | $1,192 | - | $16,585 |
| Conferences and Meetings | $4,589 | $510 | - | $5,099 |
| Office Expenses | $4,537 | $505 | - | $5,042 |
| Payroll Taxes | - | $4,510 | - | $4,510 |
| All Other Expenses | $3,607 | $402 | - | $4,009 |
| Insurance | $3,271 | $363 | - | $3,634 |
| Fees for Services Accounting | - | $2,585 | - | $2,585 |
| Other Expenses | $1,425 | $158 | - | $1,583 |
| Advertising | $1,256 | $66 | - | $1,322 |
| Total Functional Expenses | $214,065 | $21,850 | $0 | $235,915 |
Fundraising, Events, and Gaming
- Fundraising activities
- No
- Gaming activities
- No
- Professional fundraiser used
- No
Fundraising and Gaming Totals
| Line Item | Amount |
|---|---|
| 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
| Liability | Amount |
|---|---|
| Accounts Payable | $19,250 |
| Security Deposit Payable | $11,924 |
Governance and Compliance
Governance Checklist
- Compiled or reviewed by an accountant
- 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, Page 6, Part VI, Line 11B
“No review was or will be conducted.”
Form 990, Page 6, Part VI, Line 19
“No documents available to the public”
Filing and Contact Details
Filer
- EIN
- 20-5292405
- Phone
- 7187682765
Signing Officer
- Name
- Chong Hun Song
- Title
- Director
- Phone
- 7187682765
- Signed
- 2014-08-15
Organization Details
- Voting Board Members
- 6
- Independent Board Members
- 0
- Employees
- 4
Preparer
- Preparer
- Sungdoh Kim
- Phone
- 7182243399
Supplemental Narrative
Additional Explanations
FORM 990 - ORGANIZATION'S MISSION
“The new york art residency and studios (nars) foundation is a 501(c)(3) not-for-profit arts organization committed to supporting artists and curators on an international level as well engaging the local community in brooklyn and the greater new york area. Nars provides an array of creative support services and professional development opportunities for emerging and mid-career artists through short-term integrated residency programs, affordable long-term studio spaces, progressive exhibition programs, international exchanges, and engaging public programs that foster global understanding and dynamic cross-cultural dialogues. These services operate in conjunction with our community outreach initiatives to promote greater accessibility to contemporary art for the under-served local community in south brooklyn. Our mission is to present diverse platforms on which to nurture creative inspiration and innovative cross-pollination of ideas.”
Form 990, Page 2, Part III, Line 4C
“THEIR FUTURE SUCCESS.”
Raw XML Appendix366 raw XML fields
This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.
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| IRS990/Desc | 0 | THE NARS FOUNDATION'S STUDIO PROGRAM PROVIDES A CREATIVE AND SUPPORTIVE WORK ENVIRONMENT FOR EMERGING AND MID-CAREER ARTISTS BY PROVIDING AFFORDABLE, LONG-TERM WORK SPACES THAT ARE DESIGNED TO FOSTER MULTICULTURAL DIALOGUE AND DYNAMIC CROSS POLLINATION OF IDEAS AMONG THE ARTISTS IN THE STUDIO PROGRAM AND WITH THE PROFESSIONAL ARTIST COMMUNITY AT LARGE. THE PROGRAM PROVIDES A PLATFORM FOR DEVELOPING, CREATING, AND SHARING CUTTING- EDGE CONTEMPORARY ARTWORKS IN A SUPPORTIVE AND STABLE COMMUNITY. |
