Civic Intelligence

Five Points Center for the Visual Arts Inc.

990 • Fiscal year 2022 • EIN 46-1555586

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 06, 2023

Organization ProfileWWW.FIVEPOINTSARTS.ORG
33 Main Street PO Box 1028Torrington, CT 06790

(860) 618-2167

Siviq Scores

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

Liabilities / Assets

23rd percentile

0.00x

Higher debt load relative to assets than 23% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

26th percentile

0.01x

Higher debt load relative to revenue than 26% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Net Margin

62nd percentile

13%

Higher net margin than 62% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2022

Asset Growth

28th percentile

-5.2%

Faster asset growth than 28% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

4th percentile

-67%

Faster revenue growth than 4% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets23rd percentile

Assets

Down

$3,209,338

Down $177,734 (-5.2%) from 2021

Net Assets

Down

$3,200,292

Down $654 (-0.0%) from 2021

Liabilities

Down

$9,046

Down $177,080 (-95%) from 2021

Revenue And Expenses
Liabilities / Revenue26th percentileNet Margin62nd percentile

Revenue

Down

$887,287

Down $1,799,513 (-67%) from 2021

Expenses

Up

$768,565

Up $269,220 (+54%) from 2021

Net Income

Down

$118,722

Down $2,068,733 (-95%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth28th percentile

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

$6.0M$4.0M$2.0M$0Assets 2014: $80,582Liabilities 2014: $399Net Assets 2014: $80,1832014Assets 2015: $146,021Liabilities 2015: $399Net Assets 2015: $145,6222015Assets 2016: $136,390Liabilities 2016: $1,365Net Assets 2016: $135,0252016Assets 2018: $296,154Liabilities 2018: $0Net Assets 2018: $296,1542018Assets 2020: $1,209,368Liabilities 2020: $195,877Net Assets 2020: $1,013,4912020Assets 2021: $3,387,072Liabilities 2021: $186,126Net Assets 2021: $3,200,9462021Assets 2022: $3,209,338Liabilities 2022: $9,046Net Assets 2022: $3,200,2922022Assets 2024: $4,432,760Liabilities 2024: $50,939Net Assets 2024: $4,381,8212024

Highlighted filing

2022

Assets$3,209,338
Liabilities$9,046
Net Assets$3,200,292
Open 2022 Filing

Operations Trend

Revenue Growth4th percentile

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

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2014: $132,196Expenses 2014: $65,014Net Income 2014: $67,1822014Revenue 2015: $193,931Expenses 2015: $127,642Net Income 2015: $66,2892015Revenue 2016: $124,346Expenses 2016: $135,868Net Income 2016: -$11,5222016Revenue 2018: $330,298Expenses 2018: $178,118Net Income 2018: $152,1802018Revenue 2020: $730,221Expenses 2020: $344,093Net Income 2020: $386,1282020Revenue 2021: $2,686,800Expenses 2021: $499,345Net Income 2021: $2,187,4552021Revenue 2022: $887,287Expenses 2022: $768,565Net Income 2022: $118,7222022Revenue 2024: $1,506,327Expenses 2024: $935,147Net Income 2024: $571,1802024

Highlighted filing

2022

Revenue$887,287
Expenses$768,565
Net Income$118,722
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 6, 2023
Return Version
2022v5.0
Gross Receipts
$896,593
Mission and Program Overview

Mission

Five Points Gallery actively collaborates with commercial, political, cultural and educational entities to promote downtown Torrington and Northwest Connecticut as an arts destination.

Five Points Arts' mission is to champion and nurture artists at all stages of their careers and to empower a diverse community through the presentation of inspiring exhibitions and educational initiatives.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$447$1,418,407▲ $1,417,960
Land, Buildings, and Equipment, Net$921,731$1,113,262▲ $191,531
Savings and Temporary Cash Investments$2,126,364$405,805▼ $1,720,559
Cash and Non-Interest-Bearing Accounts$239,577$150,410▼ $89,167
Accounts Receivable-$59,533-
Pledges and Grants Receivable$89,460$54,577▼ $34,883
Intangible Assets$9,493$7,344▼ $2,149
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-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$3,387,072$3,209,338▼ $177,734
Other Assets Total-$0-
Liabilities
Other Liabilities$172,602--
Escrow Account Liability$5,000$5,000→ $0
Accounts Payable and Accrued Expenses$8,524$4,046▼ $4,478
Total Liabilities$186,126$9,046▼ $177,080
Net Assets / Fund Balance
Net Assets With Donor Restrictions$1,830,651$1,632,263▼ $198,388
Net Assets Without Donor Restrictions$1,370,295$1,568,029▲ $197,734
Total Net Assets Fund Balance$3,200,946$3,200,292▼ $654
Total Liabilities and Net Assets / Fund Balance$3,387,072$3,209,338▼ $177,734

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$719,995$35,550$755,545
Other Land Buildings$308,943-$308,943
Equipment$84,324$6,944$91,268

