Civic Intelligence

American Friends of Contemporary Artinc

990 • Fiscal year 2017 • EIN 47-1608241

Jan 01, 2017 to Dec 31, 2017 • Filed on Oct 03, 2018

Organization ProfileN/A
1133 Avenue Of The AmericasNew York, NY 10036-6710

(212) 336-2041

Siviq Scores

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

Liabilities / Assets

15th percentile

0.00x

Higher debt load relative to assets than 15% of similar nonprofits.

2017 filings • NTEE A • $5M-$10M nonprofits • Source year 2017

Liabilities / Revenue

7th percentile

0.00x

Higher debt load relative to revenue than 7% of similar nonprofits.

2017 filings • NTEE A • $5M-$10M nonprofits • Source year 2017

Net Margin

99th percentile

100%

Higher net margin than 99% of similar nonprofits.

2017 filings • NTEE A • $5M-$10M nonprofits • Source year 2017

Top Officer Pay

19th percentile

$0

Higher top officer pay than 19% of similar nonprofits.

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

2017 filings • NTEE A • $5M-$10M nonprofits • Source year 2017

Asset Growth

99th percentile

666%

Faster asset growth than 99% of similar nonprofits.

2017 filings • NTEE A • $5M-$10M nonprofits • Annualized from 2016 to 2017

Revenue Growth

100th percentile

10301%

Faster revenue growth than 100% of similar nonprofits.

2017 filings • NTEE A • $5M-$10M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets15th percentile

Assets

Up

$7,272,331

Up $6,323,526 (+666%) from 2016

Net Assets

Up

$7,259,306

Up $6,324,501 (+677%) from 2016

Liabilities

Down

$13,025

Down $975 (-7.0%) from 2016

Revenue And Expenses
Liabilities / Revenue7th percentileNet Margin99th percentile

Revenue

Up

$6,344,575

Up $6,283,575 (+10301%) from 2016

Expenses

Up

$20,074

Up $1,324 (+7.1%) from 2016

Net Income

Up

$6,324,501

Up $6,282,251 (+14869%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth99th percentile

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

$8.0M$6.0M$4.0M$2.0M$0Assets 2014: $1Liabilities 2014: $02014Assets 2015: $900,055Liabilities 2015: $7,500Net Assets 2015: $892,5552015Assets 2016: $948,805Liabilities 2016: $14,000Net Assets 2016: $934,8052016Assets 2017: $7,272,331Liabilities 2017: $13,025Net Assets 2017: $7,259,3062017Assets 2018: $7,414,073Liabilities 2018: $0Net Assets 2018: $7,414,0732018Assets 2019: $6,430,142Liabilities 2019: $0Net Assets 2019: $6,430,1422019Assets 2020: $7,748,552Liabilities 2020: $0Net Assets 2020: $7,748,5522020Assets 2021: $1,828,282Liabilities 2021: $0Net Assets 2021: $1,828,2822021Assets 2022: $1,816,488Liabilities 2022: $0Net Assets 2022: $1,816,4882022Assets 2023: $1,694,888Liabilities 2023: $0Net Assets 2023: $1,694,8882023Assets 2024: $1,437,485Liabilities 2024: $0Net Assets 2024: $1,437,4852024

Highlighted filing

2017

Assets$7,272,331
Liabilities$13,025
Net Assets$7,259,306
Open 2017 Filing

Operations Trend

Revenue Growth100th percentile

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

$10M$5.0M$0-$5.0M-$10MRevenue 2014: $0Expenses 2014: $0Net Income 2014: $02014Revenue 2015: $900,100Expenses 2015: $7,545Net Income 2015: $892,5552015Revenue 2016: $61,000Expenses 2016: $18,750Net Income 2016: $42,2502016Revenue 2017: $6,344,575Expenses 2017: $20,074Net Income 2017: $6,324,5012017Revenue 2018: $183,162Expenses 2018: $28,395Net Income 2018: $154,7672018Revenue 2019: $82,356Expenses 2019: $1,066,287Net Income 2019: -$983,9312019Revenue 2020: $1,669,559Expenses 2020: $351,149Net Income 2020: $1,318,4102020Revenue 2021: $604,276Expenses 2021: $6,524,546Net Income 2021: -$5,920,2702021Revenue 2022: $294,551Expenses 2022: $306,345Net Income 2022: -$11,7942022Revenue 2023: $43,931Expenses 2023: $165,531Net Income 2023: -$121,6002023Revenue 2024: $2,676,247Expenses 2024: $2,933,650Net Income 2024: -$257,4032024

