Civic Intelligence

516 Arts

990 • Fiscal year 2023 • EIN 20-8540744

Jan 01, 2023 to Dec 31, 2023 • Filed on Oct 01, 2024

Organization Profilewww.516arts.org
516 Central Ave SWAlbuquerque, NM 87102

(505) 242-1445

Siviq Scores

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

Liabilities / Assets

58th percentile

0.10x

Higher debt load relative to assets than 58% of similar nonprofits.

2023 filings • NTEE A • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

72nd percentile

0.33x

Higher debt load relative to revenue than 72% of similar nonprofits.

2023 filings • NTEE A • $1M-$5M nonprofits • Source year 2023

Net Margin

14th percentile

-34%

Higher net margin than 14% of similar nonprofits.

2023 filings • NTEE A • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

66th percentile

$87,993

Higher top officer pay than 66% of similar nonprofits.

Top officer pay equals 16.4% of source-year revenue.

2023 filings • NTEE A • $1M-$5M nonprofits • Source year 2023

Asset Growth

16th percentile

-9.5%

Faster asset growth than 16% of similar nonprofits.

2023 filings • NTEE A • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

10th percentile

-45%

Faster revenue growth than 10% of similar nonprofits.

2023 filings • NTEE A • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets58th percentile

Assets

Down

$1,687,464

Down $177,057 (-9.5%) from 2022

Net Assets

Down

$1,510,974

Down $180,696 (-11%) from 2022

Liabilities

Up

$176,490

Up $3,639 (+2.1%) from 2022

Revenue And Expenses
Liabilities / Revenue72nd percentileNet Margin14th percentile

Revenue

Down

$535,013

Down $437,913 (-45%) from 2022

Expenses

Down

$715,709

Down $7,792 (-1.1%) from 2022

Net Income

Down

-$180,696

Down $430,121 (-172%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth16th percentile

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

$2.0M$1.5M$1.0M$500K$0Assets 2010: $23,312Liabilities 2010: $11,519Net Assets 2010: $11,7932010Assets 2011: $50,729Liabilities 2011: $5,831Net Assets 2011: $44,8982011Assets 2012: $127,247Liabilities 2012: $7,142Net Assets 2012: $120,1052012Assets 2013: $14,498Liabilities 2013: $3,039Net Assets 2013: $11,4592013Assets 2014: $19,939Liabilities 2014: $13,168Net Assets 2014: $6,7712014Assets 2015: $26,647Liabilities 2015: $6,214Net Assets 2015: $20,4332015Assets 2016: $173,682Liabilities 2016: $107,899Net Assets 2016: $65,7832016Assets 2017: $91,982Liabilities 2017: $18,277Net Assets 2017: $73,7052017Assets 2018: $212,390Liabilities 2018: $9,374Net Assets 2018: $203,0162018Assets 2019: $228,012Liabilities 2019: $3,401Net Assets 2019: $224,6112019Assets 2020: $1,413,383Liabilities 2020: $187,363Net Assets 2020: $1,226,0202020Assets 2021: $1,783,714Liabilities 2021: $341,469Net Assets 2021: $1,442,2452021Assets 2022: $1,864,521Liabilities 2022: $172,851Net Assets 2022: $1,691,6702022Assets 2023: $1,687,464Liabilities 2023: $176,490Net Assets 2023: $1,510,9742023Assets 2024: $1,350,672Liabilities 2024: $183,299Net Assets 2024: $1,167,3732024

Highlighted filing

2023

Assets$1,687,464
Liabilities$176,490
Net Assets$1,510,974
Open 2023 Filing

Operations Trend

Revenue Growth10th percentile

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

$2.0M$1.0M$0-$1.0MExpenses 2010: $452,9572010Expenses 2011: $362,6942011Revenue 2012: $1,389,070Expenses 2012: $1,313,863Net Income 2012: $75,2072012Revenue 2013: $402,556Expenses 2013: $511,202Net Income 2013: -$108,6462013Revenue 2014: $532,967Expenses 2014: $537,655Net Income 2014: -$4,6882014Revenue 2015: $464,713Expenses 2015: $451,051Net Income 2015: $13,6622015Revenue 2016: $494,983Expenses 2016: $448,928Net Income 2016: $46,0552016Revenue 2017: $494,750Expenses 2017: $490,328Net Income 2017: $4,4222017Revenue 2018: $704,106Expenses 2018: $574,797Net Income 2018: $129,3092018Revenue 2019: $573,341Expenses 2019: $551,746Net Income 2019: $21,5952019Revenue 2020: $1,678,157Expenses 2020: $676,748Net Income 2020: $1,001,4092020Revenue 2021: $779,357Expenses 2021: $563,132Net Income 2021: $216,2252021Revenue 2022: $972,926Expenses 2022: $723,501Net Income 2022: $249,4252022Revenue 2023: $535,013Expenses 2023: $715,709Net Income 2023: -$180,6962023Revenue 2024: $383,975Expenses 2024: $727,576Net Income 2024: -$343,6012024

