Civic Intelligence

Vermont Studio Center Inc.

990 • Fiscal year 2015 • EIN 22-2478074

Jan 01, 2015 to Dec 31, 2015 • Filed on Sep 09, 2016

PO Box 613Johnson, VT 05656

(802) 635-2727

Siviq Scores

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

Liabilities / Assets

24th percentile

0.05x

Higher debt load relative to assets than 24% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2015

Liabilities / Revenue

26th percentile

0.09x

Higher debt load relative to revenue than 26% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2015

Net Margin

81st percentile

23%

Higher net margin than 81% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2015

Top Officer Pay

29th percentile

$119,139

Higher top officer pay than 29% of similar nonprofits.

Top officer pay equals 2.1% of source-year revenue.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2015

Asset Growth

76th percentile

10%

Faster asset growth than 76% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2014 to 2015

Revenue Growth

26th percentile

-5.4%

Faster revenue growth than 26% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2014 to 2015

Assets

Up

$11,587,526

Up $1,096,820 (+10%) from 2014

Net Assets

Up

$11,059,195

Up $1,322,550 (+14%) from 2014

Liabilities

Down

$528,331

Down $225,730 (-30%) from 2014

Revenue

Down

$5,643,549

Down $321,847 (-5.4%) from 2014

Expenses

Up

$4,320,999

Up $222,271 (+5.4%) from 2014

Net Income

Down

$1,322,550

Down $544,118 (-29%) from 2014

Historical Trend

Balance Sheet Trend

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

$30M$20M$10M$0Assets 2010: $7,845,550Liabilities 2010: $1,194,805Net Assets 2010: $6,650,7452010Assets 2011: $7,563,967Liabilities 2011: $1,023,046Net Assets 2011: $6,540,9212011Assets 2012: $7,878,902Liabilities 2012: $913,812Net Assets 2012: $6,965,0902012Assets 2013: $8,725,874Liabilities 2013: $855,897Net Assets 2013: $7,869,9772013Assets 2014: $10,490,706Liabilities 2014: $754,061Net Assets 2014: $9,736,6452014Assets 2015: $11,587,526Liabilities 2015: $528,331Net Assets 2015: $11,059,1952015Assets 2016: $12,546,149Liabilities 2016: $880,698Net Assets 2016: $11,665,4512016Assets 2017: $13,909,529Liabilities 2017: $558,769Net Assets 2017: $13,350,7602017Assets 2018: $13,029,821Liabilities 2018: $495,561Net Assets 2018: $12,534,2602018Assets 2019: $15,461,385Liabilities 2019: $894,657Net Assets 2019: $14,566,7282019Assets 2020: $16,798,643Liabilities 2020: $686,670Net Assets 2020: $16,111,9732020Assets 2021: $18,966,980Liabilities 2021: $242,142Net Assets 2021: $18,724,8382021Assets 2022: $17,171,734Liabilities 2022: $355,448Net Assets 2022: $16,816,2862022Assets 2023: $18,150,526Liabilities 2023: $474,231Net Assets 2023: $17,676,2952023Assets 2024: $24,575,693Liabilities 2024: $553,435Net Assets 2024: $24,022,2582024

Highlighted filing

2015

Assets$11,587,526
Liabilities$528,331
Net Assets$11,059,195

Operations Trend

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

$15M$10M$5.0M$0-$5.0MRevenue 2010: $5,825,051Expenses 2010: $3,884,070Net Income 2010: $1,940,9812010Revenue 2011: $4,092,534Expenses 2011: $4,074,287Net Income 2011: $18,2472011Expenses 2012: $4,144,8792012Revenue 2013: $4,894,963Expenses 2013: $4,252,035Net Income 2013: $642,9282013Revenue 2014: $5,965,396Expenses 2014: $4,098,728Net Income 2014: $1,866,6682014Revenue 2015: $5,643,549Expenses 2015: $4,320,999Net Income 2015: $1,322,5502015Revenue 2016: $4,751,918Expenses 2016: $4,290,796Net Income 2016: $461,1222016Revenue 2017: $5,907,598Expenses 2017: $4,703,118Net Income 2017: $1,204,4802017Revenue 2018: $5,292,062Expenses 2018: $5,040,228Net Income 2018: $251,8342018Revenue 2019: $6,139,067Expenses 2019: $5,152,628Net Income 2019: $986,4392019Revenue 2020: $5,042,680Expenses 2020: $3,389,606Net Income 2020: $1,653,0742020Revenue 2021: $4,687,878Expenses 2021: $2,251,294Net Income 2021: $2,436,5842021Revenue 2022: $4,518,503Expenses 2022: $5,007,258Net Income 2022: -$488,7552022Revenue 2023: $6,476,898Expenses 2023: $6,159,882Net Income 2023: $317,0162023Revenue 2024: $13,021,075Expenses 2024: $6,934,710Net Income 2024: $6,086,3652024