Highlighted filing

2017

Revenue$6,344,575
Expenses$20,074
Net Income$6,324,501
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Oct 3, 2018
Return Version
2017v2.3
Gross Receipts
$6,344,575
Mission and Program Overview

Mission

The purposes of the organization are to provide financial and other support to programs and projects that foster the understanding and appreciation of modern and contemporary art, with a particular focus on the works of spanish-speaking artists. In furtherance of these purposes, the organization will support, among other programs and projects, the activities of fundacion museo reina sofia (the "foundation"), an international organization headquartered in madrid, spain, whose purposes are to promote partnerships among museums, art centers, and universities in order to encourage more widespread appreciation of art and spanish artists, and to support the museo nacional centro de arte reina sofia (the "museum"), an internationally renowned art museum located in madrid, spain. The organization may also support other organizations and projects that share the charitable and educational missions of the foundation and the museum.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$48,805$66,156▲ $17,351
Total Assets$948,805$7,272,331▲ $6,323,526
Other Assets Total$900,000$7,206,175▲ $6,306,175
Liabilities
Accounts Payable and Accrued Expenses$14,000$13,025▼ $975
Total Liabilities$14,000$13,025▼ $975
Net Assets / Fund Balance
Unrestricted Net Assets$934,805$7,259,306▲ $6,324,501
Total Net Assets Fund Balance$934,805$7,259,306▲ $6,324,501
Total Liabilities and Net Assets / Fund Balance$948,805$7,272,331▲ $6,323,526

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$7,206,175--
Compensation and Service Providers
Top Officer Pay19th percentile

Board Members and Trustees

NameTitle
Frederick HenryPresident& Director
Jennifer Van De VoordeDirector
Joan WeakleyDirector
Ana Tome DiazSecretary & Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$6,344,575
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$6,344,575
Change in Net Assets
$6,324,501

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 Art2$6,306,175Appraisal
Total Noncash Contributions2$6,306,175-

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,344,575
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$6,344,575
Total Revenue per Form 990
$6,344,575
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$20,074
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
Fees for Services Legal-$12,029-$12,029
Fees for Services Accounting-$8,025-$8,025
Office Expenses-$20-$20
Total Functional Expenses$0$20,074$0$20,074

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$20,074
Total Expenses per Audited Statements$20,074
Total Expenses per Form 990$20,074
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
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
No
Annual disclosure for covered persons
Yes
Audit committee
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, Part VI, Section B, Line 11B

“Organization's process to review form 990 each member of the board is given a copy of form 990 via email before the form is filed.”

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

“Enforcement of conflicts policy the organization's board reviews the conflict of interest policy for compliance on an annual basis. All members of the board of directors annually review and sign a conflict of interest disclosure form.”

Form 990, Part VI, Section C, Line 19

“Governing documents, conflict of interest policy, and financial statements are made available to the public upon request by calling our office at 212-336-2041.”

Filing and Contact Details

Filer

Filer Name
American Friends of Contemporary Artinc
EIN
47-1608241
Phone
2123362041
Address
1133 AVENUE OF THE AMERICAS, NEW YORK, NY 10036-6710

Signing Officer

Name
Frederick Henry
Title
President
Phone
2123362041
Signed
2018-10-03
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Frederick Henry
Formed
2014
Legal Domicile
De
Voting Board Members
3
Independent Board Members
3
Employees
0
Volunteers
4

Preparer

Firm
PKF O'CONNOR DAVIES LLP
Address
665 FIFTH AVENUE, NEW YORK, NY 10022
Preparer
Christopher D Petermann
Phone
2122862600
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 2C:

“The board of directors select and approve the independent auditors and oversee the audit process.”

Financial Statement Notes

PART X, LINE 2:

“The organization recognizes the effect of income tax positions only when they are more likely than not of being sustained. Management has determined that the organization had no uncertain tax positions that would require financial statement recognition or disclosure.”

