Civic Intelligence

Five Points Center for the Visual Arts Inc.

990 • Fiscal year 2023 • EIN 46-1555586

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 14, 2024

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

29th percentile

0.01x

Higher debt load relative to assets than 29% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

32nd percentile

0.02x

Higher debt load relative to revenue than 32% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Net Margin

86th percentile

39%

Higher net margin than 86% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

48th percentile

$51,218

Higher top officer pay than 48% of similar nonprofits.

Top officer pay equals 4.0% of source-year revenue.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Asset Growth

74th percentile

18%

Faster asset growth than 74% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

81st percentile

44%

Faster revenue growth than 81% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets29th percentile

Assets

Up

$3,789,614

Up $580,276 (+18%) from 2022

Net Assets

Up

$3,762,568

Up $562,276 (+18%) from 2022

Liabilities

Up

$27,046

Up $18,000 (+199%) from 2022

Revenue And Expenses
Liabilities / Revenue32nd percentileNet Margin86th percentile

Revenue

Up

$1,273,550

Up $386,263 (+44%) from 2022

Expenses

Up

$775,793

Up $7,228 (+0.9%) from 2022

Net Income

Up

$497,757

Up $379,035 (+319%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth74th 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 2023: $3,789,614Liabilities 2023: $27,046Net Assets 2023: $3,762,5682023Assets 2024: $4,432,760Liabilities 2024: $50,939Net Assets 2024: $4,381,8212024

Highlighted filing

2023

Assets$3,789,614
Liabilities$27,046
Net Assets$3,762,568
Open 2023 Filing

Operations Trend

Revenue Growth81st 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 2023: $1,273,550Expenses 2023: $775,793Net Income 2023: $497,7572023Revenue 2024: $1,506,327Expenses 2024: $935,147Net Income 2024: $571,1802024

Highlighted filing

2023

Revenue$1,273,550
Expenses$775,793
Net Income$497,757
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 14, 2024
Return Version
2023v5.1
Gross Receipts
$1,286,531
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
Land, Buildings, and Equipment, Net$1,113,262$1,772,195▲ $658,933
Investments in Publicly Traded Securities$1,418,407$1,637,994▲ $219,587
Savings and Temporary Cash Investments$405,805$145,721▼ $260,084
Accounts Receivable$59,533$98,917▲ $39,384
Cash and Non-Interest-Bearing Accounts$150,410$92,142▼ $58,268
Pledges and Grants Receivable$54,577$35,713▼ $18,864
Intangible Assets$7,344$5,194▼ $2,150
Inventories for Sale or Use-$1,738-
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-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$3,209,338$3,789,614▲ $580,276
Other Assets Total-$0-
Liabilities
Accounts Payable and Accrued Expenses$4,046$22,046▲ $18,000
Escrow Account Liability$5,000$5,000→ $0
Total Liabilities$9,046$27,046▲ $18,000
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,568,029$2,084,624▲ $516,595
Net Assets With Donor Restrictions$1,632,263$1,677,944▲ $45,681
Total Net Assets Fund Balance$3,200,292$3,762,568▲ $562,276
Total Liabilities and Net Assets / Fund Balance$3,209,338$3,789,614▲ $580,276

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$931,471$56,997$988,468
Other Land Buildings$768,800-$768,800
Equipment$71,924$19,344$91,268

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$1,417,954-▲ $219,565-$1,637,519
2022$1,500,000-▼ $82,046-$1,417,954
2021-$1,500,000--$1,500,000
Compensation and Service Providers
Top Officer Pay48th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Judith McElhoneExecutive DirectorFT$51,218$51,218

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
$947,672
Program Service Revenue
$98,191
Investment Income
$155,315
Other Revenue
$72,372
All Other Contributions
$287,188
Change in Net Assets
$497,757

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 Art4$21,600Fair Market Value (FMV)
Books and Publications-$8,000Fair Market Value (FMV)
Other Non Cash Contri Table1$800Fair Market Value (FMV)
Total Noncash Contributions5$30,400-

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,285,712
Revenue Not Reported on Financial Statements
$-12,162
Revenue Not Reported on Form 990
$64,519
Other Revenue Adjustments
$-12,162
Total Revenue per Audited Statements
$1,350,231
Total Revenue per Form 990
$1,273,550
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$417,137
Other Expenses$358,656
Total Fundraising Expense$52,122
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$234,495$66,998$33,500$334,993
Occupancy$117,752$29,266$4,390$151,408
Current Officers, Directors, Trustees, and Key Employees$35,852$10,244$5,122$51,218
Depreciation Depletion$32,397$3,600-$35,997
Payroll Taxes$21,649$6,185$3,092$30,926
Insurance$16,710$4,178-$20,888
All Other Expenses$7,010$2,949$3,959$13,918
Fees for Services Other-$13,089-$13,089
Office Expenses$7,358$1,963$490$9,811
Information Technology$6,069$2,601-$8,670
Advertising$5,000-$1,569$6,569
Other Expenses$3,582$2,389-$5,971
Total Functional Expenses$523,914$199,757$52,122$775,793

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$787,955
Expenses per Audited Statements$775,793
Total Expenses per Form 990$775,793
Expenses Not Reported on Form 990$12,162
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$42,333
Fundraising Direct Expenses$12,981
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
artists in action$29,295$29,295$1,861$27,434
Print Festival$10,338$10,338$138$10,200
Total Events$39,633$39,633$6,648$32,985
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
Yes
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
2024-11-14
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
12
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

Form 990, Part XII, Line 2C

“Committee created for oversight”

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 $12162”

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IRS990/Desc0Five Points Arts finalized the purchase of the former University of Connecticut Torrington campus on June 30, 2020. The 30,000 sq. ft. building and surrounding 90 acres has been transformed into the Five Points Art Center. The center is designed as a dynamic, vibrant, cross disciplinary laboratory where artists explore new techniques and concept, learn from one another and engage the community through workshops, seminars, lectures, and outdoor interactive experiences.In conjunction with the Five Points' galleries and launchpad initiatives in downtown Torrington the Art Center will exponentially further the positive impact of the arts in our region and extend the understanding of the visual arts as a vehicle for positive social, community, cultural and economic change.
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt051310
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IRS990/PrincipalOfficerNm0Judith McElhone
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IRS990/ProgSrvcAccomActy2Grp/Desc0The Five Points Launchpad supports emerging artists by providing affordable shared studio spaces above Five Points Gallery. In addition to workspace, the initiative offers a mentorship program, a serious arts community, gallery management experience and a Five Points Gallery exhibition opportunity.
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IRS990/ProgSrvcAccomActy3Grp/Desc0The Five Points Annex, an expansion of the Five Points Launchpad program, is an affordable community pop-up gallery managed by the Launchpad artists.
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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,789,614
Liabilities
$27,046
Net assets
$3,762,568
Revenue
$1,273,550
Expenses
$775,793
Net income
$497,757
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
2023Detailed filing. Detailed filing data is available for this year.$3.79$0.03$3.76$1.27$0.78$0.50
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