Civic Intelligence

Foundry Project Arts Incubator

990 • Fiscal year 2022 • EIN 47-4332964

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 15, 2023

2952 Fairmount BlvdCleveland Hts, OH 44118

(216) 906-1300

Siviq Scores

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

Liabilities / Assets

31st percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Liabilities / Revenue

31st percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Net Margin

98th percentile

96%

Higher net margin than 98% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Top Officer Pay

53rd percentile

$0

Higher top officer pay than 53% of similar nonprofits.

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

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2022

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2022

Assets

$520,812

No earlier filing loaded for comparison.

Net Assets

$520,812

No earlier filing loaded for comparison.

Liabilities

$0

No earlier filing loaded for comparison.

Revenue

$540,265

No earlier filing loaded for comparison.

Expenses

$21,965

No earlier filing loaded for comparison.

Net Income

$518,300

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

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

$1.0M$500K$0Assets 2022: $520,812Liabilities 2022: $0Net Assets 2022: $520,8122022Assets 2023: $921,366Liabilities 2023: $0Net Assets 2023: $921,3662023Assets 2024: $989,270Liabilities 2024: $0Net Assets 2024: $989,2702024

Highlighted filing

2022

Assets$520,812
Liabilities$0
Net Assets$520,812

Operations Trend

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

$600K$400K$200K$0Revenue 2022: $540,265Expenses 2022: $21,965Net Income 2022: $518,3002022Revenue 2023: $428,741Expenses 2023: $28,187Net Income 2023: $400,5542023Revenue 2024: $77,420Expenses 2024: $9,516Net Income 2024: $67,9042024

Highlighted filing

2022

Revenue$540,265
Expenses$21,965
Net Income$518,300
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 15, 2023
Return Version
2022v5.0
Gross Receipts
$540,265
Mission and Program Overview

Mission

To renovate a condemended building & land to become a viable arts & technology incubator

To renovate a condemended bullding & land to become a viable arts & technology incubator

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net-$520,652-
Other Notes and Loans Receivable, Net$2,500--
Cash and Non-Interest-Bearing Accounts$12$160▲ $148
Total Assets$2,512$520,812▲ $518,300
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,512$520,812▲ $518,300
Total Net Assets Fund Balance$2,512$520,812▲ $518,300
Total Liabilities and Net Assets / Fund Balance$2,512$520,812▲ $518,300

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$515,652-$515,652
Land$5,000-$5,000
Compensation and Service Providers

Board Members and Trustees

NameTitle
James D ShoreyPres
Revenue and Support

Revenue Composition

Contributions and Grants
$540,265
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$20,850
Change in Net Assets
$518,300
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$13,000
Other Expenses$8,965
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees-$13,000-$13,000
Fees for Services Management-$7,500-$7,500
Other Expenses-$752-$752
Total Functional Expenses$0$21,965$0$21,965
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
Yes
Audit committee
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990 governing body review Part VI line 11

No review was conducted or will be conducted

Governing documents etc available to public Part VI line 19

Governing documents are available during business hours

Filing and Contact Details

Filer

Filer Name
Foundry Project Arts Incubator
EIN
47-4332964
Address
2952 FAIRMOUNT BLVD, CLEVELAND HTS, OH 44118
Doing Business As
Foundry Project Arts Incubator

Signing Officer

Name
James D Shorey
Title
Pres
Phone
2169061300
Signed
2023-11-15
Discuss with paid preparer
No

Organization Details

Principal Officer
James D Shorey
Formed
2015
Legal Domicile
Oh
Voting Board Members
1
Independent Board Members
0
Employees
0

Preparer

Firm
Barnett & Barnett Inc
Address
1846 FULTON RD, CLEVELAND, OH 44113
Preparer
Kathleen a Barnett
Phone
4405265295
Supplemental Narrative

Additional Explanations

Unrelated business income explanation Part V line 3B

Organization does not have any unrelated business income

Raw XML Appendix257 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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