Civic Intelligence

Mica Graduate Studio Center Inc

990 • Fiscal year 2017 • EIN 27-4939807

Jun 01, 2016 to May 31, 2017 • Filed on Apr 10, 2010

1300 Mount Royal AvenueBaltimore, MD 21217

(410) 225-2352

Siviq Scores

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

Liabilities / Assets

94th percentile

1.07x

Higher debt load relative to assets than 94% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Liabilities / Revenue

99th percentile

28.85x

Higher debt load relative to revenue than 99% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Net Margin

8th percentile

-30%

Higher net margin than 8% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Top Officer Pay

92nd percentile

$571,284

Higher top officer pay than 92% of similar nonprofits.

Top officer pay equals 84.0% of source-year revenue.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Asset Growth

17th percentile

-3.9%

Faster asset growth than 17% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2016 to 2017

Revenue Growth

34th percentile

-0.0%

Faster revenue growth than 34% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2016 to 2017

Assets

Down

$18,313,205

Down $736,834 (-3.9%) from 2016

Net Assets

Down

-$1,303,995

Down $206,830 (-19%) from 2016

Liabilities

Down

$19,617,200

Down $530,004 (-2.6%) from 2016

Revenue

Down

$680,008

Down $92 (-0.0%) from 2016

Expenses

Up

$886,838

Up $18,547 (+2.1%) from 2016

Net Income

Down

-$206,830

Down $18,639 (-9.9%) from 2016

Historical Trend

Balance Sheet Trend

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

$30M$20M$10M$0-$10MAssets 2013: $21,479,097Liabilities 2013: $22,420,102Net Assets 2013: -$941,0052013Assets 2014: $20,594,603Liabilities 2014: $21,304,849Net Assets 2014: -$710,2462014Assets 2015: $19,797,863Liabilities 2015: $20,706,837Net Assets 2015: -$908,9742015Assets 2016: $19,050,039Liabilities 2016: $20,147,204Net Assets 2016: -$1,097,1652016Assets 2017: $18,313,205Liabilities 2017: $19,617,200Net Assets 2017: -$1,303,9952017Assets 2018: $17,690,664Liabilities 2018: $19,027,937Net Assets 2018: -$1,337,2732018Assets 2019: $17,104,145Liabilities 2019: $18,468,649Net Assets 2019: -$1,364,5042019Assets 2020: $0Liabilities 2020: $0Net Assets 2020: $02020

Highlighted filing

2017

Assets$18,313,205
Liabilities$19,617,200
Net Assets-$1,303,995

Operations Trend

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

$2.0M$1.5M$1.0M$500K$0-$500KExpenses 2013: $755,5772013Revenue 2014: $1,152,257Expenses 2014: $921,498Net Income 2014: $230,7592014Revenue 2015: $680,190Expenses 2015: $878,918Net Income 2015: -$198,7282015Revenue 2016: $680,100Expenses 2016: $868,291Net Income 2016: -$188,1912016Revenue 2017: $680,008Expenses 2017: $886,838Net Income 2017: -$206,8302017Revenue 2018: $680,038Expenses 2018: $713,316Net Income 2018: -$33,2782018Revenue 2019: $680,538Expenses 2019: $707,769Net Income 2019: -$27,2312019Revenue 2020: $1,787,626Expenses 2020: $423,122Net Income 2020: $1,364,5042020

Highlighted filing

2017

Revenue$680,008
Expenses$886,838
Net Income-$206,830
Jump To
Filing Snapshot
Filing Period
Jun 1, 2016 to May 31, 2017
Signed
Apr 10, 2010
Return Version
2016v3.1
Gross Receipts
$680,008
Mission and Program Overview

Mission

To acquire, own, develop, improve and finance the studio center.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$18,583,233$17,907,589▼ $675,644
Prepaid Expenses and Deferred Charges$429,361$337,328▼ $92,033
Cash and Non-Interest-Bearing Accounts$37,445$68,288▲ $30,843
Savings and Temporary Cash Investments$0$0→ $0
Accounts Receivable$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$19,050,039$18,313,205▼ $736,834
Other Assets Total$0$0→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$15,865,674$15,865,674→ $0
Other Liabilities$4,263,151$3,703,518▼ $559,633
Accounts Payable and Accrued Expenses$18,379$48,008▲ $29,629
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$20,147,204$19,617,200▼ $530,004
Net Assets / Fund Balance
Permanently Rstr Net Assets$0$0→ $0
Temporarily Rstr Net Assets$0$0→ $0
Unrestricted Net Assets$-1,097,165$-1,303,995▼ $206,830
Total Net Assets Fund Balance$-1,097,165$-1,303,995▼ $206,830
Total Liabilities and Net Assets / Fund Balance$19,050,039$18,313,205▼ $736,834

