Civic Intelligence

Midway Contemporary Art

990 • Fiscal year 2016 • EIN 41-1974608

Jan 01, 2016 to Dec 31, 2016 • Filed on Apr 18, 2017

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

47th percentile

0.03x

Higher debt load relative to assets than 47% of similar nonprofits.

2016 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2016

Liabilities / Revenue

45th percentile

0.02x

Higher debt load relative to revenue than 45% of similar nonprofits.

2016 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2016

Net Margin

68th percentile

11%

Higher net margin than 68% of similar nonprofits.

2016 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2016

Top Officer Pay

90th percentile

$111,500

Higher top officer pay than 90% of similar nonprofits.

Top officer pay equals 18.6% of source-year revenue.

2016 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2016

Asset Growth

72nd percentile

13%

Faster asset growth than 72% of similar nonprofits.

2016 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2015 to 2016

Revenue Growth

38th percentile

-2.2%

Faster revenue growth than 38% of similar nonprofits.

2016 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2015 to 2016

Assets

Up

$519,048

Up $58,621 (+13%) from 2015

Net Assets

Up

$504,158

Up $65,256 (+15%) from 2015

Liabilities

Down

$14,890

Down $6,635 (-31%) from 2015

Revenue

Down

$599,909

Down $13,421 (-2.2%) from 2015

Expenses

Up

$534,653

Up $8,687 (+1.7%) from 2015

Net Income

Down

$65,256

Down $22,108 (-25%) from 2015

Historical Trend

Balance Sheet Trend

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

2016

Assets$519,048
Liabilities$14,890
Net Assets$504,158

Operations Trend

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

2016

Revenue$599,909
Expenses$534,653
Net Income$65,256
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
Apr 18, 2017
Return Version
2016v3.0
Gross Receipts
$635,956
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
Cash and Non-Interest-Bearing Accounts$77,849$138,466▲ $60,617
Pledges and Grants Receivable$180,000$107,745▼ $72,255
Land, Buildings, and Equipment, Net$18,426$42,782▲ $24,356
Savings and Temporary Cash Investments-$40,067-
Accounts Receivable$7,250$0▼ $7,250
Prepaid Expenses and Deferred Charges$1,500$1,500→ $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$460,427$519,048▲ $58,621
Other Assets Total$175,402$188,488▲ $13,086
Liabilities
Accounts Payable and Accrued Expenses$15,525$7,920▼ $7,605
Deferred Revenue$6,000$6,970▲ $970
Total Liabilities$21,525$14,890▼ $6,635
Net Assets / Fund Balance
Unrestricted Net Assets$338,902$349,158▲ $10,256
Temporarily Rstr Net Assets$100,000$155,000▲ $55,000
Total Net Assets Fund Balance$438,902$504,158▲ $65,256
Total Liabilities and Net Assets / Fund Balance$460,427$519,048▲ $58,621

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$39,788$92,127$131,915
Equipment$223$43,881$44,104
Other Land Buildings$2,771$16,619$19,390
Other Assets Org$188,488--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
John RasmussenExecutive DirectorFT$111,500$111,500

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
Alan PolskyTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$462,620
Program Service Revenue
$712
Investment Income
$0
Other Revenue
$136,577
All Other Contributions
$417,836
Change in Net Assets
$65,256

Audited Revenue Reconciliation

Revenue per Audited Statements
$599,909
Revenue Not Reported on Form 990
$2,705
Total Revenue per Audited Statements
$602,614
Total Revenue per Form 990
$599,909
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$266,680
Other Expenses$263,565
Total Fundraising Expense$54,825
Grants and Similar Amounts Paid$4,408
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$104,914$14,303$16,226$135,443
Current Officers, Directors, Trustees, and Key Employees$86,368$11,774$13,358$111,500
Occupancy$59,110$7,389$7,389$73,888
All Other Expenses$32,842$1,893$13,420$48,155
Fees for Services Other$18,178$7,733-$25,911
Payroll Taxes$14,633$1,995$2,263$18,891
Travel$16,991--$16,991
Other Expenses$14,327$176$200$14,703
Depreciation Depletion$10,271$1,284$1,284$12,839
Grants to Domestic Individuals$4,408--$4,408
Information Technology$3,223$439$498$4,160
Other Employee Benefits$656$89$101$846
Advertising$441$55$55$551
Office Expenses$197$27$31$255
Total Functional Expenses$432,671$47,157$54,825$534,653

