Civic Intelligence

Soo Visual Arts Center Inc.

990 • Fiscal year 2023 • EIN 41-1944443

Jul 01, 2022 to Jun 30, 2023 • Filed on May 14, 2024

Organization ProfileWWW.SOOVAC.ORG
2909 Bryant Ave S Ste 101Minneapolis, MN 55408

(612) 669-8104

Siviq Scores

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

Liabilities / Assets

94th percentile

0.90x

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

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Liabilities / Revenue

89th percentile

0.28x

Higher debt load relative to revenue than 89% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Net Margin

24th percentile

-13%

Higher net margin than 24% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Top Officer Pay

95th percentile

$69,549

Higher top officer pay than 95% of similar nonprofits.

Top officer pay equals 27.9% of source-year revenue.

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Asset Growth

69th percentile

15%

Faster asset growth than 69% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Annualized from 2022 to 2023

Revenue Growth

41st percentile

-2.4%

Faster revenue growth than 41% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets94th percentile

Assets

Up

$77,704

Up $9,936 (+15%) from 2022

Net Assets

Down

$7,538

Down $32,667 (-81%) from 2022

Liabilities

Up

$70,166

Up $42,603 (+155%) from 2022

Revenue And Expenses
Liabilities / Revenue89th percentileNet Margin24th percentile

Revenue

Down

$249,179

Down $6,159 (-2.4%) from 2022

Expenses

Up

$281,846

Up $26,342 (+10%) from 2022

Net Income

Down

-$32,667

Down $32,501 (-19579%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth69th percentile

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

$200K$150K$100K$50K$0-$50KAssets 2011: $30,632Liabilities 2011: $11,1692011Assets 2012: $20,756Liabilities 2012: $11,6272012Assets 2013: $13,900Liabilities 2013: $13,9972013Assets 2014: $14,731Liabilities 2014: $7,9122014Assets 2015: $159,493Liabilities 2015: $58,287Net Assets 2015: $101,2062015Assets 2016: $114,425Liabilities 2016: $55,445Net Assets 2016: $58,9802016Assets 2017: $122,405Liabilities 2017: $60,321Net Assets 2017: $62,0842017Assets 2018: $148,174Liabilities 2018: $97,557Net Assets 2018: $50,6172018Assets 2019: $116,975Liabilities 2019: $56,386Net Assets 2019: $60,5892019Assets 2020: $96,265Liabilities 2020: $79,747Net Assets 2020: $16,5182020Assets 2021: $96,630Liabilities 2021: $56,259Net Assets 2021: $40,3712021Assets 2022: $67,768Liabilities 2022: $27,563Net Assets 2022: $40,2052022Assets 2023: $77,704Liabilities 2023: $70,166Net Assets 2023: $7,5382023Assets 2024: $81,044Liabilities 2024: $99,424Net Assets 2024: -$18,3802024

Highlighted filing

2023

Assets$77,704
Liabilities$70,166
Net Assets$7,538
Open 2023 Filing

Operations Trend

Revenue Growth41st percentile

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

$400K$300K$200K$100K$0-$100KRevenue 2011: $103,202Expenses 2011: $95,844Net Income 2011: $7,3582011Revenue 2012: $126,653Expenses 2012: $136,987Net Income 2012: -$10,3342012Revenue 2013: $96,801Expenses 2013: $106,027Net Income 2013: -$9,2262013Revenue 2014: $129,013Expenses 2014: $122,097Net Income 2014: $6,9162014Revenue 2015: $267,379Expenses 2015: $172,992Net Income 2015: $94,3872015Revenue 2016: $183,945Expenses 2016: $226,171Net Income 2016: -$42,2262016Revenue 2017: $204,119Expenses 2017: $201,015Net Income 2017: $3,1042017Revenue 2018: $203,187Expenses 2018: $214,953Net Income 2018: -$11,7662018Revenue 2019: $250,293Expenses 2019: $241,268Net Income 2019: $9,0252019Revenue 2020: $215,816Expenses 2020: $259,887Net Income 2020: -$44,0712020Revenue 2021: $254,147Expenses 2021: $230,294Net Income 2021: $23,8532021Revenue 2022: $255,338Expenses 2022: $255,504Net Income 2022: -$1662022Revenue 2023: $249,179Expenses 2023: $281,846Net Income 2023: -$32,6672023Revenue 2024: $283,531Expenses 2024: $309,449Net Income 2024: -$25,9182024

Highlighted filing

2023

Revenue$249,179
Expenses$281,846
Net Income-$32,667
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
May 14, 2024
Return Version
2022v5.0
Gross Receipts
$269,649
Mission and Program Overview

