Civic Intelligence

Nars Foundation Inc.

990 • Fiscal year 2015 • EIN 20-5292405

Jan 01, 2015 to Dec 31, 2015 • Filed on May 13, 2016

Organization Profilenarsfoundation.org
201 46th St 4th FLBrooklyn, NY 11220

(718) 768-2765

Siviq Scores

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

Liabilities / Assets

88th percentile

0.65x

Higher debt load relative to assets than 88% of similar nonprofits.

2015 filings • NTEE A20 • <$500k nonprofits • Source year 2015

Liabilities / Revenue

90th percentile

0.28x

Higher debt load relative to revenue than 90% of similar nonprofits.

2015 filings • NTEE A20 • <$500k nonprofits • Source year 2015

Net Margin

30th percentile

-2.7%

Higher net margin than 30% of similar nonprofits.

2015 filings • NTEE A20 • <$500k nonprofits • Source year 2015

Top Officer Pay

73rd percentile

$0

Higher top officer pay than 73% of similar nonprofits.

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

2015 filings • NTEE A20 • <$500k nonprofits • Source year 2015

Asset Growth

24th percentile

-19%

Faster asset growth than 24% of similar nonprofits.

2015 filings • NTEE A20 • <$500k nonprofits • Annualized from 2014 to 2015

Revenue Growth

11th percentile

-42%

Faster revenue growth than 11% of similar nonprofits.

2015 filings • NTEE A20 • <$500k nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets88th percentile

Assets

Down

$74,831

Down $17,124 (-19%) from 2014

Net Assets

Down

$26,340

Down $4,581 (-15%) from 2014

Liabilities

Down

$48,491

Down $12,543 (-21%) from 2014

Revenue And Expenses
Liabilities / Revenue90th percentileNet Margin30th percentile

Revenue

Down

$172,505

Down $124,069 (-42%) from 2014

Expenses

Down

$177,086

Down $82,930 (-32%) from 2014

Net Income

Down

-$4,581

Down $41,139 (-113%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth24th percentile

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

$600K$400K$200K$0-$200KAssets 2011: $67,485Liabilities 2011: $49,609Net Assets 2011: $17,8762011Assets 2012: $57,343Liabilities 2012: $65,567Net Assets 2012: -$8,2242012Assets 2013: $75,892Liabilities 2013: $81,529Net Assets 2013: -$5,6372013Assets 2014: $91,955Liabilities 2014: $61,034Net Assets 2014: $30,9212014Assets 2015: $74,831Liabilities 2015: $48,491Net Assets 2015: $26,3402015Assets 2016: $37,838Liabilities 2016: $48,894Net Assets 2016: -$11,0562016Assets 2017: $61,882Liabilities 2017: $50,120Net Assets 2017: $11,7622017Assets 2018: $100,895Liabilities 2018: $50,562Net Assets 2018: $50,3332018Assets 2019: $111,040Liabilities 2019: $17,680Net Assets 2019: $93,3602019Assets 2020: $154,395Liabilities 2020: $133,497Net Assets 2020: $20,8982020Assets 2021: $403,596Liabilities 2021: $367,648Net Assets 2021: $35,9482021Assets 2022: $65,078Liabilities 2022: $21,181Net Assets 2022: $43,8972022Assets 2023: $107,768Liabilities 2023: $4,145Net Assets 2023: $103,6232023Assets 2024: $122,812Liabilities 2024: $5,767Net Assets 2024: $117,0452024