Highlighted filing

2023

Revenue$535,013
Expenses$715,709
Net Income-$180,696
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Oct 1, 2024
Return Version
2023v5.1
Gross Receipts
$535,033
Mission and Program Overview

Mission

The mission of 516 ARTS is to forge connections between art and audiences and our vision is to be an active partner in developing the cultural landscape of Albuquerque and New Mexico. Our values are inquiry, diversity, collaboration and accessibility. 516 ARTS offers programs that inspire curiosity, dialogue, risk-taking and creative experimentation, showcasing a mix of established, emerging, local, national and international artist from a variety of cultural backgrounds.

516 ARTS forges connections between art and audiences by being an active partner in developing the cultural landscape of Albuquerque and New Mexico. 516 ARTS offers programs inspiring curiosity, dialogue, risk-taking and creative experimentation.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$898,921$879,900▼ $19,021
Pledges and Grants Receivable$539,438$586,230▲ $46,792
Cash and Non-Interest-Bearing Accounts$426,162$221,334▼ $204,828
Savings and Temporary Cash Investments-$0-
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$1,864,521$1,687,464▼ $177,057
Other Assets Total-$0-
Liabilities
Unsecured Notes Loans Payable$144,440$140,702▼ $3,738
Accounts Payable and Accrued Expenses$28,411$35,788▲ $7,377
Total Liabilities$172,851$176,490▲ $3,639
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,125,951$990,974▼ $134,977
Net Assets With Donor Restrictions$565,719$520,000▼ $45,719
Total Net Assets Fund Balance$1,691,670$1,510,974▼ $180,696
Total Liabilities and Net Assets / Fund Balance$1,864,521$1,687,464▼ $177,057

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$651,942$73,458$725,400
Land$204,600-$204,600
Leasehold Improvements$23,358$2,632$25,990
Equipment-$2,008$2,008
Compensation and Service Providers
Top Officer Pay66th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Suzanne SbargePast Pres/EDFT$81,800$6,193$87,993
April ChalayInterim Pres/EDFT$38,726$2,933$41,659

Board Members and Trustees

NameTitle
Tim PriceChair
Danny LopezPast Chair
Rebecca BlackVice President
Arturo SandovalDirector
Danyelle MeansDirector
Jon vanGaasbeekDirector
Kathleen MetzgerDirector
Shawna BrownDirector
Tim PriceDirector
Pamela Weese PowellPast Director
Helen AtkinsPast Secretary
Lauren TrespPast Vice Pres
Gabriel CastroTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$515,110
Program Service Revenue
$18,895
Investment Income
$0
Other Revenue
$1,008
All Other Contributions
$433,323
Change in Net Assets
$-180,696

Audited Revenue Reconciliation

Revenue per Audited Statements
$535,013
Revenue Not Reported on Form 990
$5,052
Total Revenue per Audited Statements
$540,065
Total Revenue per Form 990
$535,013
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$422,289
Other Expenses$200,010
Grants and Similar Amounts Paid$88,050
Total Fundraising Expense$29,426
Professional Fundraising Fees$5,360

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$205,986$28,486-$234,472
Current Officers, Directors, Trustees, and Key Employees$64,826$45,137$19,689$129,652
Grants to Domestic Individuals$88,050--$88,050
Fees for Services Other$29,175$19,360-$48,535
Occupancy$31,689$7,922-$39,611
Payroll Taxes$21,389$5,704$1,426$28,519
Other Employee Benefits$20,145$4,106-$24,251
Depreciation Depletion$19,021--$19,021
All Other Expenses$16,582$1,518$213$18,313
Insurance$10,029$1,660-$11,689
Information Technology$8,971-$1,561$10,532
Travel$7,904--$7,904
Advertising$7,636--$7,636
Pension Plan Contributions$4,370$1,025-$5,395
Fees for Services Professional Fundraising--$5,360$5,360
Other Expenses$3,240$292$1,177$4,709
Interest$3,954--$3,954
Office Expenses-$2,209-$2,209
Fees for Services Accounting-$1,103-$1,103
Total Functional Expenses$567,705$118,578$29,426$715,709

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$720,761
Expenses per Audited Statements$715,709
Total Expenses per Form 990$715,709
Expenses Not Reported on Form 990$5,052
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$5,360
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
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

Form 990, Part VI, Section B, Line 11B

“The Form 990 is reviewed by the organization's bookkeeper, president andtreasurer prior to filing. It is also available to the board for reviewprior to filing.”

Form 990, Part VI, Section B, Line 12C

“Compliance with the conflict of interest policy is maintained informallythrough board involvement and oversight.”

