Civic Intelligence

Ball & Socket Arts Inc.

990 • Fiscal year 2019 • EIN 45-4079423

Jul 01, 2018 to Jun 30, 2019 • Filed on Jan 05, 2020

762 Bethany Mountain RoadCheshire, CT 06410

(917) 414-4020

Siviq Scores

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

Liabilities / Assets

88th percentile

0.77x

Higher debt load relative to assets than 88% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Liabilities / Revenue

99th percentile

24.96x

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

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Net Margin

91st percentile

50%

Higher net margin than 91% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Top Officer Pay

36th percentile

$0

Higher top officer pay than 36% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Asset Growth

52nd percentile

3.7%

Faster asset growth than 52% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Revenue Growth

4th percentile

-55%

Faster revenue growth than 4% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Assets

Up

$2,552,341

Up $90,233 (+3.7%) from 2018

Net Assets

Up

$593,306

Up $39,009 (+7.0%) from 2018

Liabilities

Up

$1,959,035

Up $51,224 (+2.7%) from 2018

Revenue

Down

$78,481

Down $97,564 (-55%) from 2018

Expenses

Down

$38,885

Down $20,832 (-35%) from 2018

Net Income

Down

$39,596

Down $76,732 (-66%) from 2018

Historical Trend

Balance Sheet Trend

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

$10M$5.0M$0Assets 2012: $31,264Liabilities 2012: $02012Assets 2014: $74,193Liabilities 2014: $2,500Net Assets 2014: $71,6932014Assets 2015: $2,236,032Liabilities 2015: $2,117,017Net Assets 2015: $119,0152015Assets 2016: $2,257,346Liabilities 2016: $1,906,211Net Assets 2016: $351,1352016Assets 2017: $2,379,954Liabilities 2017: $1,940,736Net Assets 2017: $439,2182017Assets 2018: $2,462,108Liabilities 2018: $1,907,811Net Assets 2018: $554,2972018Assets 2019: $2,552,341Liabilities 2019: $1,959,035Net Assets 2019: $593,3062019Assets 2020: $2,698,286Liabilities 2020: $2,016,185Net Assets 2020: $682,1012020Assets 2021: $2,953,138Liabilities 2021: $2,162,891Net Assets 2021: $790,2472021Assets 2022: $7,637,773Liabilities 2022: $5,659,628Net Assets 2022: $1,978,1452022Assets 2023: $7,725,090Liabilities 2023: $4,881,923Net Assets 2023: $2,843,1672023Assets 2025: $9,326,986Liabilities 2025: $3,225,529Net Assets 2025: $6,101,4572025

Highlighted filing

2019

Assets$2,552,341
Liabilities$1,959,035
Net Assets$593,306

Operations Trend

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

$4.0M$3.0M$2.0M$1.0M$0Revenue 2012: $37,500Expenses 2012: $6,236Net Income 2012: $31,2642012Revenue 2014: $44,013Expenses 2014: $4,564Net Income 2014: $39,4492014Revenue 2015: $91,647Expenses 2015: $45,060Net Income 2015: $46,5872015Revenue 2016: $296,899Expenses 2016: $64,779Net Income 2016: $232,1202016Revenue 2017: $117,295Expenses 2017: $29,212Net Income 2017: $88,0832017Revenue 2018: $176,045Expenses 2018: $59,717Net Income 2018: $116,3282018Revenue 2019: $78,481Expenses 2019: $38,885Net Income 2019: $39,5962019Revenue 2020: $111,084Expenses 2020: $22,289Net Income 2020: $88,7952020Revenue 2021: $151,938Expenses 2021: $43,792Net Income 2021: $108,1462021Revenue 2022: $1,260,388Expenses 2022: $69,359Net Income 2022: $1,191,0292022Revenue 2023: $1,247,243Expenses 2023: $425,708Net Income 2023: $821,5352023Revenue 2025: $3,172,794Expenses 2025: $696,685Net Income 2025: $2,476,1092025

Highlighted filing

2019

Revenue$78,481
Expenses$38,885
Net Income$39,596
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Jan 5, 2020
Return Version
2018v3.1
Gross Receipts
$84,180
Mission and Program Overview

Mission

Ball & socket arts is transforming an abandoned industrial campus into an innovative and dynamic arts destination for the central connecticut region (and beyond). Built on the ethos of sustainability and historic preservation, ball & socket arts offers vibrant arts & culture programming and provides accessible and relevant experiences to a broad public audience.

