Civic Intelligence

Vermont Studio Center Inc.

990 • Fiscal year 2016 • EIN 22-2478074

Jan 01, 2016 to Dec 31, 2016 • Filed on Sep 19, 2017

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

29th percentile

0.07x

Higher debt load relative to assets than 29% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Liabilities / Revenue

43rd percentile

0.19x

Higher debt load relative to revenue than 43% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Net Margin

70th percentile

9.7%

Higher net margin than 70% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Top Officer Pay

30th percentile

$123,744

Higher top officer pay than 30% of similar nonprofits.

Top officer pay equals 2.6% of source-year revenue.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Asset Growth

71st percentile

8.3%

Faster asset growth than 71% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2015 to 2016

Revenue Growth

17th percentile

-16%

Faster revenue growth than 17% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2015 to 2016

Assets

Up

$12,546,149

Up $958,623 (+8.3%) from 2015

Net Assets

Up

$11,665,451

Up $606,256 (+5.5%) from 2015

Liabilities

Up

$880,698

Up $352,367 (+67%) from 2015

Revenue

Down

$4,751,918

Down $891,631 (-16%) from 2015

Expenses

Down

$4,290,796

Down $30,203 (-0.7%) from 2015

Net Income

Down

$461,122

Down $861,428 (-65%) from 2015

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

2016

Assets$12,546,149
Liabilities$880,698
Net Assets$11,665,451

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

2016

Revenue$4,751,918
Expenses$4,290,796
Net Income$461,122
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
Sep 19, 2017
Return Version
2016v3.0
Gross Receipts
$4,751,918
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$6,592,637$7,341,117▲ $748,480
Land, Buildings, and Equipment, Net$3,212,816$3,082,520▼ $130,296
Cash and Non-Interest-Bearing Accounts$313,092$958,192▲ $645,100
Pledges and Grants Receivable$1,301,228$393,454▼ $907,774
Prepaid Expenses and Deferred Charges$49,912$33,764▼ $16,148
Accounts Receivable$19,340$3,453▼ $15,887
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$11,587,526$12,546,149▲ $958,623
Other Assets Total$98,501$733,649▲ $635,148
Liabilities
Accounts Payable and Accrued Expenses$145,288$349,019▲ $203,731
Deferred Revenue$343,043$306,278▼ $36,765
Other Liabilities$40,000$225,401▲ $185,401
Total Liabilities$528,331$880,698▲ $352,367
Net Assets / Fund Balance
Permanently Rstr Net Assets$5,865,493$5,708,828▼ $156,665
Unrestricted Net Assets$4,069,394$4,693,338▲ $623,944
Temporarily Rstr Net Assets$1,124,308$1,263,285▲ $138,977
Total Net Assets Fund Balance$11,059,195$11,665,451▲ $606,256
Total Liabilities and Net Assets / Fund Balance$11,587,526$12,546,149▲ $958,623

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,709,822$2,256,278$4,966,100
Equipment$80,196$580,433$660,629
Land$292,502-$292,502
Other Assets Org$733,649--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2016$7,436,768-▲ $357,786$357,052$7,437,502
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
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Gary ClarkPresidentFT$98,700$25,044$123,744
Joanna KellyFinance DirectoFT$70,115$24,184$94,299
George Pearlman--$13,866$21,745$21,745
Jonathan Gregg--$19,231$19,231$19,231

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Donald Blake INC-59 OLD CREAMERY ROAD, Morrisville, VT 05661$219,793
Revenue and Support

Revenue Composition

Contributions and Grants
$1,796,291
Program Service Revenue
$2,632,695
Investment Income
$212,651
Other Revenue
$110,281
All Other Contributions
$1,796,291
Change in Net Assets
$461,122

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 Traded8$119,917Fair Market Value (FMV)
Total Noncash Contributions8$119,917-

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,575,986
Revenue Not Reported on Financial Statements
$1,175,932
Revenue Not Reported on Form 990
$145,134
Other Revenue Adjustments
$1,175,932
Total Revenue per Audited Statements
$3,721,120
Total Revenue per Form 990
$4,751,918
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,802,742
Salaries, Compensation, and Employee Benefits$1,312,122
Grants and Similar Amounts Paid$1,175,932
Total Fundraising Expense$306,062
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$1,175,932--$1,175,932
Other Salaries and Wages$535,049$204,432$62,363$801,844
Occupancy$773,713$15,953$7,976$797,642
Current Officers, Directors, Trustees, and Key Employees-$94,299$123,744$218,043
Other Employee Benefits$96,047$79,470$10,928$186,445
Travel$168,691$4,602$12,241$185,534
Depreciation Depletion$141,360$13,304$11,641$166,305
All Other Expenses$67,793$8,302$51,887$127,982
Payroll Taxes$54,840$31,796$19,154$105,790
Fees for Services Legal-$49,843-$49,843
Other Expenses$29,679$31,607$1,374$31,607
Advertising$26,449--$26,449
Office Expenses--$4,754$4,754
Total Functional Expenses$3,407,946$576,788$306,062$4,290,796

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$4,290,796
Expenses per Audited Statements$3,114,865
Total Expenses per Audited Statements$3,114,865
Expenses Not Reported on Financial Statements$1,175,931
Other Expense Adjustments$1,175,931
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
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
insurance claim reimbursement$205,401
Accrued Compensation$20,000
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
2017-09-19
Discuss with paid preparer
Yes

Organization Details

Formed
1983
Legal Domicile
Vt
Voting Board Members
23
Independent Board Members
23
Employees
65
Volunteers
8

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 $272,708Utilities $148,844Property Taxes $100,773Supplies $51,992Employee Benefits $42,943Insurance $40,126Repairs & Maintenance $36,944Rent $33,454Linen $26,997Payroll Taxes $28,712Interest $ 1Auto $9,246Trash $4,902

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 $1175932

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

Scholarships netted on f/s $1175931

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IRS990/Desc0In 2016, the Vermont Studio Center continued its fourth decade by providing 725 artists and writers with studio time and space, international community, optional artistic counsel, and the beauty of daily life along the Gihon River in Johnson, Vermont. The residents come from almost all US States and more than 30 countries; more than 200 of them were supported by Fellowships to cover the full residency fee. In addition, VSC broke ground the first capital project of the VSC Campus Master Plan, the $1.2M Kowalsky Annex Addition and Preservation project. 2016 also saw the formal retirement of two of VSCs three founders, Jon Gregg and Louise von Weise. Among a number of new fellowships, VSC established the Displaced Artists Fund with an initial contribution of $130K to support artists and writers worldwide displaced by natural or political disaster. In its efforts to support the local community, the Studio Centers School Art Program provided more than 240 local children with weekly art instruction and cultural enrichment; more than 100 public events were hosted by VSC in its historic former opera house on Main Street; and the VSC kitchen spent nearly a third of its food budget, or $125,000, on locally-sourced agricultural products. In 2016, the Vermont Studio Center received more than 700 individual charitable contributions ranging from $2 to $1,000,000 in support of all aspects of VSC community life. The VSC Endowment Fund attained a historic high water mark of more than $7,700,000.
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IRS990/Form990PartVIISectionAGrp/TitleTxt4Trustee
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IRS990/Form990PartVIISectionAGrp/TitleTxt6Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt7Trustee
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IRS990/Form990PartVIISectionAGrp/TitleTxt10Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt11Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt12Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt13Trustee
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IRS990/Form990PartVIISectionAGrp/TitleTxt16Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt17Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt18Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt19Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt20Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt21Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt22Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt23Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt24President
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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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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

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