Civic Intelligence

Palm Arts Inc

990 • Fiscal year 2020 • EIN 27-0962251

Jul 01, 2019 to Jun 30, 2020 • Filed on Sep 04, 2020

Organization Profilewww.telluridedance.com
721 W Colorado AvenueTelluride, CO 81435

(970) 729-1619

Siviq Scores

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

Liabilities / Assets

54th percentile

0.07x

Higher debt load relative to assets than 54% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Liabilities / Revenue

61st percentile

0.12x

Higher debt load relative to revenue than 61% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Net Margin

32nd percentile

-2.6%

Higher net margin than 32% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Top Officer Pay

54th percentile

$9,683

Higher top officer pay than 54% of similar nonprofits.

Top officer pay equals 3.0% of source-year revenue.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Asset Growth

39th percentile

1.7%

Faster asset growth than 39% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Revenue Growth

24th percentile

-23%

Faster revenue growth than 24% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets54th percentile

Assets

Up

$584,174

Up $9,517 (+1.7%) from 2019

Net Assets

Down

$544,756

Down $8,276 (-1.5%) from 2019

Liabilities

Up

$39,418

Up $17,793 (+82%) from 2019

Revenue And Expenses
Liabilities / Revenue61st percentileNet Margin32nd percentile

Revenue

Down

$322,559

Down $97,556 (-23%) from 2019

Expenses

Down

$330,835

Down $24,876 (-7.0%) from 2019

Net Income

Down

-$8,276

Down $72,680 (-113%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth39th percentile

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

$1.5M$1.0M$500K$0Assets 2012: $12,325Liabilities 2012: $285Net Assets 2012: $12,0402012Assets 2013: $12,940Liabilities 2013: $3,003Net Assets 2013: $9,9372013Assets 2014: $10,890Liabilities 2014: $1,082Net Assets 2014: $9,8082014Assets 2015: $265,250Liabilities 2015: $708Net Assets 2015: $264,5422015Assets 2016: $287,567Liabilities 2016: $6,970Net Assets 2016: $280,5972016Assets 2018: $537,547Liabilities 2018: $48,919Net Assets 2018: $488,6282018Assets 2019: $574,657Liabilities 2019: $21,625Net Assets 2019: $553,0322019Assets 2020: $584,174Liabilities 2020: $39,418Net Assets 2020: $544,7562020Assets 2021: $788,064Liabilities 2021: $36,218Net Assets 2021: $751,8462021Assets 2022: $928,673Liabilities 2022: $4,658Net Assets 2022: $924,0152022Assets 2023: $977,271Liabilities 2023: $39,424Net Assets 2023: $937,8472023Assets 2024: $1,065,897Liabilities 2024: $14,399Net Assets 2024: $1,051,4982024Assets 2025: $1,114,718Liabilities 2025: $23,189Net Assets 2025: $1,091,5292025

Highlighted filing

2020

Assets$584,174
Liabilities$39,418
Net Assets$544,756
Open 2020 Filing

Operations Trend

Revenue Growth24th percentile

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

$800K$600K$400K$200K$0-$200KRevenue 2012: $107,411Expenses 2012: $105,005Net Income 2012: $2,4062012Revenue 2013: $145,585Expenses 2013: $148,209Net Income 2013: -$2,6242013Revenue 2014: $136,495Expenses 2014: $136,624Net Income 2014: -$1292014Revenue 2015: $407,860Expenses 2015: $152,482Net Income 2015: $255,3782015Revenue 2016: $148,245Expenses 2016: $137,231Net Income 2016: $11,0142016Revenue 2018: $391,261Expenses 2018: $278,383Net Income 2018: $112,8782018Revenue 2019: $420,115Expenses 2019: $355,711Net Income 2019: $64,4042019Revenue 2020: $322,559Expenses 2020: $330,835Net Income 2020: -$8,2762020Revenue 2021: $327,301Expenses 2021: $214,786Net Income 2021: $112,5152021Revenue 2022: $644,065Expenses 2022: $385,416Net Income 2022: $258,6492022Revenue 2023: $356,043Expenses 2023: $367,292Net Income 2023: -$11,2492023Revenue 2024: $454,917Expenses 2024: $377,393Net Income 2024: $77,5242024Revenue 2025: $402,787Expenses 2025: $415,880Net Income 2025: -$13,0932025

Highlighted filing

2020

Revenue$322,559
Expenses$330,835
Net Income-$8,276
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Sep 4, 2020
Return Version
2019v5.0
Gross Receipts
$325,026
Mission and Program Overview

Mission

Palm Arts enriches and expands the educational, performing arts, and cultural opportunities of the Telluride community through innovative programming and dance instruction and as a creative crossroads for our area partners.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$415,387$451,501▲ $36,114
Savings and Temporary Cash Investments$74,598$73,791▼ $807
Land, Buildings, and Equipment, Net$77,251$55,855▼ $21,396
Accounts Receivable$4,156$1,899▼ $2,257
Prepaid Expenses and Deferred Charges$3,265$1,128▼ $2,137
Cash and Non-Interest-Bearing Accounts-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$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$574,657$584,174▲ $9,517
Other Assets Total-$0-
Liabilities
Other Liabilities-$33,901-
Accounts Payable and Accrued Expenses$13,619$5,017▼ $8,602
Deferred Revenue$8,006$500▼ $7,506
Total Liabilities$21,625$39,418▲ $17,793
Net Assets / Fund Balance
Net Assets With Donor Restrictions$273,000$273,000→ $0
Net Assets Without Donor Restrictions$280,032$271,756▼ $8,276
Total Net Assets Fund Balance$553,032$544,756▼ $8,276
Total Liabilities and Net Assets / Fund Balance$574,657$584,174▲ $9,517