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$1,500,000-▼ $82,046-$1,417,954
2021-$1,500,000--$1,500,000
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseTotal
Judith McElhoneExecutive DirectorFT$38,718$38,718

Board Members and Trustees

NameTitle
Eric ForstmannPresident
Sally Van DorenVice President
Anna WebersenDirector
Joe GittermanDirector
Lisa ColemanDirector
Mark CavagneroDirector
Mark MalaspinaDirector
Ricardo J ReyesDirector
Christopher WilsonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$735,205
Program Service Revenue
$78,523
Investment Income
$38,089
Other Revenue
$35,470
All Other Contributions
$363,044
Change in Net Assets
$118,722

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
Works of Art37$122,800Fair Market Value (FMV)
Total Noncash Contributions37$122,800-

Audited Revenue Reconciliation

Revenue per Audited Statements
$896,593
Revenue Not Reported on Financial Statements
$-9,306
Revenue Not Reported on Form 990
$-119,376
Other Revenue Adjustments
$-9,306
Total Revenue per Audited Statements
$777,217
Total Revenue per Form 990
$887,287
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$429,763
Salaries, Compensation, and Employee Benefits$338,802
Total Fundraising Expense$45,069
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$176,403$72,546$25,404$274,353
Occupancy$120,551$30,000$5,000$155,551
Current Officers, Directors, Trustees, and Key Employees$24,780$10,067$3,871$38,718
Payroll Taxes$16,468$6,690$2,573$25,731
Depreciation Depletion$3,202$21,430-$24,632
Insurance$17,443$4,361-$21,804
Fees for Services Legal-$20,053-$20,053
Fees for Services Other-$13,641-$13,641
All Other Expenses$1,441$2,709$6,742$10,892
Information Technology$6,753$3,000-$9,753
Other Expenses$9,061$44,271-$9,061
Office Expenses$4,500$2,351-$6,851
Advertising$5,000-$1,479$6,479
Total Functional Expenses$477,695$245,801$45,069$768,565

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$777,871
Expenses per Audited Statements$768,565
Total Expenses per Form 990$768,565
Expenses Not Reported on Form 990$9,306
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$9,306
Fundraising Gross Income$7,077
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
10th Anniversary Celebration$14,062$4,251$2,751$1,500
Heist$25,516$1,030$2,530$-1,500
Total Events$45,328$6,051$6,051-
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
Yes
Audit committee
No
Backup withholding compliance
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
Yes
Other officer compensation reviewed
Yes
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, Part VI, Section B, Line 11B

“The 990 is reviewed by the Founding Executive Director and Associate Director and sent to the board treasurer.”

Form 990, Part VI, Section B, Line 12C

“All are asked to report conflicts of interest to the Executive Director or Board President.”

Form 990, Part VI, Section B, Line 15A

“Salary budget is reviewed by the executive board and the executive director regularly reviews organizational staffing needs and performance.”

Form 990, Part VI, Section B, Line 15B

“Salary budget is reviewed by the executive board and the executive director regularly reviews organizational staffing needs and performance.”

Form 990, Part VI, Section C, Line 19

“All documents are available upon request and 990 or 990-ez available through www.guidestar.org.”

Filing and Contact Details

Filer

Filer Name
Five Points Center
EIN
46-1555586
Phone
8606182167
Address
33 MAIN STREET PO BOX 1028, TORRINGTON, CT 06790

Signing Officer

Name
Judith McElhone
Title
Executive Director
Signed
2023-11-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Judith McElhone
Formed
2012
Legal Domicile
Ct
Voting Board Members
10
Independent Board Members
9
Employees
15
Volunteers
45

Preparer

Firm
King King & Associates Cpas
Address
170 HOLABIRD AVE, WINSTED, CT 06098
Preparer
Robert E King CPA
Phone
8603790215
Supplemental Narrative

Additional Explanations

PART XII, Line 1

“To correct reported basis of accounting to the Basis Five Points Center maintains their books on. Reported basis of Accrual in prior years was incorrect.”

Financial Statement Notes

Part IV, Line 2B: Explanation of escrow account liability

“Security Deposit”

Part XII, Line 2D: Other expenses and losses per audited F/S

“Special Events $9306”

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Filings

Displayed year

2022 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$3,209,338
Liabilities
$9,046
Net assets
$3,200,292
Revenue
$887,287
Expenses
$768,565
Net income
$118,722
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.43$0.05$4.38$1.51$0.94$0.57
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.21$0.01$3.20$0.89$0.77$0.12
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.39$0.19$3.20$2.69$0.50$2.19
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.21$0.20$1.01$0.73$0.34$0.39
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.30$0.00$0.30$0.33$0.18$0.15
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.14$0.00$0.14$0.12$0.14$0.01
2015Detailed filing. Detailed filing data is available for this year.$0.15$0.00$0.15$0.19$0.13$0.07
2014Detailed filing. Detailed filing data is available for this year.$0.08$0.00$0.08$0.13$0.07$0.07
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