Civic Intelligence

Midway Contemporary Art

990 • Fiscal year 2015 • EIN 41-1974608

Jan 01, 2015 to Dec 31, 2015 • Filed on Aug 17, 2016

Organization ProfileWWW.MIDWAYART.ORG

View Organization Page

527 2nd Avenue SEMinneapolis, MN 55414

(612) 605-4504

Siviq Scores

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

Liabilities / Assets

51st percentile

0.05x

Higher debt load relative to assets than 51% of similar nonprofits.

2015 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2015

Liabilities / Revenue

48th percentile

0.04x

Higher debt load relative to revenue than 48% of similar nonprofits.

2015 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2015

Net Margin

72nd percentile

14%

Higher net margin than 72% of similar nonprofits.

2015 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2015

Top Officer Pay

90th percentile

$110,000

Higher top officer pay than 90% of similar nonprofits.

Top officer pay equals 17.9% of source-year revenue.

2015 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2015

Asset Growth

83rd percentile

28%

Faster asset growth than 83% of similar nonprofits.

2015 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2014 to 2015

Revenue Growth

80th percentile

29%

Faster revenue growth than 80% of similar nonprofits.

2015 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets51st percentile

Assets

Up

$460,427

Up $100,939 (+28%) from 2014

Net Assets

Up

$438,902

Up $87,364 (+25%) from 2014

Liabilities

Up

$21,525

Up $13,575 (+171%) from 2014

Revenue And Expenses
Liabilities / Revenue48th percentileNet Margin72nd percentile

Revenue

Up

$613,330

Up $137,325 (+29%) from 2014

Expenses

Up

$525,966

Up $19,538 (+3.9%) from 2014

Net Income

Up

$87,364

Up $117,787 (+387%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth83rd percentile

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

$6.0M$4.0M$2.0M$0Assets 2011: $311,562Liabilities 2011: $4,659Net Assets 2011: $306,9032011Assets 2012: $458,985Liabilities 2012: $11,348Net Assets 2012: $447,6372012Assets 2013: $411,564Liabilities 2013: $29,603Net Assets 2013: $381,9612013Assets 2014: $359,488Liabilities 2014: $7,950Net Assets 2014: $351,5382014Assets 2015: $460,427Liabilities 2015: $21,525Net Assets 2015: $438,9022015Assets 2016: $519,048Liabilities 2016: $14,890Net Assets 2016: $504,1582016Assets 2017: $447,872Liabilities 2017: $10,867Net Assets 2017: $437,0052017Assets 2018: $663,124Liabilities 2018: $49,635Net Assets 2018: $613,4892018Assets 2019: $538,543Liabilities 2019: $6,142Net Assets 2019: $532,4012019Assets 2020: $549,395Liabilities 2020: $10,587Net Assets 2020: $538,8082020Assets 2021: $2,557,305Liabilities 2021: $1,203,724Net Assets 2021: $1,353,5812021Assets 2022: $3,877,893Liabilities 2022: $1,689,676Net Assets 2022: $2,188,2172022Assets 2023: $4,869,036Liabilities 2023: $2,097,595Net Assets 2023: $2,771,4412023Assets 2024: $5,301,076Liabilities 2024: $2,197,511Net Assets 2024: $3,103,5652024

Highlighted filing

2015

Assets$460,427
Liabilities$21,525
Net Assets$438,902
Open 2015 Filing

Operations Trend

Revenue Growth80th percentile

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

$2.0M$1.5M$1.0M$500K$0-$500KExpenses 2011: $429,0992011Expenses 2012: $436,0022012Revenue 2013: $434,442Expenses 2013: $500,118Net Income 2013: -$65,6762013Revenue 2014: $476,005Expenses 2014: $506,428Net Income 2014: -$30,4232014Revenue 2015: $613,330Expenses 2015: $525,966Net Income 2015: $87,3642015Revenue 2016: $599,909Expenses 2016: $534,653Net Income 2016: $65,2562016Revenue 2017: $512,897Expenses 2017: $580,050Net Income 2017: -$67,1532017Revenue 2018: $810,179Expenses 2018: $633,695Net Income 2018: $176,4842018Revenue 2019: $513,523Expenses 2019: $594,611Net Income 2019: -$81,0882019Revenue 2020: $697,615Expenses 2020: $691,208Net Income 2020: $6,4072020Revenue 2021: $1,320,927Expenses 2021: $506,154Net Income 2021: $814,7732021Revenue 2022: $1,603,406Expenses 2022: $768,770Net Income 2022: $834,6362022Revenue 2023: $1,257,722Expenses 2023: $674,498Net Income 2023: $583,2242023Revenue 2024: $1,188,223Expenses 2024: $856,099Net Income 2024: $332,1242024

Highlighted filing

2015

Revenue$613,330
Expenses$525,966
Net Income$87,364
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Aug 17, 2016
Return Version
2015v2.0
Gross Receipts
$653,727
Mission and Program Overview

Mission

Midway Contemporary Art is a not-for-profit organization committed to encouraging innovation and diversity in the visual arts. A public platform, Midway supports emerging and underrepresented artists, contributes toward significant new developments in the field, and stimulates the ongoing public discourse of art and culture.

