Civic Intelligence

Studio Arts Boulder

990 • Fiscal year 2020 • EIN 27-0947724

Jan 01, 2020 to Dec 31, 2020 • Filed on Jul 13, 2021

1010 Aurora AvenueBoulder, CO 80302

(720) 379-6033

Siviq Scores

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

Liabilities / Assets

24th percentile

0.01x

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

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

25th percentile

0.02x

Higher debt load relative to revenue than 25% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Net Margin

72nd percentile

19%

Higher net margin than 72% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

53rd percentile

$67,500

Higher top officer pay than 53% of similar nonprofits.

Top officer pay equals 8.4% of source-year revenue.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Asset Growth

55th percentile

7.9%

Faster asset growth than 55% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Revenue Growth

58th percentile

5.2%

Faster revenue growth than 58% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Assets

Up

$2,224,506

Up $162,413 (+7.9%) from 2019

Net Assets

Up

$2,208,919

Up $154,926 (+7.5%) from 2019

Liabilities

Up

$15,587

Up $7,487 (+92%) from 2019

Revenue

Up

$800,661

Up $39,242 (+5.2%) from 2019

Expenses

Up

$647,720

Up $110,708 (+21%) from 2019

Net Income

Down

$152,941

Down $71,466 (-32%) from 2019

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: $95,373Liabilities 2015: $3,938Net Assets 2015: $91,4352015Assets 2016: $150,479Liabilities 2016: $8,294Net Assets 2016: $142,1852016Assets 2017: $152,803Liabilities 2017: $10,417Net Assets 2017: $142,3862017Assets 2018: $1,838,858Liabilities 2018: $11,958Net Assets 2018: $1,826,9002018Assets 2019: $2,062,093Liabilities 2019: $8,100Net Assets 2019: $2,053,9932019Assets 2020: $2,224,506Liabilities 2020: $15,587Net Assets 2020: $2,208,9192020Assets 2021: $3,831,022Liabilities 2021: $65,596Net Assets 2021: $3,765,4262021Assets 2022: $5,918,579Liabilities 2022: $356,639Net Assets 2022: $5,561,9402022Assets 2023: $9,416,976Liabilities 2023: $2,275,755Net Assets 2023: $7,141,2212023Assets 2024: $12,728,955Liabilities 2024: $5,461,793Net Assets 2024: $7,267,1622024

Highlighted filing

2020

Assets$2,224,506
Liabilities$15,587
Net Assets$2,208,919

Operations Trend

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

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2015: $356,182Expenses 2015: $302,803Net Income 2015: $53,3792015Revenue 2016: $382,005Expenses 2016: $329,236Net Income 2016: $52,7692016Revenue 2017: $444,278Expenses 2017: $446,676Net Income 2017: -$2,3982017Revenue 2018: $2,181,765Expenses 2018: $497,251Net Income 2018: $1,684,5142018Revenue 2019: $761,419Expenses 2019: $537,012Net Income 2019: $224,4072019Revenue 2020: $800,661Expenses 2020: $647,720Net Income 2020: $152,9412020Revenue 2021: $2,254,756Expenses 2021: $704,181Net Income 2021: $1,550,5752021Revenue 2022: $2,799,374Expenses 2022: $966,708Net Income 2022: $1,832,6662022Revenue 2023: $2,749,497Expenses 2023: $1,201,301Net Income 2023: $1,548,1962023Revenue 2024: $2,500,081Expenses 2024: $2,374,140Net Income 2024: $125,9412024

Highlighted filing

2020

Revenue$800,661
Expenses$647,720
Net Income$152,941
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Jul 13, 2021
Return Version
2020v4.1
Gross Receipts
$819,193
Mission and Program Overview

Mission

Our mission is to cultivate the artist in each of us by inviting creative collaboration in the study, practice, and advancement of the studio arts.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,810,179$1,997,127▲ $186,948
Cash and Non-Interest-Bearing Accounts$208,175$181,654▼ $26,521
Investments in Publicly Traded Securities$43,739$45,725▲ $1,986
Total Assets$2,062,093$2,224,506▲ $162,413
Liabilities
Accounts Payable and Accrued Expenses$8,100$15,587▲ $7,487
Total Liabilities$8,100$15,587▲ $7,487
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,905,438$2,058,391▲ $152,953
Net Assets With Donor Restrictions$148,555$150,528▲ $1,973
Total Net Assets Fund Balance$2,053,993$2,208,919▲ $154,926
Total Liabilities and Net Assets / Fund Balance$2,062,093$2,224,506▲ $162,413