Mission

Soo visual arts center is a nonprofit art space that connects our community with fresh, under-represented and provocative art.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$65,152$57,174▼ $7,978
Cash and Non-Interest-Bearing Accounts$-884$17,030▲ $17,914
Total Assets$67,768$77,704▲ $9,936
Other Assets Total$3,500$3,500→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$27,398$50,001▲ $22,603
Other Liabilities-$20,000-
Accounts Payable and Accrued Expenses$165$165→ $0
Total Liabilities$27,563$70,166▲ $42,603
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$40,205$7,538▼ $32,667
Total Net Assets Fund Balance$40,205$7,538▼ $32,667
Total Liabilities and Net Assets / Fund Balance$67,768$77,704▲ $9,936

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$57,174$62,488$119,662
Other Land Buildings-$3,696$3,696
Equipment-$2,755$2,755
Other Assets Org$3,500--
Compensation and Service Providers
Top Officer Pay95th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Carolyn PayneExecutive DirectorFT$61,662$7,887$69,549

Board Members and Trustees

NameTitle
Gretchen Gasterland-gustafssonBoard Chair
Cherie ShoquistBoard Member
Heather WulfsburgBoard Member
John C LevyBoard Member
Marc DavisBoard Member
Mark SpencerBoard Member
Michael Kleber DiggsBoard Member
Robyne RobinsonBoard Member
Yijia LiBoard Member
Alicia GibsonSecretary
Liza FerrariTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$237,889
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$11,290
All Other Contributions
$65,015
Change in Net Assets
$-32,667
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$168,169
Other Expenses$113,677
Total Fundraising Expense$48,129
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$57,271$6,154$12,591$76,016
Current Officers, Directors, Trustees, and Key Employees$17,387$34,774$17,387$69,548
Occupancy$27,803$14,147$10,713$52,663
Other Expenses$18,024$735$1,187$18,024
Other Employee Benefits$9,162$1,336$1,042$11,540
Payroll Taxes$5,842$2,972$2,251$11,065
Depreciation Depletion-$7,978-$7,978
Fees for Services Other$5,932$865$655$7,452
Office Expenses$2,015$1,025$777$3,817
Interest-$3,192-$3,192
All Other Expenses$849$1,085$327$2,261
Information Technology$1,089$554$420$2,063
Fees for Services Accounting-$1,495-$1,495
Insurance-$1,201-$1,201
Conferences and Meetings$228$116$88$432
Advertising$159$81$61$301
Total Functional Expenses$153,027$80,690$48,129$281,846
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$5,032
Fundraising Gross Income$4,189
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Get Lucky$26,458$4,189$3,844$345
Total Events$26,458$4,189$5,032$-843
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Line of Credit$20,000
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 governing body review Part VI line 11

“The executive committee has reviewed form 990 for the tax period from 07/01/2022 to 06/30/2023, and approved the 990 for filing.”

Conflict of interest policy compliance Part VI line 12C

“The board monitors and enforces by having the executive director and any board member notify the rest of the board of any instance in which the organization will engage in a business transaction with a board member or employee. The board reviews the arrangement to determine if there is a conflict of interest, and acts accordingly.”

CEO executive director top management comp Part VI line 15A

“The board has conducted a review of the executive directors salary, researched comparability data, and determined salary based on that information with full approval of the board.”

Other officer or key employee compensation Part VI line 15B

“There has not been other officers or key employees, receiving compensations or other benefits.”

Governing documents etc available to public Part VI line 19

“These documents are available to general public upon request.”

Filing and Contact Details

Filer

Filer Name
Soo Visual Arts Center Inc
EIN
41-1944443
Address
2909 BRYANT AVE S STE 101, MINNEAPOLIS, MN 55408

Signing Officer

Name
Carolyn Payne
Title
Executive Direc
Phone
6128712263
Signed
2024-05-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Carolyn Payne
Formed
1999
Legal Domicile
Mn
Voting Board Members
12
Independent Board Members
11
Employees
5
Volunteers
75

