Civic Intelligence

Ball & Socket Arts Inc.

990 • Fiscal year 2020 • EIN 45-4079423

Jul 01, 2019 to Jun 30, 2020 • Filed on Feb 19, 2021

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

0.75x

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

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

99th percentile

18.15x

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

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Net Margin

96th percentile

80%

Higher net margin than 96% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

37th percentile

$0

Higher top officer pay than 37% of similar nonprofits.

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

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Asset Growth

50th percentile

5.7%

Faster asset growth than 50% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Revenue Growth

85th percentile

42%

Faster revenue growth than 85% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Assets

Up

$2,698,286

Up $145,945 (+5.7%) from 2019

Net Assets

Up

$682,101

Up $88,795 (+15%) from 2019

Liabilities

Up

$2,016,185

Up $57,150 (+2.9%) from 2019

Revenue

Up

$111,084

Up $32,603 (+42%) from 2019

Expenses

Down

$22,289

Down $16,596 (-43%) from 2019

Net Income

Up

$88,795

Up $49,199 (+124%) from 2019

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

2020

Assets$2,698,286
Liabilities$2,016,185
Net Assets$682,101

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

2020

Revenue$111,084
Expenses$22,289
Net Income$88,795
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Feb 19, 2021
Return Version
2019v5.0
Gross Receipts
$121,106
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$2,492,157$2,623,837▲ $131,680
Cash and Non-Interest-Bearing Accounts$56,273$70,538▲ $14,265
Pledges and Grants Receivable$841$841→ $0
Total Assets$2,552,341$2,698,286▲ $145,945
Other Assets Total$3,070$3,070→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,940,121$1,999,131▲ $59,010
Accounts Payable and Accrued Expenses$18,073$16,213▼ $1,860
Deferred Revenue$841$841→ $0
Total Liabilities$1,959,035$2,016,185▲ $57,150
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$591,726$681,710▲ $89,984
Net Assets With Donor Restrictions$1,580$391▼ $1,189
Total Net Assets Fund Balance$593,306$682,101▲ $88,795
Total Liabilities and Net Assets / Fund Balance$2,552,341$2,698,286▲ $145,945

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,892,087-$1,892,087
Land$197,572-$197,572
Compensation and Service Providers

Board Members and Trustees

NameTitle
Ilona SomogyiPresident
Andrew MartelliDirector
Anthony CarterDirector
Chris DeangelisDirector
Corey NashDirector
Deb KaszasDirector
Patti Flynn-harrisDirector
Philip AndersonDirector
Richard LauDirector
Roberta HavlickDirector
Ron BergamoDirector
Ryan RothDirector
Sharon BergamoDirector
Regina ThorntonSecretary
Karin AraiTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$120,410
Program Service Revenue
$0
Investment Income
$76
Other Revenue
$-9,402
All Other Contributions
$99,975
Change in Net Assets
$88,795
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$22,289
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$10,138--$10,138
Office Expenses-$4,999-$4,999
Fees for Services Accounting-$3,500-$3,500
Fees for Services Legal-$1,080-$1,080
Insurance-$608-$608
Conferences and Meetings-$121-$121
Other Expenses$1,221$47-$47
Total Functional Expenses$11,359$10,930$0$22,289
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$10,022
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Various Fundrai$15,435-$10,022-
Total Events$15,435-$10,022$-10,022
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 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
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 2

Ron bergamo sharon bergamo director director family relationship

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
President
Signed
2021-02-19
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ilona Somogyi
Formed
2011
Legal Domicile
Ct
Voting Board Members
15
Independent Board Members
15
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/ExplanationTxt2RON BERGAMO SHARON BERGAMO DIRECTOR DIRECTOR FAMILY RELATIONSHIP
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE 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/ExplanationTxt4THE 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
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ReturnHeader/BuildTS02022-09-23 18:48:47Z

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