Civic Intelligence

Midway Contemporary Art

990 • Fiscal year 2017 • EIN 41-1974608

Jan 01, 2017 to Dec 31, 2017 • Filed on Sep 07, 2018

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

46th percentile

0.02x

Higher debt load relative to assets than 46% of similar nonprofits.

2017 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2017

Liabilities / Revenue

44th percentile

0.02x

Higher debt load relative to revenue than 44% of similar nonprofits.

2017 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2017

Net Margin

18th percentile

-13%

Higher net margin than 18% of similar nonprofits.

2017 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2017

Top Officer Pay

88th percentile

$99,500

Higher top officer pay than 88% of similar nonprofits.

Top officer pay equals 19.4% of source-year revenue.

2017 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2017

Asset Growth

12th percentile

-14%

Faster asset growth than 12% of similar nonprofits.

2017 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2016 to 2017

Revenue Growth

18th percentile

-15%

Faster revenue growth than 18% of similar nonprofits.

2017 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets46th percentile

Assets

Down

$447,872

Down $71,176 (-14%) from 2016

Net Assets

Down

$437,005

Down $67,153 (-13%) from 2016

Liabilities

Down

$10,867

Down $4,023 (-27%) from 2016

Revenue And Expenses
Liabilities / Revenue44th percentileNet Margin18th percentile

Revenue

Down

$512,897

Down $87,012 (-15%) from 2016

Expenses

Up

$580,050

Up $45,397 (+8.5%) from 2016

Net Income

Down

-$67,153

Down $132,409 (-203%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth12th 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

2017

Assets$447,872
Liabilities$10,867
Net Assets$437,005
Open 2017 Filing

Operations Trend

Revenue Growth18th 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

2017

Revenue$512,897
Expenses$580,050
Net Income-$67,153
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Sep 7, 2018
Return Version
2017v2.2
Gross Receipts
$538,140
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.

Midway Contemporary Art is a nonprofit organization that supports the creation of and reflection upon visual art. Midway facilitates significant new developments in the field and presents audiences with intimate access to visual culture.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$138,466$136,571▼ $1,895
Savings and Temporary Cash Investments$40,067$39,991▼ $76
Land, Buildings, and Equipment, Net$42,782$37,762▼ $5,020
Pledges and Grants Receivable$107,745$29,100▼ $78,645
Prepaid Expenses and Deferred Charges$1,500$1,500→ $0
Accounts Receivable-$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$519,048$447,872▼ $71,176
Other Assets Total$188,488$202,948▲ $14,460
Liabilities
Deferred Revenue$6,970$10,468▲ $3,498
Accounts Payable and Accrued Expenses$7,920$399▼ $7,521
Total Liabilities$14,890$10,867▼ $4,023
Net Assets / Fund Balance
Unrestricted Net Assets$349,158$362,005▲ $12,847
Temporarily Rstr Net Assets$155,000$75,000▼ $80,000
Total Net Assets Fund Balance$504,158$437,005▼ $67,153
Total Liabilities and Net Assets / Fund Balance$519,048$447,872▼ $71,176

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$33,121$100,947$134,068
Equipment$2,621$46,044$48,665
Other Land Buildings$2,020$20,623$22,643
Other Assets Org$202,948--
Compensation and Service Providers
Top Officer Pay88th percentile

Employees

NameTitleFull / Part TimeBaseTotal
John RasmussenExecutive DirectorFT$99,500$99,500

Board Members and Trustees

NameTitle
Sally BlanksChair
Carolyn TaylorDirector
Jay SwansonDirector
Jim CahnDirector
Jori MillerDirector
Karen HeithoffDirector
Katharine KellyDirector
Kevin HacklerDirector
Kris DouglasDirector
Leslie CohanDirector
Randy HarttenDirector
Toby DaytonDirector
Ute BertogDirector
Alan PolskyTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$350,919
Program Service Revenue
$7,023
Investment Income
$18
Other Revenue
$154,937
All Other Contributions
$287,301
Change in Net Assets
$-67,153

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded3$31,371Fair Market Value (FMV)
Other Non Cash Contri Table12$5,380Fair Market Value (FMV)
Total Noncash Contributions15$36,751-

Audited Revenue Reconciliation

Revenue per Audited Statements
$512,897
Total Revenue per Audited Statements
$512,897
Total Revenue per Form 990
$512,897
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$262,931
Other Expenses$262,119
Grants and Similar Amounts Paid$55,000
Total Fundraising Expense$51,122
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$101,284$9,325$11,781$122,390
Current Officers, Directors, Trustees, and Key Employees$69,650$14,925$14,925$99,500
Occupancy$60,713$7,589$7,589$75,891
Grants to Domestic Individuals$55,000--$55,000
Travel$35,002--$35,002
Other Employee Benefits$18,340$2,620$2,858$23,818
Other Expenses$17,771--$17,771
Payroll Taxes$13,261$1,895$2,067$17,223
All Other Expenses$7,213$364$8,985$16,562
Depreciation Depletion$11,988$1,499$1,499$14,986
Fees for Services Other$13,579--$13,579
Office Expenses$7,212$1,030$1,124$9,366
Fees for Services Accounting$1,894$6,632-$8,526
Advertising$2,348$294$294$2,936
Total Functional Expenses$482,755$46,173$51,122$580,050

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$580,050
Total Expenses per Audited Statements$580,050
Total Expenses per Form 990$580,050
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$177,300
Fundraising Direct Expenses$25,243
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Benefit Auction$171,500$167,550$22,087$145,463
Drawing Rally$11,180$9,750$3,156$6,594
Total Events$182,680$177,300$25,243$152,057
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
No
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 11B: Form 990 Review Process

“Governance and Finance Committee reviews and then presents to the full board for approval.”

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

“Comparison to other peer organizations in the United States.”

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

“No documents available to the public.”

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
2018-09-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
John Rasmussen
Formed
2000
Legal Domicile
Mn
Voting Board Members
14
Independent Board Members
13
Employees
4
Volunteers
84

Preparer

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

Additional Explanations

Form 990, Part III, Line 2: New Services

“Midway, with the support of the Andy Warhol Foundation for the Visuals, is awarding grants to artists in the Minneapolis/St. Paul metropolitan area. Grants are awarded by a jury panel of peers. Grants are awarded to public-facing projects.”

Financial Statement Notes

Part III, Line 4: Description of organization'S collections and how it furthers its purpose.

“Since opening in 2007, our library has held one of the most current collections on contemporary art in the region. This non-circulating, 7,500-volume resource is easily accessible, adjacent to our gallery and has regular hours. Visitors do not need an appointment and can browse the collection 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.”

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 fourfive 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 newly commissioned, 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 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, 7,500-volume resource is easily accessible, adjacent to our gallery and has regular hours. Visitors do not need an appointment and can browse the collection 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.
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Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$447,872
Liabilities
$10,867
Net assets
$437,005
Revenue
$512,897
Expenses
$580,050
Net income
-$67,153
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