Highlighted filing

2015

Revenue$5,643,549
Expenses$4,320,999
Net Income$1,322,550
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Sep 9, 2016
Return Version
2015v2.0
Gross Receipts
$5,906,799
Mission and Program Overview

Mission

To support artists and writers by providing studio residencies in an inclusive international community, honoring creative work as the communication of spirit through form.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$5,422,846$6,592,637▲ $1,169,791
Land, Buildings, and Equipment, Net$3,392,214$3,311,317▼ $80,897
Pledges and Grants Receivable$1,480,606$1,301,228▼ $179,378
Cash and Non-Interest-Bearing Accounts$139,882$313,092▲ $173,210
Prepaid Expenses and Deferred Charges$24,300$49,912▲ $25,612
Accounts Receivable$30,858$19,340▼ $11,518
Savings and Temporary Cash Investments-$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-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$10,490,706$11,587,526▲ $1,096,820
Other Assets Total-$0-
Liabilities
Deferred Revenue$302,247$343,043▲ $40,796
Mortgage Notes Payable Secured by Investment Property$332,380--
Accounts Payable and Accrued Expenses$119,434$145,288▲ $25,854
Other Liabilities-$40,000-
Total Liabilities$754,061$528,331▼ $225,730
Net Assets / Fund Balance
Permanently Rstr Net Assets$4,572,802$5,865,493▲ $1,292,691
Unrestricted Net Assets$4,494,654$4,069,394▼ $425,260
Temporarily Rstr Net Assets$669,189$1,124,308▲ $455,119
Total Net Assets Fund Balance$9,736,645$11,059,195▲ $1,322,550
Total Liabilities and Net Assets / Fund Balance$10,490,706$11,587,526▲ $1,096,820

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,922,165$2,123,163$5,045,328
Equipment$96,651$547,241$643,892
Land$292,501-$292,501

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2015$6,682,107$1,558,527▼ $68,410$735,456$7,436,768
2014$5,156,347$1,496,523▲ $196,270$167,033$6,682,107
2013$4,163,636$475,572▲ $651,576$134,437$5,156,347
2012$3,777,927$37,970▲ $450,087$102,348$4,163,636
2011$3,989,618$14,560▲ $18,414$244,665$3,777,927
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Gary ClarkPresidentFT$94,966$24,173$119,139
Joanna KellyDirectorFT$60,000$21,047$81,047
Johnathan T GreggFounder-$60,935$5,652$66,587
Revenue and Support

Revenue Composition

Contributions and Grants
$2,943,184
Program Service Revenue
$2,696,947
Investment Income
$-71,682
Other Revenue
$75,100
All Other Contributions
$2,943,184
Change in Net Assets
$1,322,550

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded14$238,018Fair Market Value (FMV)
Total Noncash Contributions14$238,018-

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,388,848
Revenue Not Reported on Financial Statements
$1,254,701
Revenue Not Reported on Form 990
$71,682
Other Revenue Adjustments
$1,254,701
Total Revenue per Audited Statements
$4,460,530
Total Revenue per Form 990
$5,643,549
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,731,535
Salaries, Compensation, and Employee Benefits$1,332,407
Grants and Similar Amounts Paid$1,254,701
Total Fundraising Expense$420,414
Professional Fundraising Fees$2,356

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$1,254,701--$1,254,701
Occupancy$774,184$15,963$7,981$798,128
Other Salaries and Wages$484,981$232,701$61,801$779,483
Current Officers, Directors, Trustees, and Key Employees-$60,000$215,901$275,901
Other Employee Benefits$82,976$80,336$26,674$189,986
Travel$167,613$2,265$11,837$181,715
Depreciation Depletion$138,554$13,041$11,410$163,005
Payroll Taxes$41,152$26,261$19,624$87,037
All Other Expenses$27,372$5,823$20,267$53,462
Office Expenses-$31,904$2,473$34,377
Fees for Services Accounting-$29,605-$29,605
Fees for Services Other$24,992--$24,992
Other Expenses$14,359$2,087$2,215$18,661
Advertising$16,666--$16,666
Fees for Services Professional Fundraising--$2,356$2,356
Total Functional Expenses$3,361,435$539,150$420,414$4,320,999

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$4,320,999
Expenses per Audited Statements$3,066,298
Total Expenses per Audited Statements$3,066,298
Expenses Not Reported on Financial Statements$1,254,701
Other Expense Adjustments$1,254,701
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$58,200
Fundraising Direct Expenses$37,875
Professional Fundraising Fees$2,356

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Community of Influence Dinner$58,200$58,200$37,875$20,325
Total Events$58,200$58,200$37,875$20,325
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-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Accrued Compensation$40,000
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 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
Yes
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, Line 2: Description of Business or Family Relationship of Officers, Directors, Et

Founder, jonathan gregg & founder, louise von weise are husband and wife.