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| IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt | 2 | 1200 |
| IRS990/ProgSrvcAccomActy2Grp/Desc | 0 | THE NARS FOUNDATION PROVIDED PROFESSIONAL DEVELOPMENT PROGRAMS FOR EMERGING AND UNDERREPRESENTED ARTISTS FROM AROUND THE WORLD THROUGH ITS INTERNATIONAL ARTISTS RESIDENCY PROGRAM, ARTISTS SALONS, AND EXHIBITION PROGRAMS. THE VARIOUS PROGRAMS ARE DESIGNED TO ENCOURAGE GREATER EXPOSURE FOR THE PARTICIPATING ARTISTS WHILE PROVIDED SUPPORTIVE PROFESSIONAL DEVELOPMENT SERVICES SUCH AS STUDIO VISITS FROM PROMINENT CURATORS, ART CRITICS, GALLERIST, AND ART HISTORIANS; OPEN STUDIO EVENTS; ARTIST TALKS; CURATOR TALKS; PANEL DISCUSSIONS; WORKSHOPS & SEMINARS; TEACHING OPPORTUNITIES; COLLABORATIONS WITH INTERNATIONAL ORGANIZATIONS; AND VARIOUS EXHIBITION OPPORTUNITIES. IT ALSO PROVIDES THE THE GREATER NEW YORK COMMUNITY WITH ACCESS TO THE HIGHEST CALIBER OF INTERNATIONAL ARTISTS. |
| IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt | 0 | 104934 |
| IRS990/ProgSrvcAccomActy2Grp/RevenueAmt | 0 | 107499 |
| IRS990/ProgSrvcAccomActy3Grp/Desc | 0 | THE EDUCATIONAL COMMUNITY OUTREACH PROGRAMS PROVIDE GREATER ACCESS TO CONTEMPORARY ARTS FOR THE WORKING CLASS COMMUNITY IN BROOKLYN THROUGH FREE SATURDAY FAMILY WORKSHOPS AND IN-SCHOOL PROGRAMMING AT LOCAL K-12 PUBLIC SCHOOLS. THE EDUCATIONAL MISSION IS TO IMPART CREATIVE PROBLEM SOLVING SKILLS THROUGH HAND-ON AND OBJECT BASED VISUAL ARTS WORKSHOPS TO ECONOMICALLY DISADVANTAGES AND UNDERSERVED CHILDREN AND THEIR FAMILIES WHILE PROVIDING AN ALTERNATIVE CREATIVE OUTLET FOR AT-RISK YOUTHS. PARTICIPANTS COME AWAY FROM THE PROGRAM WITH A GREATER SENSE OF SELF-CONFIDENCE, EXPOSURE TO DIFFERENT PERSPECTIVES FROM AROUND THE GLOBE, AND A MEANINGFUL EXPERIENCE IN ESSENTIAL SKILL SETS SUCH AS EXAMINATION, EVALUATION, AND CREATIVELY PROBLEM SOLVING THAT ARE KEY TO THEIR FUTURE SUCCESS. |
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| IRS990/ProgSrvcAccomActy3Grp/RevenueAmt | 0 | 1200 |
| IRS990/ProhibitedTaxShelterTransInd | 0 | false |
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| IRS990/PYExcessBenefitTransInd | 0 | false |
| IRS990/PYOtherExpensesAmt | 0 | 359151 |
| IRS990/PYProgramServiceRevenueAmt | 0 | 353097 |
| IRS990/PYRevenuesLessExpensesAmt | 0 | -26100 |
| IRS990/PYSalariesCompEmpBnftPaidAmt | 0 | 26321 |
| IRS990/PYTotalExpensesAmt | 0 | 385472 |
| IRS990/PYTotalRevenueAmt | 0 | 359372 |
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| IRS990/ReportLandBuildingEquipmentInd | 0 | true |
| IRS990/ReportOtherAssetsInd | 0 | true |
| IRS990/ReportOtherLiabilitiesInd | 0 | true |
| IRS990/ReportProgramRelatedInvstInd | 0 | false |
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| IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt | 0 | 372354 |
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| IRS990/ScheduleBRequiredInd | 0 | false |
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| IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt | 0 | 79784 |
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| IRS990ScheduleD/OtherAssetsOrgGrp/Desc | 0 | SECURITY DEPOSIT |
