Civic Intelligence

Frank Lloyd Wright Trust

990 • Fiscal year 2019 • EIN 23-7414937

Jan 01, 2019 to Dec 31, 2019 • Filed on May 29, 2020

209 S Lasalle St No 118Chicago, IL 60604

(312) 994-4000

Siviq Scores

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

Liabilities / Assets

42nd percentile

0.10x

Higher debt load relative to assets than 42% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Liabilities / Revenue

46th percentile

0.14x

Higher debt load relative to revenue than 46% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Net Margin

16th percentile

-14%

Higher net margin than 16% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Top Officer Pay

75th percentile

$195,541

Higher top officer pay than 75% of similar nonprofits.

Top officer pay equals 4.3% of source-year revenue.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Asset Growth

10th percentile

-9.2%

Faster asset growth than 10% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2018 to 2019

Revenue Growth

11th percentile

-27%

Faster revenue growth than 11% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2018 to 2019

Assets

Down

$6,645,925

Down $676,314 (-9.2%) from 2018

Net Assets

Down

$6,007,656

Down $637,379 (-9.6%) from 2018

Liabilities

Down

$638,269

Down $38,935 (-5.7%) from 2018

Revenue

Down

$4,593,023

Down $1,716,472 (-27%) from 2018

Expenses

Up

$5,230,402

Up $131,845 (+2.6%) from 2018

Net Income

Down

-$637,379

Down $1,848,317 (-153%) from 2018

Historical Trend

Balance Sheet Trend

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

$15M$10M$5.0M$0Assets 2015: $5,371,671Liabilities 2015: $552,407Net Assets 2015: $4,819,2642015Assets 2016: $5,154,679Liabilities 2016: $424,589Net Assets 2016: $4,730,0902016Assets 2017: $6,192,488Liabilities 2017: $758,391Net Assets 2017: $5,434,0972017Assets 2018: $7,322,239Liabilities 2018: $677,204Net Assets 2018: $6,645,0352018Assets 2019: $6,645,925Liabilities 2019: $638,269Net Assets 2019: $6,007,6562019Assets 2020: $6,151,349Liabilities 2020: $1,090,354Net Assets 2020: $5,060,9952020Assets 2021: $6,763,209Liabilities 2021: $1,761,357Net Assets 2021: $5,001,8522021Assets 2022: $8,318,212Liabilities 2022: $1,554,191Net Assets 2022: $6,764,0212022Assets 2023: $10,693,788Liabilities 2023: $1,678,745Net Assets 2023: $9,015,0432023Assets 2024: $12,475,087Liabilities 2024: $1,459,684Net Assets 2024: $11,015,4032024

Highlighted filing

2019

Assets$6,645,925
Liabilities$638,269
Net Assets$6,007,656

Operations Trend

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

$8.0M$6.0M$4.0M$2.0M$0-$2.0MRevenue 2015: $4,730,462Expenses 2015: $4,839,814Net Income 2015: -$109,3522015Revenue 2016: $4,815,910Expenses 2016: $4,905,084Net Income 2016: -$89,1742016Revenue 2017: $5,711,962Expenses 2017: $5,007,955Net Income 2017: $704,0072017Revenue 2018: $6,309,495Expenses 2018: $5,098,557Net Income 2018: $1,210,9382018Revenue 2019: $4,593,023Expenses 2019: $5,230,402Net Income 2019: -$637,3792019Revenue 2020: $2,204,303Expenses 2020: $3,150,964Net Income 2020: -$946,6612020Revenue 2021: $2,823,161Expenses 2021: $2,882,304Net Income 2021: -$59,1432021Revenue 2022: $5,551,634Expenses 2022: $3,789,465Net Income 2022: $1,762,1692022Revenue 2023: $6,089,999Expenses 2023: $3,838,977Net Income 2023: $2,251,0222023Revenue 2024: $6,159,879Expenses 2024: $4,159,519Net Income 2024: $2,000,3602024

Highlighted filing

2019

Revenue$4,593,023
Expenses$5,230,402
Net Income-$637,379
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
May 29, 2020
Return Version
2019v5.1
Gross Receipts
$5,560,817
Mission and Program Overview

Mission

To engage the public in educational and aesthetic experiences to foster an appreciation of architecture, design and the legacy of frank lloyd wright.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$5,621,056$6,039,889▲ $418,833
Cash and Non-Interest-Bearing Accounts$1,144,772$245,775▼ $898,997
Inventories for Sale or Use$325,805$206,182▼ $119,623
Prepaid Expenses and Deferred Charges$117,933$95,465▼ $22,468
Savings and Temporary Cash Investments$37,298$37,298→ $0
Accounts Receivable$17,041$20,316▲ $3,275
Pledges and Grants Receivable$58,334$1,000▼ $57,334
Total Assets$7,322,239$6,645,925▼ $676,314
Liabilities
Accounts Payable and Accrued Expenses$293,840$352,394▲ $58,554
Deferred Revenue$383,364$285,875▼ $97,489
Total Liabilities$677,204$638,269▼ $38,935
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$6,137,165$5,946,090▼ $191,075
Net Assets With Donor Restrictions$507,870$61,566▼ $446,304
Total Net Assets Fund Balance$6,645,035$6,007,656▼ $637,379
Total Liabilities and Net Assets / Fund Balance$7,322,239$6,645,925▼ $676,314