Form 990, Part VI, Section B, Line 15A

“At the time of hire an analysis was performed, which took intoconsideration compensation in the local community for comparable positions.The budget, including salaries, is approved by the board annually. Also, the President/CEO's performance and salary are reviewed annually by the board.”

Form 990, Part VI, Section B, Line 15B

“Other than the president all officers are volunteers. There are noemployees who meet the definition of "key employee."”

Form 990, Part VI, Section C, Line 19

“Governing documents and IRS filings are available from the organizationupon request, for a reasonable copying fee. The organization's governingdocuments, IRS determination letter, annual IRS information filing andannual New Mexico report are also available on the New Mexico AttorneyGeneral's Charitable Organization Registration Online System (COROS) athttps://secure.nmag.gov/CharitySearch/.”

Filing and Contact Details

Filer

Filer Name
516 Arts
EIN
20-8540744
Phone
5052421445
Address
516 Central Ave SW, Albuquerque, NM 87102

Signing Officer

Name
April Chalay
Title
Interim Pres/ED
Signed
2024-10-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
April Chalay
Formed
2006
Legal Domicile
Nm
Voting Board Members
10
Independent Board Members
10
Employees
9
Volunteers
14

Preparer

Firm
Janice Moen CPA
Address
12 Vista Drive, Hooksett, NH 03106
Preparer
Janice Moen CPA
Phone
5052502231
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

“The Organization is exempt from income tax under Section 501(c)(3) of the U. S. Internal Revenue Code (IRC). In addition, the Organization qualifies for charitable contribution deductions under IRC section 170(b)(1)(A) and has been classified as an organization that is not a private Organization under IRC Section 509(a)(2). The Organization is also exempt from New Mexico state income tax under 1978 New Mexico Statutes Chapter 7, Section 2-4(B). The Organization has adopted accounting principles generally accepted in the United States of America as they relate to uncertain tax positions and has evaluated its tax positions taken for all open tax years. The Organization is not currently under audit nor has the Organization been contacted by any of these jurisdictions. Management believes that the activities of the Organization is within its tax-exempt purpose, and that there are no uncertain tax positions.”

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IRS990/MissionDesc0The mission of 516 ARTS is to forge connections between contemporary artists and diverse audiences and our vision is to be an active partner in developing the cultural landscape of Albuquerque and New Mexico. Our values are inquiry, diversity, collaboration and accessibility. 516 ARTS offers programs that inspire curiosity, dialogue, and creative experimentation, showcasing a mix of established, emerging, local, national and international artists with an emphasis on Indigenous and Latinx backgrounds.
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IRS990/ProgSrvcAccomActy2Grp/Desc0Fulcrum Fund516 ARTS' Fulcrum Fund grant program, part of the Regional Regranting Program of The Andy Warhol Foundation for the Visual Arts, provides grants to individual, unincorporated, local artists for their own independent art projects. 516 ARTS administers an annual process that includes a call for proposals and selection by guest jurors. This program aims serve as springboards for artistic processes that are adventurous, experimental and forward thinking, while celebrating projects that do not fit into the traditional museum and gallery systems.
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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,687,464
Liabilities
$176,490
Net assets
$1,510,974
Revenue
$535,013
Expenses
$715,709
Net income
-$180,696
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.35$0.18$1.17$0.38$0.73$0.34
2023Detailed filing. Detailed filing data is available for this year.$1.69$0.18$1.51$0.54$0.72$0.18
2022Detailed filing. Detailed filing data is available for this year.$1.86$0.17$1.69$0.97$0.72$0.25
2021Detailed filing. Detailed filing data is available for this year.$1.78$0.34$1.44$0.78$0.56$0.22
2020Detailed filing. Detailed filing data is available for this year.$1.41$0.19$1.23$1.68$0.68$1.00
2019Detailed filing. Detailed filing data is available for this year.$0.23$0.00$0.22$0.57$0.55$0.02
2018Detailed filing. Detailed filing data is available for this year.$0.21$0.01$0.20$0.70$0.57$0.13
2017Detailed filing. Detailed filing data is available for this year.$0.09$0.02$0.07$0.49$0.49$0.00
2016Detailed filing. Detailed filing data is available for this year.$0.17$0.11$0.07$0.49$0.45$0.05
2015Detailed filing. Detailed filing data is available for this year.$0.03$0.01$0.02$0.46$0.45$0.01
2014Detailed filing. Detailed filing data is available for this year.$0.02$0.01$0.01$0.53$0.54$0.00
2013Detailed filing. Detailed filing data is available for this year.$0.01$0.00$0.01$0.40$0.51$0.11
2012Summary only. Only limited summary data is available for this year.$0.13$0.01$0.12$1.39$1.31$0.08
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.05$0.01$0.04$0.36
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.02$0.01$0.01$0.45