The organization's mission is as follows: a. To promote and sustain community interest in and appreciation of the visual and performing arts b. To educate the general public about the visual and performing arts c. To support young and needy artists d. To create a multi-faceted arts and educational center to host and facilitate the aforementioned activities

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,381,513$2,492,157▲ $110,644
Cash and Non-Interest-Bearing Accounts$56,815$56,273▼ $542
Investments in Publicly Traded Securities$15,208--
Pledges and Grants Receivable$5,502$841▼ $4,661
Total Assets$2,462,108$2,552,341▲ $90,233
Other Assets Total$3,070$3,070→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,882,852$1,940,121▲ $57,269
Accounts Payable and Accrued Expenses$21,852$18,073▼ $3,779
Deferred Revenue$5,201$841▼ $4,360
Total Liabilities$1,909,905$1,959,035▲ $49,130
Net Assets / Fund Balance
Unrestricted Net Assets$550,623$591,726▲ $41,103
Temporarily Rstr Net Assets$1,580$1,580→ $0
Total Net Assets Fund Balance$552,203$593,306▲ $41,103
Total Liabilities and Net Assets / Fund Balance$2,462,108$2,552,341▲ $90,233

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,760,407-$1,760,407
Land$197,572-$197,572
Compensation and Service Providers

Board Members and Trustees

NameTitle
Kevin DalyPresident
Andrew MartelliDirector
Philip AndersonDirector
Richard LauDirector
Ilona SomogyiTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$63,836
Program Service Revenue
$0
Investment Income
$245
Other Revenue
$14,400
All Other Contributions
$53,547
Change in Net Assets
$39,596
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$38,885
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
Occupancy$25,253--$25,253
Fees for Services Accounting-$4,000-$4,000
Office Expenses-$3,471-$3,471
Insurance-$1,884-$1,884
Conferences and Meetings-$115-$115
Other Expenses$940$51-$51
Interest-$32-$32
All Other Expenses-$10-$10
Total Functional Expenses$26,193$12,692$0$38,885
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$5,699
Fundraising Gross Income$5,699
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

The organizations board of directors has assigned the duty or reviewing the annual 990 to its standing executive committee. The annual 990 is prepared by the organization's accounting firm working closely with the treasurer. Copies of the completed return are provided to the executive committe for review and upon approval by the executive committee, copies of the 990 form are provided to all board of directors members before the return is filed with the internal revenue service.

Form 990, Page 6, Part VI, Line 19

The governing documents of the organization are made available to the general public by receipt of a written request by the interested party.

Filing and Contact Details

Filer

Filer Name
Ball & Socket Arts Inc
EIN
45-4079423
Address
762 BETHANY MOUNTAIN ROAD, CHESHIRE, CT 06410

Signing Officer

Name
Ilona Somogyi
Title
Treasurer
Signed
2020-01-05
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kevin Daly
Formed
2011
Legal Domicile
Ct
Voting Board Members
6
Independent Board Members
6
Employees
0
Volunteers
20

Preparer

Firm
Budwitz & Meyerjack Pc
Address
1122 HIGHLAND AVE, CHESHIRE, CT 06410-1654
Preparer
David a Pelletier CPA
Phone
2032721621
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

The organization's mission is as follows: a. To promote and sustain community interest in and appreciation of the visual and performing arts b. To educate the general public about the visual and performing arts c. To support young and needy artists d. To create a multi-faceted arts and educational center to host and facilitate the aforementioned activities

Form 990, Page 2, Part III, Line 4A

Vision for ball & socket is to: transform the historic factory and grounds into an arts and entertainment complex. Present curated exhibitions of professional artists with a focus on contemporary art, and provide exhibition spaces for regional artists and community organizations. Present professional music and theater performances and provide opportunities for community organizations.present a curated film series and screenings of work created by film and animation students. Offer classes, workshops and lectures taught by regional professional artists for children and adults, and engage artists in residence for special courses. Create vibrant outdoor public space around the buildings including a sculpture park and art walk, with direct access to the farmington canal linear park.