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$50,679$26,924$77,603
Other Land Buildings$5,176$1,857$7,033
Compensation and Service Providers
Top Officer Pay54th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Kathy JepsonDirector of OpPT$9,683$9,683

Board Members and Trustees

NameTitle
Jonathan AbramPresident
Warner PaigeVice President
Judith GlucksternDirector
Megan OssolaDirector
Nathan ScherichDirector
Stephanie HatcherDirector
Valerie MadoniaDirector
Keira SkinnerSecretary
Mark WestmanTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$76,931
Program Service Revenue
$226,232
Investment Income
$11,152
Other Revenue
$8,244
All Other Contributions
$49,431
Change in Net Assets
$-8,276
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$218,301
Other Expenses$112,534
Total Fundraising Expense$9,360
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$54,876$140,743-$195,619
Depreciation Depletion-$16,344-$16,344
All Other Expenses$8,490$3,693-$12,183
Occupancy$12,000--$12,000
Payroll Taxes$11,069--$11,069
Current Officers, Directors, Trustees, and Key Employees$10,053--$10,053
Advertising--$9,360$9,360
Fees for Services Other$3,450$3,920-$7,370
Travel$1,698$2,917-$4,615
Insurance-$3,508-$3,508
Other Expenses$1,520$1,437-$2,957
Fees for Services Accounting-$2,182-$2,182
Other Employee Benefits-$1,560-$1,560
Office Expenses$323$290-$613
Total Functional Expenses$142,825$178,650$9,360$330,835
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
Paycheck Protection Program Loan$27,900
Economic Injury Disaster Loan$6,000
Rounding$1
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
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, Line 11B: Form 990 Review Process

“Reviewed by the Director of Operations and board members for accuracy before filing.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“All board members are aware of the conflict of interest policy and all new members are made aware of the policy at the beginning of their term.”

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

“Director of Operation's compensation is based on comparison with other theaters of similar size, combined with comparison of local director salaries, which is then approved by the board.”

Form 990, Part VI, Line 18: Explanation of Other Means Forms Available For Public Inspection

“The Organization makes its governing documents and financial statements available to the public upon request.”

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

“No documents available to the public.”

Filing and Contact Details

Filer

Filer Name
Palm Arts Inc
EIN
27-0962251
Phone
9707291619
Address
721 W Colorado Avenue, Telluride, CO 81435

Signing Officer

Name
Mark Westman
Title
Treasurer
Signed
2020-09-04
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jon Abrams
Formed
2009
Legal Domicile
Co
Voting Board Members
9
Independent Board Members
9
Employees
10
Volunteers
80

Preparer

Firm
Laura E Hokanson CPA CGMA MSc
Address
60 W Grimes Creek Dr, Bayfield, CO 81122
Preparer
Laura E Hokanson
Phone
9704262256
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IRS990/OtherExpensesGrp/Desc3Cleaning & maintenance
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IRS990/OtherExpensesGrp/ProgramServicesAmt2965
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IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt03265
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt01128
IRS990/PrincipalOfficerNm0Jon Abrams
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/Desc0Dance Program Fees
IRS990/ProgramServiceRevenueGrp/Desc1Mgmt & Production Fees
IRS990/ProgramServiceRevenueGrp/Desc2Theater Facility Rental
IRS990/ProgramServiceRevenueGrp/Desc3Theater Program Fees
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0108792
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt112500
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt338417
IRS990/ProgSrvcAccomActy2Grp/Desc0Palm Arts theatre programming continues to bring national and international touring companies to the Michael D. Palm Theatre and Bob Saunders theatre for public performances and student outreaches, and rents the theatres to performance groups/presenters. Last year we had over 40,000 patrons attend events at the Palm Arts Complex.
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IRS990/ReconcilationRevenueExpnssAmt0-8276
IRS990/RegularMonitoringEnfrcInd0true
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IRS990/ReportLandBuildingEquipmentInd0true
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IRS990/ReportOtherLiabilitiesInd0true
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IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt074598
IRS990/SavingsAndTempCashInvstGrp/EOYAmt073791
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IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus3YearsAmt097167
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus4YearsAmt023254
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Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$584,174
Liabilities
$39,418
Net assets
$544,756
Revenue
$322,559
Expenses
$330,835
Net income
-$8,276
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.11$0.02$1.09$0.40$0.42$0.01
2024Detailed filing. Detailed filing data is available for this year.$1.07$0.01$1.05$0.45$0.38$0.08
2023Detailed filing. Detailed filing data is available for this year.$0.98$0.04$0.94$0.36$0.37$0.01
2022Detailed filing. Detailed filing data is available for this year.$0.93$0.00$0.92$0.64$0.39$0.26
2021Detailed filing. Detailed filing data is available for this year.$0.79$0.04$0.75$0.33$0.21$0.11
2020Detailed filing. Detailed filing data is available for this year.$0.58$0.04$0.54$0.32$0.33$0.01
2019Detailed filing. Detailed filing data is available for this year.$0.57$0.02$0.55$0.42$0.36$0.06
2018Detailed filing. Detailed filing data is available for this year.$0.54$0.05$0.49$0.39$0.28$0.11
2016Detailed filing. Detailed filing data is available for this year.$0.29$0.01$0.28$0.15$0.14$0.01
2015Detailed filing. Detailed filing data is available for this year.$0.27$0.00$0.26$0.41$0.15$0.26
2014Detailed filing. Detailed filing data is available for this year.$0.01$0.00$0.01$0.14$0.14$0.00
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.01$0.00$0.01$0.15$0.15$0.00
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.01$0.00$0.01$0.11$0.11$0.00