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable$75,899$180,000▲ $104,101
Cash and Non-Interest-Bearing Accounts$86,587$77,849▼ $8,738
Land, Buildings, and Equipment, Net$35,494$18,426▼ $17,068
Accounts Receivable$1,535$7,250▲ $5,715
Prepaid Expenses and Deferred Charges$1,500$1,500→ $0
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$359,488$460,427▲ $100,939
Other Assets Total$158,473$175,402▲ $16,929
Liabilities
Accounts Payable and Accrued Expenses$7,950$15,525▲ $7,575
Deferred Revenue-$6,000-
Total Liabilities$7,950$21,525▲ $13,575
Net Assets / Fund Balance
Unrestricted Net Assets$323,834$338,902▲ $15,068
Temporarily Rstr Net Assets$27,704$100,000▲ $72,296
Total Net Assets Fund Balance$351,538$438,902▲ $87,364
Total Liabilities and Net Assets / Fund Balance$359,488$460,427▲ $100,939

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$10,244$86,394$96,638
Equipment$1,403$41,416$42,819
Other Land Buildings$6,779$12,163$18,942
Other Assets Org$175,402--
Compensation and Service Providers
Top Officer Pay90th percentile

Employees

NameTitleFull / Part TimeBaseTotal
John RasmussenExecutive DirectorFT$110,000$110,000

Board Members and Trustees

NameTitle
Sally BlanksChair
Carolyn TaylorDirector
Jay SwansonDirector
Jim CahnDirector
Jori MillerDirector
Karen HeithoffDirector
Katharine KellyDirector
Kati LovaasDirector
Kris DouglasDirector
Leslie CohanDirector
Randy HarttenDirector
Toby DaytonDirector
Isa GagarinSecretary
Alan PolskyTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$453,365
Program Service Revenue
$959
Investment Income
$0
Other Revenue
$159,006
All Other Contributions
$427,765
Change in Net Assets
$87,364
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$266,527
Other Expenses$259,439
Total Fundraising Expense$45,008
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$114,347$14,875$16,610$145,832
Current Officers, Directors, Trustees, and Key Employees$78,410$10,200$11,390$100,000
Occupancy$57,072$7,134$7,134$71,340
Fees for Services Other$19,558$8,139-$27,697
All Other Expenses$17,154$2,124$4,555$23,833
Depreciation Depletion$17,263$2,158$2,158$21,579
Payroll Taxes$14,746$1,918$2,142$18,806
Other Expenses$17,600$147$164$17,911
Travel$13,436--$13,436
Information Technology$3,247$422$472$4,141
Other Employee Benefits$1,481$193$215$1,889
Advertising$1,347$168$168$1,683
Total Functional Expenses$433,480$47,478$45,008$525,966
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$198,189
Fundraising Direct Expenses$40,397
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Benefit Auction$184,170$184,170$38,004$146,166
Drawing Rally$14,019$14,019$2,393$11,626
Total Events$198,189$198,189$40,397$157,792
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-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
Yes
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 4: Description of Significant Changes to Organizational Documents

“Board approved new bylaws.”

Form 990, Part VI, Line 11B: Form 990 Review Process

“Draft is to be reviewed and approved at spring board meeting”

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

“Assessing the compensation packages at other organizations in the field.”

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

“Financial Statements are available in the Annual Report”

Filing and Contact Details

Filer

Filer Name
Midway Contemporary Art
EIN
41-1974608
Phone
6126054504
Address
527 2ND AVENUE SE, MINNEAPOLIS, MN 55414

Signing Officer

Name
John Rasmussen
Title
Executive Direc
Signed
2016-08-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
John Rasmussen
Formed
2000
Legal Domicile
Mn
Voting Board Members
15
Independent Board Members
15
Employees
5
Volunteers
167

Preparer

Firm
Carpenter Evert & Associates
Address
7760 France Ave S 940, Bloomington, MN 55435
Preparer
Neal O Evert
Phone
9528310085
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

“The Organization has a tax-exempt status under Section 501(c)(3) of the Internal Revenue Code and has adopted Accounting for Uncertainty in Income Taxes, ASC 740-10. The Organization's policy is to evaluate uncertain tax positions, at least annually, for the potential for income tax exposure from unrelated business income or from loss of nonprofit status. The Organization continues to operate consistent with its original exemption application and each year takes the necessary actions to maintain its exempt status. It has been classified as an organization that is not a private foundation under the Internal Revenue Code and charitable contributions by donors are tax deductible.”