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$537,358
Expenses per Audited Statements$534,653
Total Expenses per Form 990$534,653
Expenses Not Reported on Form 990$2,705
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$171,164
Fundraising Direct Expenses$36,047
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Benefit Auction$161,985$161,985$33,224$128,761
Drawing Rally$9,179$9,179$2,823$6,356
Total Events$171,164$171,164$36,047$135,117
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
2017-04-18
Discuss with paid preparer
Yes

Organization Details

Principal Officer
John Rasmussen
Formed
2000
Legal Domicile
Mn
Voting Board Members
13
Independent Board Members
13
Employees
4
Volunteers
142

Preparer

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

Additional Explanations

Form 990, Part III, Line 2: New Services

The Visual Arts Fund is a new grant program established by Midway Contemporary Art with generous support from The Andy Warhol Foundation for the Visual Arts. Minneapolis-St.Paul will be the eleventh metro area included in Warhol's Regional Regranting program, which is aimed at promoting vibrant artistic activity in cities across the United States. The Visual Arts Fund will award five $5,000 and three $10,000 grants to artists in the Twin Cities metro area, beginning in 2016. The VAF supports the development of new, experimental projects and initiatives happening outside of established venues that engage the public with visual art in a new way. Projects might include exhibitions or installations held in temporary spaces, new publications, series of events or performances, digital initiatives, and other activities occurring not occur.

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: Each year, Midway originates and produces four-five exhibitions. These new projects by artists from Minnesota and around the world connect our local audience to artists working globally. Our exhibitions typically involve the creation of new, project-based work. We cover all fabrication, framing, shipping, travel, and related expenses; we also provide extensive technical support, often helping the artist to engineer and create the project on-site. We also offer exhibiting artists and guest curators a $5,000 stipend. We produce catalogs alongside selected exhibitions. Library: Since opening in 2007, our library has held one of the most current collections on contemporary art in the region. This non-circulating, 7,000-volume resource is easily accessible, adjacent to our gallery and has regular hours. Visitors do not need an appointment and can browse at their leisure, making it useful as an introduction to the field as well as for in-depth research. The library database has a prominent location on our website, where students, artists and researchers can search remotely.Visual Arts Fund: The Visual Arts Fund is a new grant program established by Midway Contemporary Art with generous support from The Andy Warhol Foundation for the Visual Arts. Minneapolis-St.Paul will be the eleventh metro area included in Warhol's Regional Regranting program, which is aimed at promoting vibrant artistic activity in cities across the United States. The Visual Arts Fund will award five $5,000 and three $10,000 grants to artists in the Twin Cities metro area, beginning in 2016. The VAF supports the development of new, experimental projects and initiatives happening outside of established venues that engage the public with visual art in a new way. Projects might include exhibitions or installations held in temporary spaces, new publications, series of events or performances, digital initiatives, and other activities occurring not occur.
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IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8Executive Dir.
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IRS990/Form990PartVIISectionAGrp/TitleTxt10Director
IRS990/Form990PartVIISectionAGrp/TitleTxt11Treasurer
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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/OtherAssetsTotalGrp/EOYAmt0188488
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IRS990/OtherExpensesGrp/Desc3Postage and Shipping
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IRS990/PayrollTaxesGrp/FundraisingAmt02263
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IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus1YearAmt0453365
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus2YearsAmt0260132
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus3YearsAmt0263820
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus4YearsAmt0414028
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IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt0309
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt0530
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IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus3YearsAmt0142706
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IRS990ScheduleA/OtherIncome509Grp/TotalAmt0845409

Document Assets

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Filings

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