Raw XML Appendix312 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/MissionDesc0THE PURPOSES OF THE ORGANIZATION ARE TO PROVIDE FINANCIAL AND OTHER SUPPORT TO PROGRAMS AND PROJECTS THAT FOSTER THE UNDERSTANDING AND APPRECIATION OF MODERN AND CONTEMPORARY ART, WITH A PARTICULAR FOCUS ON THE WORKS OF SPANISH-SPEAKING ARTISTS. IN FURTHERANCE OF THESE PURPOSES, THE ORGANIZATION WILL SUPPORT, AMONG OTHER PROGRAMS AND PROJECTS, THE ACTIVITIES OF FUNDACION MUSEO REINA SOFIA (THE "FOUNDATION"), AN INTERNATIONAL ORGANIZATION HEADQUARTERED IN MADRID, SPAIN, WHOSE PURPOSES ARE TO PROMOTE PARTNERSHIPS AMONG MUSEUMS, ART CENTERS, AND UNIVERSITIES IN ORDER TO ENCOURAGE MORE WIDESPREAD APPRECIATION OF ART AND SPANISH ARTISTS, AND TO SUPPORT THE MUSEO NACIONAL CENTRO DE ARTE REINA SOFIA (THE "MUSEUM"), AN INTERNATIONALLY RENOWNED ART MUSEUM LOCATED IN MADRID, SPAIN. THE ORGANIZATION MAY ALSO SUPPORT OTHER ORGANIZATIONS AND PROJECTS THAT SHARE THE CHARITABLE AND EDUCATIONAL MISSIONS OF THE FOUNDATION AND THE MUSEUM.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ORGANIZATION'S PROCESS TO REVIEW FORM 990 EACH MEMBER OF THE BOARD IS GIVEN A COPY OF FORM 990 VIA EMAIL BEFORE THE FORM IS FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ENFORCEMENT OF CONFLICTS POLICY THE ORGANIZATION'S BOARD REVIEWS THE CONFLICT OF INTEREST POLICY FOR COMPLIANCE ON AN ANNUAL BASIS. ALL MEMBERS OF THE BOARD OF DIRECTORS ANNUALLY REVIEW AND SIGN A CONFLICT OF INTEREST DISCLOSURE FORM.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST BY CALLING OUR OFFICE AT 212-336-2041.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE BOARD OF DIRECTORS SELECT AND APPROVE THE INDEPENDENT AUDITORS AND OVERSEE THE AUDIT PROCESS.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART XI, LINE 2C:
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IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt020074
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IRS990/TotalFunctionalExpensesGrp/TotalAmt020074
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ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0NEW YORK
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ReturnHeader/TaxPeriodEndDt02017-12-31
ReturnHeader/TaxYr02017

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$7,272,331
Liabilities
$13,025
Net assets
$7,259,306
Revenue
$6,344,575
Expenses
$20,074
Net income
$6,324,501
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.44$0.00$1.44$2.68$2.93$0.26
2023Detailed filing. Detailed filing data is available for this year.$1.69$0.00$1.69$0.04$0.17$0.12
2022Detailed filing. Detailed filing data is available for this year.$1.82$0.00$1.82$0.29$0.31$0.01
2021Detailed filing. Detailed filing data is available for this year.$1.83$0.00$1.83$0.60$6.52$5.92
2020Detailed filing. Detailed filing data is available for this year.$7.75$0.00$7.75$1.67$0.35$1.32
2019Detailed filing. Detailed filing data is available for this year.$6.43$0.00$6.43$0.08$1.07$0.98
2018Summary only. Only limited summary data is available for this year.$7.41$0.00$7.41$0.18$0.03$0.15
2017Detailed filing. Detailed filing data is available for this year.$7.27$0.01$7.26$6.34$0.02$6.32
2016Detailed filing. Detailed filing data is available for this year.$0.95$0.01$0.93$0.06$0.02$0.04
2015Summary only. Only limited summary data is available for this year.$0.90$0.01$0.89$0.90$0.01$0.89
2014Summary only. Only limited summary data is available for this year.$0.00$0.00$0.00$0.00$0.00