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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION'S MISSION IS AS FOLLOWS: A. TO PROMOTE AND SUSTAIN COMMUNITY INTEREST IN AND APPRECIATION OF THE VISUAL AND PERFORMING ARTS B. TO EDUCATE THE GENERAL PUBLIC ABOUT THE VISUAL AND PERFORMING ARTS C. TO SUPPORT YOUNG AND NEEDY ARTISTS D. TO CREATE A MULTI-FACETED ARTS AND EDUCATIONAL CENTER TO HOST AND FACILITATE THE AFOREMENTIONED ACTIVITIES
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1VISION FOR BALL & SOCKET IS TO: TRANSFORM THE HISTORIC FACTORY AND GROUNDS INTO AN ARTS AND ENTERTAINMENT COMPLEX. PRESENT CURATED EXHIBITIONS OF PROFESSIONAL ARTISTS WITH A FOCUS ON CONTEMPORARY ART, AND PROVIDE EXHIBITION SPACES FOR REGIONAL ARTISTS AND COMMUNITY ORGANIZATIONS. PRESENT PROFESSIONAL MUSIC AND THEATER PERFORMANCES AND PROVIDE OPPORTUNITIES FOR COMMUNITY ORGANIZATIONS.PRESENT A CURATED FILM SERIES AND SCREENINGS OF WORK CREATED BY FILM AND ANIMATION STUDENTS. OFFER CLASSES, WORKSHOPS AND LECTURES TAUGHT BY REGIONAL PROFESSIONAL ARTISTS FOR CHILDREN AND ADULTS, AND ENGAGE ARTISTS IN RESIDENCE FOR SPECIAL COURSES. CREATE VIBRANT OUTDOOR PUBLIC SPACE AROUND THE BUILDINGS INCLUDING A SCULPTURE PARK AND ART WALK, WITH DIRECT ACCESS TO THE FARMINGTON CANAL LINEAR PARK.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATIONS BOARD OF DIRECTORS HAS ASSIGNED THE DUTY OR REVIEWING THE ANNUAL 990 TO ITS STANDING EXECUTIVE COMMITTEE. THE ANNUAL 990 IS PREPARED BY THE ORGANIZATION'S ACCOUNTING FIRM WORKING CLOSELY WITH THE TREASURER. COPIES OF THE COMPLETED RETURN ARE PROVIDED TO THE EXECUTIVE COMMITTE FOR REVIEW AND UPON APPROVAL BY THE EXECUTIVE COMMITTEE, COPIES OF THE 990 FORM ARE PROVIDED TO ALL BOARD OF DIRECTORS MEMBERS BEFORE THE RETURN IS FILED WITH THE INTERNAL REVENUE SERVICE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE GOVERNING DOCUMENTS OF THE ORGANIZATION ARE MADE AVAILABLE TO THE GENERAL PUBLIC BY RECEIPT OF A WRITTEN REQUEST BY THE INTERESTED PARTY.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 2, PART III, LINE 4A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 19
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ReturnHeader/BuildTS02020-11-06 18:47:13Z
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ReturnHeader/BusinessOfficerGrp/PersonNm0ILONA SOMOGYI
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TREASURER
ReturnHeader/BusinessOfficerGrp/SignatureDt02020-01-05
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0BALL & SOCKET ARTS INC
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ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt098.175.221.25
ReturnHeader/FilingSecurityInformation/IPDt02020-01-21
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ReturnHeader/FilingSecurityInformation/IPTm012:47:11
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ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0BUDWITZ & MEYERJACK PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt01122 HIGHLAND AVE
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ReturnHeader/PreparerPersonGrp/PhoneNum02032721621
ReturnHeader/PreparerPersonGrp/PreparationDt02020-01-21
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0DAVID A PELLETIER CPA
ReturnHeader/ReturnTs02020-01-21T12:47:11-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02018-07-01
ReturnHeader/TaxPeriodEndDt02019-06-30
ReturnHeader/TaxYr02018

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