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$17,573,608$2,608,828$20,182,436
Equipment$104,981$972,686$1,032,667
Land$229,000-$229,000
Compensation and Service Providers

Board Members and Trustees

NameTitle
Fredye GrossDirector-sec, Treas, Chair
Samuel HoiPresident
Robert SheltonDirector
Douglas MannChief Financial Officer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$375
Other Revenue
$679,633
Change in Net Assets
$-206,830
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$886,838
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$675,644--$675,644
Interest-$118,516-$118,516
Fees for Services Other-$73,988-$73,988
Fees for Services Accounting-$18,690-$18,690
Total Functional Expenses$675,644$211,194$0$886,838
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
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
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Mica$3,703,518
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No
Filing and Contact Details

Filer

Filer Name
Mica Graduate Studio Center Inc
EIN
27-4939807
In Care Of
% DOUGLAS MANN
Phone
4102252352
Address
1300 Mount Royal Avenue, Baltimore, MD 21217

Signing Officer

Name
Douglas Mann
Title
VP & CFO
Phone
4102252352
Signed
2010-04-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Samuel Hoi
Formed
2010
Legal Domicile
Md
Voting Board Members
3
Independent Board Members
2
Employees
0
Volunteers
2

Preparer

Firm
Kpmg Llp
Address
1676 INTERNATIONAL DRIVE, McLean, VA 22102
Preparer
Jg White
Phone
7032868000
Supplemental Narrative

Additional Explanations

Review of Form 990

Form 990, part vi, section b, line 11b an electronic copy of the organization's form 990(including all schedules), was provided to each voting member of the organization's governing body prior to its filing with the irs. An in-depth review was performed by douglas mann.

Confilict of Interest Policy

Form 990, part vi, section b, lines 12a, 12b and 12c mgsc's officers and trustees are bound by a related entity, maryland institute college of art's conflict of interest policy, and as such, each trustee and officer annually signs a statement that affirms such person has received and carefully read the conflict of interest policy, understands and agrees to comply with the policy, and further understands that the college is a charitable organization and that in order to maintain its federal tax exemption, it must engage primarily in activities that accomplish one or more of its tax exempt purposes. Trustees and officers are covered under the conflict of interest policy. Trustees or officers who have declared or have been found to have a conflict of interest shall refrain from participating in the consideration of any proposed transaction, unless for special reasons the board requests information or interpretation from the person or persons involved, and shall not vote, or be present at the time of voting, on any matter under consideration at a board or committee meeting which such trustee has a known conflict of interest. The chairman of the board, who, together with counsel, shall be responsible for administration of this policy.

Whistleblower and Document Retention

Form 990, part vi, section b, lines 13 and 14 mgsc is bound by maryland institute college of art's written whistleblower policy and the written document retention and destruction policy.

Availability of Documents

Form 990, part vi, section c, line 19 financial statements and governing documents are available to the public upon request. Mica graduate studio center's ("mgsc") officers and trustees are covered under maryland institute college of art's conflict of interest policy, which is available to the public upon request.

Financial Statement Notes

Fin 48 (asc 740) Footnote

SCHEDULE D, PART X, LINE 2 AS AN EDUCATIONAL INSTITUTION MEETING THE REQUIREMENTS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, THE COLLEGE, AND MARYLAND GRADUATE STUDIO CENTER (MGSC) ARE EXEMPT FROM INCOME TAXES ON INCOME RELATED TO THEIR EXEMPT PURPOSE AS PROVIDED IN SECTION 501(A), EXCEPT TO THE EXTENT THEY HAVE TAXABLE INCOME FROM ACTIVITIES THAT ARE NOT RELATED TO THEIR EXEMPT PURPOSE. The College reviews its tax position annually and has determined that there are no uncertain tax positions that require recognition or disclosure with consolidated financial statements. No provision for income taxes was required for 2017 or 2016.