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IRS990/Desc0Exhibition Program: Over the past year, we originated 5 world premiere exhibitions from a diverse group of artists based in Berlin, Barcelona, Minneapolis, Los Angeles, and Tokyo. These exhibitions presented the work of 5 artists. All the work was commissioned by Midway through our continued artist stipend program. These exhibitions received very positive reviews and coverage in local, national, and international press outlets both trade industry and general public. Public Educational Programs: In addition to exhibitions, our other programmatic efforts have been increasingly strong. We presented performances by artists such as Simone Forte and Jenna Bliss, lectures from Guerino Mazzola, Roc Jimenez de Cisneros, Curtis Roads, James Hoff and conversations with philosophers Isabelle Stengers and Vinciane Despret. We continue to host book launches and reading gropus for local area artists and publishers. We continue to provide many tours for area college and university classes.Library: Our research library has continued to grow in its collection and its reach. We have added 1,000 volumes to the collection, which now stands at 6,500 volumes. We are currently working on a major redesign and relaunch of our website with a particular focus on the library's presence. This will be launched in 2015.
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IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
IRS990/Form990PartVIISectionAGrp/TitleTxt9Executive Dir.
IRS990/Form990PartVIISectionAGrp/TitleTxt10Director
IRS990/Form990PartVIISectionAGrp/TitleTxt11Director
IRS990/Form990PartVIISectionAGrp/TitleTxt12Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt13Director
IRS990/Form990PartVIISectionAGrp/TitleTxt14Director
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IRS990/InformationTechnologyGrp/TotalAmt04141
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IRS990/LoanOutstandingInd0false
IRS990/LobbyingActivitiesInd0false
IRS990/LocalChaptersInd0false
IRS990/MaterialDiversionOrMisuseInd0false
IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0Midway Contemporary Art is a not-for-profit organization committed to encouraging innovation and diversity in the visual arts. A public platform, Midway supports emerging and underrepresented artists, contributes toward significant new developments in the field, and stimulates the ongoing public discourse of art and culture.
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IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt00
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IRS990/OnBehalfOfIssuerInd0false
IRS990/OperateHospitalInd0false
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IRS990/OrganizationFollowsSFAS117Ind0X
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IRS990/OtherEmployeeBenefitsGrp/TotalAmt01889
IRS990/OtherExpensesGrp/Desc0Artist Stipends
IRS990/OtherExpensesGrp/Desc1EXHIBITION EXPENSES
IRS990/OtherExpensesGrp/Desc2Artist Travel and Lodging
IRS990/OtherExpensesGrp/Desc3Postage and Shipping
IRS990/OtherExpensesGrp/FundraisingAmt0164
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt0147
IRS990/OtherExpensesGrp/ProgramServicesAmt030300
IRS990/OtherExpensesGrp/ProgramServicesAmt126985
IRS990/OtherExpensesGrp/ProgramServicesAmt220534
IRS990/OtherExpensesGrp/ProgramServicesAmt317600
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IRS990/OtherExpensesGrp/TotalAmt126985
IRS990/OtherExpensesGrp/TotalAmt220534
IRS990/OtherExpensesGrp/TotalAmt317911
IRS990/OtherRevenueMiscGrp/Desc0OTHER INCOME
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IRS990/OtherRevenueTotalAmt01214
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IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0114347
IRS990/OtherSalariesAndWagesGrp/TotalAmt0145832
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IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/FundraisingAmt02142
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt01918
IRS990/PayrollTaxesGrp/ProgramServicesAmt014746
IRS990/PayrollTaxesGrp/TotalAmt018806
IRS990/PensionPlanContributionsGrp/TotalAmt00
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IRS990/PoliticalCampaignActyInd0false
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt01500
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IRS990/PYProgramServiceRevenueAmt01778
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IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt06449
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Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$460,427
Liabilities
$21,525
Net assets
$438,902
Revenue
$613,330
Expenses
$525,966
Net income
$87,364
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$5.30$2.20$3.10$1.19$0.86$0.33
2023Detailed filing. Detailed filing data is available for this year.$4.87$2.10$2.77$1.26$0.67$0.58
2022Detailed filing. Detailed filing data is available for this year.$3.88$1.69$2.19$1.60$0.77$0.83
2021Detailed filing. Detailed filing data is available for this year.$2.56$1.20$1.35$1.32$0.51$0.81
2020Detailed filing. Detailed filing data is available for this year.$0.55$0.01$0.54$0.70$0.69$0.01
2019Detailed filing. Detailed filing data is available for this year.$0.54$0.01$0.53$0.51$0.59$0.08
2018Detailed filing. Detailed filing data is available for this year.$0.66$0.05$0.61$0.81$0.63$0.18
2017Detailed filing. Detailed filing data is available for this year.$0.45$0.01$0.44$0.51$0.58$0.07
2016Detailed filing. Detailed filing data is available for this year.$0.52$0.01$0.50$0.60$0.53$0.07
2015Detailed filing. Detailed filing data is available for this year.$0.46$0.02$0.44$0.61$0.53$0.09
2014Detailed filing. Detailed filing data is available for this year.$0.36$0.01$0.35$0.48$0.51$0.03
2013Detailed filing. Detailed filing data is available for this year.$0.41$0.03$0.38$0.43$0.50$0.07
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.46$0.01$0.45$0.44
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.31$0.00$0.31$0.43