Civic Intelligence

Nars Foundation Inc.

990EZ • Fiscal year 2017 • EIN 20-5292405

Jan 01, 2017 to Dec 31, 2017 • Filed on Oct 22, 2018

Organization ProfileNARSFOUNDATION.ORG
201 46th St No 4flBrooklyn, NY 11220-1035

(718) 768-2765

Siviq Scores

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

Liabilities / Assets

91st percentile

0.81x

Higher debt load relative to assets than 91% of similar nonprofits.

2017 filings • NTEE A20 • <$500k nonprofits • Source year 2017

Liabilities / Revenue

93rd percentile

0.27x

Higher debt load relative to revenue than 93% of similar nonprofits.

2017 filings • NTEE A20 • <$500k nonprofits • Source year 2017

Net Margin

63rd percentile

12%

Higher net margin than 63% of similar nonprofits.

2017 filings • NTEE A20 • <$500k nonprofits • Source year 2017

Top Officer Pay

72nd percentile

$0

Higher top officer pay than 72% of similar nonprofits.

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

2017 filings • NTEE A20 • <$500k nonprofits • Source year 2017

Asset Growth

82nd percentile

64%

Faster asset growth than 82% of similar nonprofits.

2017 filings • NTEE A20 • <$500k nonprofits • Annualized from 2016 to 2017

Revenue Growth

65th percentile

23%

Faster revenue growth than 65% of similar nonprofits.

2017 filings • NTEE A20 • <$500k nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets91st percentile

Assets

Up

$61,882

Up $24,044 (+64%) from 2016

Net Assets

Up

$11,762

Up $22,818 (+206%) from 2016

Liabilities

Up

$50,120

Up $1,226 (+2.5%) from 2016

Revenue And Expenses
Liabilities / Revenue93rd percentileNet Margin63rd percentile

Revenue

Up

$183,365

Up $33,838 (+23%) from 2016

Expenses

Down

$160,547

Down $26,376 (-14%) from 2016

Net Income

Up

$22,818

Up $60,214 (+161%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth82nd 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

2017

Assets$61,882
Liabilities$50,120
Net Assets$11,762
Open 2017 Filing

Operations Trend

Revenue Growth65th 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

2017

Revenue$183,365
Expenses$160,547
Net Income$22,818
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Oct 22, 2018
Return Version
2017v2.3
Gross Receipts
$183,365
Mission and Program Overview

Mission

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)

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.

Program Services

DescriptionGrantsExpenses
STUDIO PROGRAM PROVIDES A CREATIVE AND SUPPORTIVE WORK ENVIRONMENT FOR EMERGING AND MID-CAREER ARTISTS BY PROVIDING AFFORDABLE, LONG-TERM WORK SPACES THAT AREDESIGNED 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.PROFESSIONAL DEVELOPMENT PROGRAMS FOR EMERGING ANDUNDERREPRESENTED 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 NEWYORK COMMUNITY WITH ACCESS TO THE HIGHEST CALIBER OF INTERNATIONAL ARTISTS.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 CREATIVEPROBLEM 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 GREATERSENSE 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.$1,500$142,255
Compensation and Service Providers
Top Officer Pay72nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
JUNHO LEEPresidentFT$0--
CHONGHYN SONGDirector-$0--
ED RUBINDirector-$0--
HYEWON YIDirector-$0--
BONNIE RUBINDirector-$0--
SYLVIA SOYEON KIMDirector-$0--
THOMAS ARNOLDDirector-$0--
NICOLAS TOURONDirector-$0--
BJ SUNGDirector-$0--
JOHN MOORDirector-$0--
MARIKO SASAKIDirectorPT$0--
Filing and Contact Details

Filer

Filer Name
Nars Foundation Inc
EIN
20-5292405
Phone
7187682765
Address
201 46TH ST NO 4FL, BROOKLYN, NY 11220-1035

Signing Officer

Name
Junho Lee
Title
Chairman
Phone
7187682765
Signed
2018-10-22
Discuss with paid preparer
Yes

Preparer

Firm
Skody Scot & Co Cpas Pc
Address
520 EIGHTH AVE SUITE 2200, NEW YORK, NY 10018
Preparer
William Skody
Phone
2129671100
Supplemental Narrative

Additional Explanations

Form 990-ez, Part I, Line 8 - Other Revenue

“Description: interest income. Amount: 6.”

Form 990-ez, Part I, Line 14

“Description: depreciation. Amount: 10,000. Description: other expenses. Amount: 60,778. Total to form 990-ez, line 14: 70,778.”

Form 990-ez, Part I, Line 16 - Other Expenses

“Description: service charges and fees. Amount: 2,092. Description: memberships and dues. Amount: 299. Description: inormation technology. Amount: 410. Description: insurance. Amount: 1,452. Description: office expenses. Amount: 3,094. Description: travel and meetings. Amount: 4,133. Total to form 990-ez, line 16: 11,480.”