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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0OTHER SUPPORT THE EXPENSES THAT WERE INCURRED BY MICA GRADUATE STUDIO CENTER, INC. THAT ARE REPORTED ON FORM 990, PART IX WERE EXPENDED FOR THE BENEFIT OF ITS SUPPORTED ORGANIZATION, THE MARYLAND INSTITUTE COLLEGE OF ART, INC.
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0SCHEDULE D, PART X, LINE 2 AS AN EDUCATIONAL INSTITUTION MEETING THE REQUIREMENTS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, THE COLLEGE, AND MARYLAND GRADUATE STUDIO CENTER (MGSC) ARE EXEMPT FROM INCOME TAXES ON INCOME RELATED TO THEIR EXEMPT PURPOSE AS PROVIDED IN SECTION 501(A), EXCEPT TO THE EXTENT THEY HAVE TAXABLE INCOME FROM ACTIVITIES THAT ARE NOT RELATED TO THEIR EXEMPT PURPOSE. The College reviews its tax position annually and has determined that there are no uncertain tax positions that require recognition or disclosure with consolidated financial statements. No provision for income taxes was required for 2017 or 2016.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0FIN 48 (ASC 740) FOOTNOTE
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1DOUGLAS MANN
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FORM 990, PART VI, SECTION B, LINE 11B AN ELECTRONIC COPY OF THE ORGANIZATION'S FORM 990(INCLUDING ALL SCHEDULES), WAS PROVIDED TO EACH VOTING MEMBER OF THE ORGANIZATION'S GOVERNING BODY PRIOR TO ITS FILING WITH THE IRS. AN IN-DEPTH REVIEW WAS PERFORMED BY DOUGLAS MANN.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1FORM 990, PART VI, SECTION B, LINES 12A, 12B AND 12C MGSC'S OFFICERS AND TRUSTEES ARE BOUND BY A RELATED ENTITY, MARYLAND INSTITUTE COLLEGE OF ART'S CONFLICT OF INTEREST POLICY, AND AS SUCH, EACH TRUSTEE AND OFFICER ANNUALLY SIGNS A STATEMENT THAT AFFIRMS SUCH PERSON HAS RECEIVED AND CAREFULLY READ THE CONFLICT OF INTEREST POLICY, UNDERSTANDS AND AGREES TO COMPLY WITH THE POLICY, AND FURTHER UNDERSTANDS THAT THE COLLEGE IS A CHARITABLE ORGANIZATION AND THAT IN ORDER TO MAINTAIN ITS FEDERAL TAX EXEMPTION, IT MUST ENGAGE PRIMARILY IN ACTIVITIES THAT ACCOMPLISH ONE OR MORE OF ITS TAX EXEMPT PURPOSES. TRUSTEES AND OFFICERS ARE COVERED UNDER THE CONFLICT OF INTEREST POLICY. TRUSTEES OR OFFICERS WHO HAVE DECLARED OR HAVE BEEN FOUND TO HAVE A CONFLICT OF INTEREST SHALL REFRAIN FROM PARTICIPATING IN THE CONSIDERATION OF ANY PROPOSED TRANSACTION, UNLESS FOR SPECIAL REASONS THE BOARD REQUESTS INFORMATION OR INTERPRETATION FROM THE PERSON OR PERSONS INVOLVED, AND SHALL NOT VOTE, OR BE PRESENT AT THE TIME OF VOTING, ON ANY MATTER UNDER CONSIDERATION AT A BOARD OR COMMITTEE MEETING WHICH SUCH TRUSTEE HAS A KNOWN CONFLICT OF INTEREST. THE CHAIRMAN OF THE BOARD, WHO, TOGETHER WITH COUNSEL, SHALL BE RESPONSIBLE FOR ADMINISTRATION OF THIS POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2FORM 990, PART VI, SECTION B, LINES 13 AND 14 MGSC IS BOUND BY MARYLAND INSTITUTE COLLEGE OF ART'S WRITTEN WHISTLEBLOWER POLICY AND THE WRITTEN DOCUMENT RETENTION AND DESTRUCTION POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS AND GOVERNING DOCUMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. MICA GRADUATE STUDIO CENTER'S ("MGSC") OFFICERS AND TRUSTEES ARE COVERED UNDER MARYLAND INSTITUTE COLLEGE OF ART'S CONFLICT OF INTEREST POLICY, WHICH IS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0REVIEW OF FORM 990
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1CONFILICT OF INTEREST POLICY
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2WHISTLEBLOWER AND DOCUMENT RETENTION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3AVAILABILITY OF DOCUMENTS
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