Highlighted filing

2015

Assets$74,831
Liabilities$48,491
Net Assets$26,340
Open 2015 Filing

Operations Trend

Revenue Growth11th percentile

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

$400K$200K$0-$200KExpenses 2011: $383,5642011Expenses 2012: $385,4722012Revenue 2013: $238,502Expenses 2013: $235,915Net Income 2013: $2,5872013Revenue 2014: $296,574Expenses 2014: $260,016Net Income 2014: $36,5582014Revenue 2015: $172,505Expenses 2015: $177,086Net Income 2015: -$4,5812015Revenue 2016: $149,527Expenses 2016: $186,923Net Income 2016: -$37,3962016Revenue 2017: $183,365Expenses 2017: $160,547Net Income 2017: $22,8182017Revenue 2018: $240,724Expenses 2018: $202,153Net Income 2018: $38,5712018Revenue 2019: $230,655Expenses 2019: $187,628Net Income 2019: $43,0272019Revenue 2020: $114,306Expenses 2020: $186,768Net Income 2020: -$72,4622020Revenue 2021: $150,209Expenses 2021: $183,366Net Income 2021: -$33,1572021Revenue 2022: $286,043Expenses 2022: $278,094Net Income 2022: $7,9492022Revenue 2023: $355,287Expenses 2023: $295,561Net Income 2023: $59,7262023Revenue 2024: $356,367Expenses 2024: $342,945Net Income 2024: $13,4222024

Highlighted filing

2015

Revenue$172,505
Expenses$177,086
Net Income-$4,581
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
May 13, 2016
Return Version
2015v2.1
Gross Receipts
$172,505
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 andcurators on an international level as well engaging the local community inBrooklyn and the Greater New York area. (See Schedule O)

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$34,055$37,286▲ $3,231
Land, Buildings, and Equipment, Net$38,400$28,400▼ $10,000
Total Assets$91,955$74,831▼ $17,124
Other Assets Total$19,500$9,145▼ $10,355
Liabilities
Unsecured Notes Loans Payable$46,689$45,875▼ $814
Other Liabilities$14,345$2,616▼ $11,729
Total Liabilities$61,034$48,491▼ $12,543
Net Assets / Fund Balance
Unrestricted Net Assets$30,921$26,340▼ $4,581
Total Net Assets Fund Balance$30,921$26,340▼ $4,581
Total Liabilities and Net Assets / Fund Balance$91,955$74,831▼ $17,124

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$28,400$99,784-
Other Assets Org$9,145--
Compensation and Service Providers
Top Officer Pay73rd percentile

Board Members and Trustees

NameTitle
Chonghyn SongBoard Member
Ed RubinBoard Member
Hyewon YiBoard Member
Nicolas TouronBoard Member
Sylvia Soyeon KimBoard Member
Thomas ArnoldBoard Member
Junho LeeDirector
Bj SungAdvisory Member
Bonnie RubinAdvisory Member
John MoorAdvisory Member
Mariko SasakiOfficer
Revenue and Support

Revenue Composition

Contributions and Grants
$20,004
Program Service Revenue
$152,501
Investment Income
$0
Other Revenue
$0
All Other Contributions
$9,975
Change in Net Assets
$-4,581
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$112,938
Salaries, Compensation, and Employee Benefits$64,148
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$55,371$2,914-$58,285
Occupancy$47,907$3,606-$51,513
Fees for Services Other$11,399$1,267-$12,666
Depreciation Depletion$10,000--$10,000
Conferences and Meetings$8,719$969-$9,688
Other Expenses$5,670$630-$6,300
Payroll Taxes$5,277$586-$5,863
Advertising$3,789$199-$3,988
Fees for Services Accounting-$3,500-$3,500
Office Expenses$3,086$343-$3,429
Travel$2,482$276-$2,758
All Other Expenses$2,468$275-$2,743
Information Technology$2,217$246-$2,463
Total Functional Expenses$161,886$15,200$0$177,086
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Payroll Tax Payable$1,516
Accounts Payable$900
Security Deposit Payable$200
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Backup withholding compliance
Yes
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

“Organizations Process to Review Form 990 will be conducted.”

Governing documents etc available to public Part VI line 19

“Governing Documents Disclosure Explanation - Documents are available to the public.”