Form 990, Part VI, Line 11B: Form 990 Review Process

Form 990 is reviewed by the audit committee prior to filing. The full form 990 is available to all board members upon request.

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

The organization developed a strategic plan for salaries which outlined salary ranges for key employees.

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

All documents are available upon request. Form 990 is available at guidestar.org

Filing and Contact Details

Filer

Filer Name
Vermont Studio Center Inc
EIN
22-2478074
Phone
8026352727
Address
PO BOX 613, JOHNSON, VT 05656

Signing Officer

Name
Gary Clark
Title
President
Signed
2016-09-09
Discuss with paid preparer
Yes

Organization Details

Formed
1983
Legal Domicile
Vt
Voting Board Members
22
Independent Board Members
21
Employees
60
Volunteers
25

Preparer

Firm
OBrien Shortle Reynolds & Sabotka PC
Address
54 North Main Street, Rutland, VT 05701
Preparer
James B Reynolds
Phone
8027738344
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 16

Breakdown of items that make up occupancy expense:Salaries & Wages $223,683Utilities $186,031Property Taxes $99,494Supplies $51,111Employee Benefits $42,022Insurance $41,622Repairs & Maintenance $34,353Rent $32,727Linen $26,636Payroll Taxes $20,261Interest $12,566Campus Planning $11,217Auto $10,492Trash $5,913

Part IX, line 16

This document breaks down the occupancy costs listed in Part IX, line 16 by natural category.

Financial Statement Notes

Part V, Line 4: Intended uses of the endowment fund.

Endowment funds are intended to further the mission of the organization

Part XI, Line 4B: Other revenue amounts included on 990 but not included in F/S

Scholarships netted on f/s $1254701

Part XII, Line 4B: Other revenue amounts included on 990 but not included in F/S

Scholarships netted on f/s $1254701

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IRS990/Form990PartVIISectionAGrp/TitleTxt6Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt7Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt8Trustee
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IRS990/Form990PartVIISectionAGrp/TitleTxt12Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt13Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt14Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt15Trustee
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IRS990/Form990PartVIISectionAGrp/TitleTxt18Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt19Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt20Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt21Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt22Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt23Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt24Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt25Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt26Trustee
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IRS990/MissionDesc0TO SUPPORT ARTISTS AND WRITERS BY PROVIDING STUDIO RESIDENCIES IN AN INCLUSIVE INTERNATIONAL COMMUNITY, HONORING CREATIVE WORK AS THE COMMUNICATION OF SPIRIT THROUGH FORM.
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IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt00

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$24.6$0.55$24.0$13.0$6.93$6.09
2023Detailed filing. Detailed filing data is available for this year.$18.2$0.47$17.7$6.48$6.16$0.32
2022Detailed filing. Detailed filing data is available for this year.$17.2$0.36$16.8$4.52$5.01$0.49
2021Detailed filing. Detailed filing data is available for this year.$19.0$0.24$18.7$4.69$2.25$2.44
2020Detailed filing. Detailed filing data is available for this year.$16.8$0.69$16.1$5.04$3.39$1.65
2019Detailed filing. Detailed filing data is available for this year.$15.5$0.89$14.6$6.14$5.15$0.99
2018Detailed filing. Detailed filing data is available for this year.$13.0$0.50$12.5$5.29$5.04$0.25
2017Detailed filing. Detailed filing data is available for this year.$13.9$0.56$13.4$5.91$4.70$1.20
2016Detailed filing. Detailed filing data is available for this year.$12.5$0.88$11.7$4.75$4.29$0.46
2015Detailed filing. Detailed filing data is available for this year.$11.6$0.53$11.1$5.64$4.32$1.32
2014Detailed filing. Detailed filing data is available for this year.$10.5$0.75$9.74$5.97$4.10$1.87
2013Detailed filing. Detailed filing data is available for this year.$8.73$0.86$7.87$4.89$4.25$0.64
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.88$0.91$6.97$4.14
2011Summary only. Only limited summary data is available for this year.$7.56$1.02$6.54$4.09$4.07$0.02
2010Summary only. Only limited summary data is available for this year.$7.85$1.19$6.65$5.83$3.88$1.94