Preparer

Firm
Prudent Accountants
Address
1520 E 66th St, Richfield, MN 55423
Preparer
Rai M Kharal EA
Phone
6126053178
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt2735
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IRS990/OtherExpensesGrp/ProgramServicesAmt318024
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IRS990/OtherExpensesGrp/TotalAmt15834
IRS990/OtherExpensesGrp/TotalAmt23286
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IRS990/PayrollTaxesGrp/TotalAmt011065
IRS990/PoliticalCampaignActyInd0false
IRS990/PrincipalOfficerNm0CAROLYN PAYNE
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgSrvcAccomActy2Grp/Desc0SOOVACS VIRTUAL CONNECTIONS IS ONLINE ROBUST ARTIST LED PROGRAMMING INCLUDING ARTIST TALKS, STUDIO VISITS, WORKSHOPS, AND COMMISSIONED ACTIVITES.THROUGH THIS WORK, WE HAVE PROVIDED ACCESS FOR AUDIENCES AND ARTISTS THAT ARE UNABLE TO PHYSICALLY BE IN OUR SPACE. IN 2023, 20 ARTISTS VIDEO INTERVIEWS WERE SHARED ONLINE.
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IRS990/ProgSrvcAccomActy3Grp/Desc0SOO VISUAL ARTS CENTER IN PERSON COMMUNITY PROGRAMMING. SOOVAC HOLDS WORKSHOPS, ARTIST TALKS, PANEL DISCUSSIONS, AND OTHER FREE COMMUNITY PROGRAMMING FOR STUDENTS, ARTISTS, EDUCATORS AND THE GENERAL PUBLIC. IN 2023, 4 ARTIST TALKS, 3 ARTIST LED WORKSHOPS AND 1 ARTIST RESIDENCY WERE DONE.
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt010710
IRS990/ProgSrvcAccomActyOtherGrp/Desc0INTERNSHIP PROGRAM: 5 STUDENT INTERNSHIPS PROVIDING EXPERIENCE AND MENTORSHIP TO EMERGING ARTISTS AND NONPROFIT PROFESSIONALS
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IRS990ScheduleG/FundraisingEventInformationGrp/Event1Nm0GET LUCKY
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE EXECUTIVE COMMITTEE HAS REVIEWED FORM 990 FOR THE TAX PERIOD FROM 07/01/2022 TO 06/30/2023, AND APPROVED THE 990 FOR FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE BOARD MONITORS AND ENFORCES BY HAVING THE EXECUTIVE DIRECTOR AND ANY BOARD MEMBER NOTIFY THE REST OF THE BOARD OF ANY INSTANCE IN WHICH THE ORGANIZATION WILL ENGAGE IN A BUSINESS TRANSACTION WITH A BOARD MEMBER OR EMPLOYEE. THE BOARD REVIEWS THE ARRANGEMENT TO DETERMINE IF THERE IS A CONFLICT OF INTEREST, AND ACTS ACCORDINGLY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE BOARD HAS CONDUCTED A REVIEW OF THE EXECUTIVE DIRECTORS SALARY, RESEARCHED COMPARABILITY DATA, AND DETERMINED SALARY BASED ON THAT INFORMATION WITH FULL APPROVAL OF THE BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THERE HAS NOT BEEN OTHER OFFICERS OR KEY EMPLOYEES, RECEIVING COMPENSATIONS OR OTHER BENEFITS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THESE DOCUMENTS ARE AVAILABLE TO GENERAL PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990 governing body review Part VI line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Conflict of interest policy compliance Part VI line 12c

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$77,704
Liabilities
$70,166
Net assets
$7,538
Revenue
$249,179
Expenses
$281,846
Net income
-$32,667
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.81$0.99$0.18$2.84$3.09$0.26
2023Detailed filing. Detailed filing data is available for this year.$0.78$0.70$0.08$2.49$2.82$0.33
2022Detailed filing. Detailed filing data is available for this year.$0.68$0.28$0.40$2.55$2.56$0.00
2021Detailed filing. Detailed filing data is available for this year.$0.97$0.56$0.40$2.54$2.30$0.24
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.96$0.80$0.17$2.16$2.60$0.44
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.17$0.56$0.61$2.50$2.41$0.09
2018Detailed filing. Detailed filing data is available for this year.$1.48$0.98$0.51$2.03$2.15$0.12
2017Detailed filing. Detailed filing data is available for this year.$1.22$0.60$0.62$2.04$2.01$0.03
2016Detailed filing. Detailed filing data is available for this year.$1.14$0.55$0.59$1.84$2.26$0.42
2015Detailed filing. Detailed filing data is available for this year.$1.59$0.58$1.01$2.67$1.73$0.94
2014Summary only. Only limited summary data is available for this year.$0.15$0.08$1.29$1.22$0.07
2013Summary only. Only limited summary data is available for this year.$0.14$0.14$0.97$1.06$0.09
2012Summary only. Only limited summary data is available for this year.$0.21$0.12$1.27$1.37$0.10
2011Summary only. Only limited summary data is available for this year.$0.31$0.11$1.03$0.96$0.07