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| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt | 1 | 11924 |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc | 0 | ACCOUNTS PAYABLE |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc | 1 | SECURITY DEPOSIT PAYABLE |
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| IRS990ScheduleD/TotalBookValueOtherAssetsAmt | 0 | 19500 |
| IRS990ScheduleD/TotalLiabilityAmt | 0 | 31174 |
| IRS990/ScheduleJRequiredInd | 0 | false |
| IRS990/ScheduleORequiredInd | 0 | false |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 0 | THE NEW YORK ART RESIDENCY AND STUDIOS (NARS) FOUNDATION IS A 501(C)(3) NOT-FOR-PROFIT ARTS ORGANIZATION COMMITTED TO SUPPORTING ARTISTS AND CURATORS ON AN INTERNATIONAL LEVEL AS WELL ENGAGING THE LOCAL COMMUNITY IN BROOKLYN AND THE GREATER NEW YORK AREA. NARS PROVIDES AN ARRAY OF CREATIVE SUPPORT SERVICES AND PROFESSIONAL DEVELOPMENT OPPORTUNITIES FOR EMERGING AND MID-CAREER ARTISTS THROUGH SHORT-TERM INTEGRATED RESIDENCY PROGRAMS, AFFORDABLE LONG-TERM STUDIO SPACES, PROGRESSIVE EXHIBITION PROGRAMS, INTERNATIONAL EXCHANGES, AND ENGAGING PUBLIC PROGRAMS THAT FOSTER GLOBAL UNDERSTANDING AND DYNAMIC CROSS-CULTURAL DIALOGUES. THESE SERVICES OPERATE IN CONJUNCTION WITH OUR COMMUNITY OUTREACH INITIATIVES TO PROMOTE GREATER ACCESSIBILITY TO CONTEMPORARY ART FOR THE UNDER-SERVED LOCAL COMMUNITY IN SOUTH BROOKLYN. OUR MISSION IS TO PRESENT DIVERSE PLATFORMS ON WHICH TO NURTURE CREATIVE INSPIRATION AND INNOVATIVE CROSS-POLLINATION OF IDEAS. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 1 | THEIR FUTURE SUCCESS. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 2 | NO REVIEW WAS OR WILL BE CONDUCTED. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 3 | NO DOCUMENTS AVAILABLE TO THE PUBLIC |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | FORM 990 - ORGANIZATION'S MISSION |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 1 | FORM 990, PAGE 2, PART III, LINE 4C |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 2 | FORM 990, PAGE 6, PART VI, LINE 11B |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 3 | FORM 990, PAGE 6, PART VI, LINE 19 |
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| IRS990/SignificantChangeInd | 0 | false |
| IRS990/SignificantNewProgramSrvcInd | 0 | false |
| IRS990/SubjectToProxyTaxInd | 0 | false |
| IRS990/TaxablePartyNotificationInd | 0 | false |
| IRS990/TaxExemptBondsInd | 0 | false |
| IRS990/TempOrPermanentEndowmentsInd | 0 | false |
| IRS990/TerminateOperationsInd | 0 | false |
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| IRS990/TotalAssetsEOYAmt | 0 | 75892 |
| IRS990/TotalAssetsGrp/BOYAmt | 0 | 57343 |
| IRS990/TotalAssetsGrp/EOYAmt | 0 | 75892 |
| IRS990/TotalCompGreaterThan150KInd | 0 | false |
| IRS990/TotalContributionsAmt | 0 | 2616 |
| IRS990/TotalEmployeeCnt | 0 | 4 |
| IRS990/TotalFunctionalExpensesGrp/FundraisingAmt | 0 | 0 |
| IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt | 0 | 21850 |
| IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt | 0 | 214065 |
| IRS990/TotalFunctionalExpensesGrp/TotalAmt | 0 | 235915 |
| IRS990/TotalGrossUBIAmt | 0 | 0 |
| IRS990/TotalLiabilitiesBOYAmt | 0 | 65567 |