Filing and Contact Details

Filer

Filer Name
Nars Foundation Inc
EIN
20-5292405
Address
201 46TH ST 4TH FL, Brooklyn, NY 11220

Signing Officer

Name
Junho Lee
Title
Director
Phone
7187682765
Signed
2016-05-13
Discuss with paid preparer
No

Organization Details

Principal Officer
Junho Lee
Formed
2006
Legal Domicile
Ny
Voting Board Members
11
Independent Board Members
0
Employees
2

Preparer

Firm
Sungdoh Accounting & Consulting Inc
Address
445 Northern Blvd Ste 15, Great Neck, NY 11021
Preparer
Sungdoh Kim
Phone
7182243399
Supplemental Narrative

Additional Explanations

General explanation attachment

“Organizations Mission,(Continued) NARS provides an array of creativesupport services and professional development opportunities for emergingand 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 globalunderstanding and dynamic cross-cultural dialogues. These services operatein conjunction with our community outreach initiatives to promote greateraccessibility to contemporary art for the under-served local community insouth Brooklyn. Our mission is to present diverse platforms on which tonurture creative inspiration and innovative cross-pollination of ideas.”

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IRS990/ProgSrvcAccomActy2Grp/Desc0The NARS Foundations STUDIO PROGRAM provides a creative and supportivework environment for emerging and mid-career artists by providingaffordable, long-term work spaces that are designed to foster multiculturaldialogue and dynamic cross pollination of ideas among the artists in thestudio program and with the professional artist community at large. Theprogram provides a platform for developing, creating, and sharing cutting-edge contemporary artworks in a supportive and stable community.
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IRS990/ProgSrvcAccomActy3Grp/Desc0The EDUCATIONAL COMMUNITY OUTREACH PROGRAMS provide greater access tocontemporary arts for the working class community in Brooklyn through FreeSaturday Family Workshops and In-School programming at local K-12 publicschools. The educational mission is to impart creative problem solvingskills through hand-on and object based visual arts workshops toeconomically disadvantages and underserved children and their familieswhile providing an alternative creative outlet for at-risk youths.Participants come away from the program with a greater senseof self-confidence, exposure to different perspectives from around theglobe, and a meaningful experience in essential skill sets such asexamination, evaluation, and creatively problem solving that are key totheir future success.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Organizations Process to Review Form 990 will be conducted.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Governing Documents Disclosure Explanation - Documents are available to the public.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Organizations Mission,(Continued) NARS provides an array of creativesupport services and professional development opportunities for emergingand 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 globalunderstanding and dynamic cross-cultural dialogues. These services operatein conjunction with our community outreach initiatives to promote greateraccessibility to contemporary art for the under-served local community insouth Brooklyn. Our mission is to present diverse platforms on which tonurture creative inspiration and innovative cross-pollination of ideas.
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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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

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

Open filing
Assets
$74,831
Liabilities
$48,491
Net assets
$26,340
Revenue
$172,505
Expenses
$177,086
Net income
-$4,581
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.23$0.06$1.17$3.56$3.43$0.13
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.08$0.04$1.04$3.55$2.96$0.60
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.65$0.21$0.44$2.86$2.78$0.08
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.04$3.68$0.36$1.50$1.83$0.33
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.54$1.33$0.21$1.14$1.87$0.72
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.11$0.18$0.93$2.31$1.88$0.43
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.01$0.51$0.50$2.41$2.02$0.39
2017Detailed filing. Detailed filing data is available for this year.$0.62$0.50$0.12$1.83$1.61$0.23
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.38$0.49$0.11$1.50$1.87$0.37
2015Detailed filing. Detailed filing data is available for this year.$0.75$0.48$0.26$1.73$1.77$0.05
2014Detailed filing. Detailed filing data is available for this year.$0.92$0.61$0.31$2.97$2.60$0.37
2013Detailed filing. Detailed filing data is available for this year.$0.76$0.82$0.06$2.39$2.36$0.03
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.57$0.66$0.08$3.85
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.67$0.50$0.18$3.84
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