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$4,032,765$3,745,573$7,778,338
Buildings$1,106,116$148,182$1,254,298
Equipment$86,542$1,016,324$1,102,866
Land$669,063-$669,063
Other Land Buildings$145,403-$145,403

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2019$37,298---$37,298
2018$37,298---$37,298
2017$37,298---$37,298
2016$37,298---$37,298
2015$37,298---$37,298
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Celeste AdamsPresident and CEOFT$184,068$11,473$195,541
Richard NichinDirector of FinanceFT$107,000-$107,000

Board Members and Trustees

NameTitle
Robert MillerChairman
John M RafkinVice-chairman
Arthur VogtBoard Member
David HernandezBoard Member
Don RosenwinkelBoard Member
Dr Carol KellyBoard Member
Kelly SmallBoard Member
Patricia HuntBoard Member
Peter R GeorgeBoard Member
Randall S ThorneBoard Member
Robert PasinBoard Member
Graham RaritySecretary
Kurt NeumannTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$832,075
Program Service Revenue
$2,985,239
Investment Income
$831
Other Revenue
$774,878
All Other Contributions
$497,073
Change in Net Assets
$-637,379

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,593,023
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$1,087,028
Total Revenue per Audited Statements
$5,680,051
Total Revenue per Form 990
$4,593,023
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,829,974
Other Expenses$2,400,428
Total Fundraising Expense$279,735
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,314,405$674,392$197,368$2,186,165
Depreciation Depletion-$415,742-$415,742
Fees for Services Other$196,326$143,188$9,088$348,602
All Other Expenses$166,520$121,778$9,419$297,717
Other Employee Benefits$165,827$79,356$23,989$269,172
Payroll Taxes$105,822$70,369$14,378$190,569
Current Officers, Directors, Trustees, and Key Employees-$184,068-$184,068
Occupancy$325$176,453$325$177,103
Advertising$119,591$1,614-$121,205
Other Expenses$7,122$110,930$8,267$118,052
Travel$82,522$2,371$3,976$88,869
Insurance$8,460$57,979$788$67,227
Office Expenses$22,466$15,933$569$38,968
Total Functional Expenses$2,803,001$2,147,666$279,735$5,230,402

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$6,317,430
Expenses per Audited Statements$5,230,402
Total Expenses per Form 990$5,230,402
Expenses Not Reported on Form 990$1,087,028
Expenses Not Reported on Financial Statements$0
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$84,278
Fundraising Direct Expenses$41,373
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Ultimate Plus Weekend$71,098$71,098$7,882$63,216
Wright Night Reception$101,497$13,180$8,669$4,511
Total Events$172,595$84,278$41,373$42,905
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
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
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, Section A, Line 6

Members donate annually and are entitled to certain benefits, such as free admission to regular daily tours.

Form 990, Part VI, Section A, Line 7A

Members in attendance at the annual meeting vote to approve additions to the board of directors.

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

A complete copy of form 990 was given to members of the finance committee for review. A complete copy of the form was then made available to all members of the board of directors.

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

Board members are required annually to complete a conflict of interest form and file with the secretary of the board.

Form 990, Part VI, Section B, Line 15

On an annual basis, the salary of the president is reviewed and approved by the executive committee of the board.

Form 990, Part VI, Section C, Line 19

Copies of governing documents, conflict of interest policy and financial statements are available upon written request.

Filing and Contact Details

Filer

Filer Name
Frank Lloyd Wright Trust
EIN
23-7414937
Phone
3129944000
Address
209 S LASALLE ST NO 118, CHICAGO, IL 60604

Signing Officer

Name
Richard Nichin
Title
Director of Finance
Phone
3129944000
Signed
2020-05-29
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Celeste Adams
Formed
1974
Legal Domicile
Il
Voting Board Members
13
Independent Board Members
13
Employees
73
Volunteers
500

Preparer

Firm
Sassetti LLC
Address
6611 NORTH AVENUE, OAK PARK, IL 60302
Preparer
Jeff Schroeder
Phone
7083861433
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2C

The finance committee is responsible for the hiring of auditors and oversight of the audit process. This process has not changed from the prior year.

Financial Statement Notes

PART III, LINE 1A:

The organization charges collection items to expense to reflect the uncertainty in determining the value of these items.

PART III, LINE 4:

Collections include pieces of furniture and art designed and/or owned by frank lloyd wright, as well as period pieces from the time that he practiced architecture in the chicago area. These items provide additional insight into the architect and his work.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Cost of goods sold 926,421. Cost of special events 41,373.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Cost of goods sold 926,421. Cost of special events 41,373.

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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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IRS990/Form990PartVIISectionAGrp/TitleTxt12BOARD MEMBER
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