| IRS990/TotalLiabilitiesEOYAmt | 0 | 81529 |
| IRS990/TotalLiabilitiesGrp/BOYAmt | 0 | 65567 |
| IRS990/TotalLiabilitiesGrp/EOYAmt | 0 | 81529 |
| IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt | 0 | -8224 |
| IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt | 0 | -5637 |
| IRS990/TotalProgramServiceExpensesAmt | 0 | 214065 |
| IRS990/TotalProgramServiceRevenueAmt | 0 | 235886 |
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| IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt | 0 | 57343 |
| IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt | 0 | 75892 |
| IRS990/TrnsfrExmptNonChrtblRltdOrgInd | 0 | false |
| IRS990/TypeOfOrganizationCorpInd | 0 | X |
| IRS990/UnrelatedBusIncmOverLimitInd | 0 | false |
| IRS990/UnrestrictedNetAssetsGrp/BOYAmt | 0 | -8224 |
| IRS990/UnrestrictedNetAssetsGrp/EOYAmt | 0 | -5637 |
| IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt | 0 | 62298 |
| IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt | 0 | 46849 |
| IRS990/UponRequestInd | 0 | X |
| IRS990/VotingMembersGoverningBodyCnt | 0 | 6 |
| IRS990/VotingMembersIndependentCnt | 0 | 0 |
| IRS990/WebsiteAddressTxt | 0 | NARSFOUNDATION.ORG |
| IRS990/WhistleblowerPolicyInd | 0 | false |
| ReturnHeader/BuildTS | 0 | 2015-11-30 17:44:51Z |
| ReturnHeader/BusinessOfficerGrp/PersonNm | 0 | CHONG HUN SONG |
| ReturnHeader/BusinessOfficerGrp/PersonTitleTxt | 0 | DIRECTOR |
| ReturnHeader/BusinessOfficerGrp/PhoneNum | 0 | 7187682765 |
| ReturnHeader/BusinessOfficerGrp/SignatureDt | 0 | 2014-08-15 |
| ReturnHeader/Filer/BusinessName/BusinessNameLine1 | 0 | NARS FOUNDATION INC |
| ReturnHeader/Filer/BusinessNameControlTxt | 0 | NARS |
| ReturnHeader/Filer/EIN | 0 | 205292405 |
| ReturnHeader/Filer/PhoneNum | 0 | 7187682765 |
| ReturnHeader/Filer/USAddress/AddressLine1 | 0 | 201 46TH ST 4TH FL |
| ReturnHeader/Filer/USAddress/City | 0 | BROOKLYN |
| ReturnHeader/Filer/USAddress/State | 0 | NY |
| ReturnHeader/Filer/USAddress/ZIPCode | 0 | 11220 |
| ReturnHeader/PreparerFirmGrp/PreparerFirmEIN | 0 | 271907983 |
| ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1 | 0 | SUNGDOH ACCOUNTING & CONSULTING |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1 | 0 | 254-10 NORTHERN BLVD 201A |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/City | 0 | LITTLE NECK |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/State | 0 | NY |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCode | 0 | 11362 |
| ReturnHeader/PreparerPersonGrp/PhoneNum | 0 | 7182243399 |
| ReturnHeader/PreparerPersonGrp/PreparationDt | 0 | 2014-08-15 |
| ReturnHeader/PreparerPersonGrp/PreparerPersonNm | 0 | SUNGDOH KIM |
| ReturnHeader/ReturnTs | 0 | 2014-08-15T14:30:52-05:00 |
| ReturnHeader/ReturnTypeCd | 0 | 990 |
| ReturnHeader/TaxPeriodBeginDt | 0 | 2013-01-01 |
| ReturnHeader/TaxPeriodEndDt | 0 | 2013-12-31 |
| ReturnHeader/TaxYr | 0 | 2013 |
Document Assets
No mirrored PDF or thumbnail assets are attached yet.
Filings
Displayed year
2013 • Form 990Detailed filing. Detailed filing data is available for this year.
- Assets
- $75,892
- Liabilities
- $81,529
- Net assets
- -$5,637
- Revenue
- $238,502
- Expenses
- $235,915
- Net income
- $2,587