Form 990-ez, Part II, Line 24 - Other Assets

“Description: accounts receivable. Beg. Of year amount: 0. End of year amount: 1,010. Description: security deposits. Beg. Of year amount: 9,145. End of year amount: 9,145.”

Form 990-ez, Part II, Line 26 - Other Liabilities

“Description: accounts payable. Beg. Of year amount: 2,816. End of year amount: 50,120. Description: loans payable. Beg. Of year amount: 46,078. End of year amount: 0.”

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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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IRS990EZ/PrimaryExemptPurposeTxt0SUPPORTING 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.
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IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0296574
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt0238502
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt01040473
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0DESCRIPTION: INTEREST INCOME. AMOUNT: 6.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1DESCRIPTION: DEPRECIATION. AMOUNT: 10,000. DESCRIPTION: OTHER EXPENSES. AMOUNT: 60,778. TOTAL TO FORM 990-EZ, LINE 14: 70,778.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2DESCRIPTION: SERVICE CHARGES AND FEES. AMOUNT: 2,092. DESCRIPTION: MEMBERSHIPS AND DUES. AMOUNT: 299. DESCRIPTION: INORMATION TECHNOLOGY. AMOUNT: 410. DESCRIPTION: INSURANCE. AMOUNT: 1,452. DESCRIPTION: OFFICE EXPENSES. AMOUNT: 3,094. DESCRIPTION: TRAVEL AND MEETINGS. AMOUNT: 4,133. TOTAL TO FORM 990-EZ, LINE 16: 11,480.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3DESCRIPTION: ACCOUNTS RECEIVABLE. BEG. OF YEAR AMOUNT: 0. END OF YEAR AMOUNT: 1,010. DESCRIPTION: SECURITY DEPOSITS. BEG. OF YEAR AMOUNT: 9,145. END OF YEAR AMOUNT: 9,145.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4DESCRIPTION: ACCOUNTS PAYABLE. BEG. OF YEAR AMOUNT: 2,816. END OF YEAR AMOUNT: 50,120. DESCRIPTION: LOANS PAYABLE. BEG. OF YEAR AMOUNT: 46,078. END OF YEAR AMOUNT: 0.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990-EZ, PART I, LINE 8 - OTHER REVENUE
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990-EZ, PART I, LINE 14
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990-EZ, PART I, LINE 16 - OTHER EXPENSES
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990-EZ, PART II, LINE 24 - OTHER ASSETS
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990-EZ, PART II, LINE 26 - OTHER LIABILITIES
TransferPrsnlBnftContractsDecl/DeclarationDesc0THE ORGANIZATION DID NOT, DURING THE YEAR, RECEIVE ANY FUNDS, DIRECTLY,OR INDIRECTLY, TO PAY PREMIUMS ON A PERSONAL BENEFIT CONTRACT.THE ORGANIZATION, DID NOT, DURING THE YEAR, PAY ANY PREMIUMS, DIRECTLY,OR INDIRECTLY, ON A PERSONAL BENEFIT CONTRACT.
ReturnHeader/BuildTS02018-06-14 16:35:46Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0JUNHO LEE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CHAIRMAN
ReturnHeader/BusinessOfficerGrp/PhoneNum07187682765
ReturnHeader/BusinessOfficerGrp/SignatureDt02018-10-22
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0NARS FOUNDATION INC
ReturnHeader/Filer/BusinessNameControlTxt0NARS
ReturnHeader/Filer/EIN0205292405
ReturnHeader/Filer/PhoneNum07187682765
ReturnHeader/Filer/USAddress/AddressLine1Txt0201 46TH ST NO 4FL
ReturnHeader/Filer/USAddress/CityNm0BROOKLYN
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
ReturnHeader/Filer/USAddress/ZIPCd0112201035
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId0744111110870A6F1869E9C7708983D3D0F8C87A4
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0744111110870A6F1869E9C7708983D3D0F8C87A4
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt038.122.225.90
ReturnHeader/FilingSecurityInformation/IPDt02018-10-22
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0ED
ReturnHeader/FilingSecurityInformation/IPTm013:53:14
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0133597814
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0SKODY SCOT & CO CPAS PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0520 EIGHTH AVE SUITE 2200
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0NEW YORK
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd010018
ReturnHeader/PreparerPersonGrp/PhoneNum02129671100
ReturnHeader/PreparerPersonGrp/PreparationDt02018-10-22
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0WILLIAM SKODY
ReturnHeader/ReturnTs02018-10-22T12:53:50-05:00
ReturnHeader/ReturnTypeCd0990EZ
ReturnHeader/TaxPeriodBeginDt02017-01-01
ReturnHeader/TaxPeriodEndDt02017-12-31
ReturnHeader/TaxYr02017

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2017 • Form 990EZDetailed filing. Detailed filing data is available for this year.

Open filing
Assets
$61,882
Liabilities
$50,120
Net assets
$11,762
Revenue
$183,365
Expenses
$160,547
Net income
$22,818
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