Asset Categories

AssetBook ValueDepreciationBasis
Land$1,682,000-$1,682,000
Other Land Buildings$311,365-$311,365
Equipment$3,762$16,773$20,535
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Kari PalazzariExecutive DirectorFT$67,500$67,500
Aaron WinstonPotter Lab DirectorFT$61,701$61,701

Board Members and Trustees

NameTitle
Robert CrifasiBoard President
Tamara LaymanBoard Vice President
Christy GunterBoard Member
Hannah RogalBoard Member
Jessica AdamsBoard Member
Marc MilavitzBoard Member
Paul HeffronBoard Member
Cynthia RuggeroBoard Memver
Renate MairieBoard Secretary
Julie PennerBoard Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$532,800
Program Service Revenue
$270,725
Investment Income
$188
Other Revenue
$-3,052
All Other Contributions
$434,535
Change in Net Assets
$152,941

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Other Non Cash Contri Table12$50,400Fair Market Value (FMV)
Other Non Cash Contri Table347$8,210Fair Market Value (FMV)
Other Non Cash Contri Table45$135Fair Market Value (FMV)
Total Noncash Contributions404$58,745-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$468,423
Other Expenses$172,132
Total Fundraising Expense$99,966
Grants and Similar Amounts Paid$7,165
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$265,575$9,625$10,972$286,172
Current Officers, Directors, Trustees, and Key Employees$52,420$8,437$68,344$129,201
Occupancy$76,757$13,658-$90,415
Payroll Taxes$24,819$4,772$2,750$32,341
Fees for Services Other$9,061-$17,552$26,613
Other Employee Benefits$12,851--$12,851
Pension Plan Contributions$7,858--$7,858
Grants to Domestic Orgs$7,165--$7,165
Advertising$6,476$450$228$7,154
Office Expenses$4,025$1,369-$5,394
Insurance$4,494$702-$5,196
Other Expenses$5,110-$-150$5,110
Fees for Services Accounting-$3,573-$3,573
Travel$3,242--$3,242
Depreciation Depletion$1,909--$1,909
All Other Expenses--$240$240
Total Functional Expenses$505,168$42,586$99,966$647,720
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$18,532
Fundraising Gross Income$15,480
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Chili Bowl-fundraiser$15,695$15,480$17,938$-2,458
Total Events$15,695$15,480$18,532$-3,052
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Federal income taxes-
Property Tax Credit From Closing-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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 B, Line 11B

The executive director, who works directly with the return preparer, received a pdf copy of the return and sends this copy, via email, to each board member. Each board member is asked to reply with their approval.

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

Board members are required to discolse any potential conflict of interest if they arise. To date none have arisen.

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

The organization uses the Colorado Nonprofit Associations Salary Survey report to help them determine the compensation for officers and key employees. It focuses on data from organizations similar in size, location, and sector.

Form 990, Part VI, Section C, Line 19

The organization makes its governing documents, conflict of interest policy and Bylaws available to the public upon request. The orgainzation makes its financial statements and Form 990 available to the public upon request.

Form 990, Part VIII, Line 1F

The amount on this line includes a ppp loan of 71,920 that was forgiven in 2020.

Filing and Contact Details

Filer

Filer Name
Studio Arts Boulder
EIN
27-0947724
Phone
7203796033
Address
1010 AURORA AVENUE, BOULDER, CO 80302

Signing Officer

Name
Kari Palazzari
Title
Executive Director
Signed
2021-07-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kari Palazzari
Formed
2009
Legal Domicile
Co
Voting Board Members
10
Independent Board Members
10
Employees
34
Volunteers
158

Preparer

Firm
Joseph E Moore CPA Pc
Address
1221 PEARL ST, BOULDER, CO 80302
Preparer
Joseph E Moore
Phone
3034403312
Supplemental Narrative

Additional Explanations

Form 990, Part X, Line 27

The land value is unrestricted because this asset is not designated for any specific purpose. Studio Arts Boulder has sole discretion over how to use the land, including the autonomy to sell or lease it, if desired. Thus, it is an unrestricted asset.

Form 990, Part IV, Line 8

The organization is in possession of several pieces of artwork that were created by renowned artists. The pieces are on display at the organizations location. These pieces are not to be sold by the organization and the fair market value is not determined. The organization has determined that these pieces do not meet the description of assets in asc 958-360-45 and, accordingly, are not included in sch d.

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IRS990ScheduleD/OtherSecuritiesGrp/Desc1Closely-held equity interests

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