Civic Intelligence

Indiespace Inc.

990 • Fiscal year 2021 • EIN 47-4523884

Jan 01, 2021 to Dec 31, 2021 • Filed on Aug 29, 2022

48-15 28th AvenueAstoria, NY 11103

(917) 626-1369

Siviq Scores

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

Liabilities / Assets

78th percentile

0.42x

Higher debt load relative to assets than 78% of similar nonprofits.

2021 filings • NTEE A65 • <$500k nonprofits • Source year 2021

Liabilities / Revenue

84th percentile

0.42x

Higher debt load relative to revenue than 84% of similar nonprofits.

2021 filings • NTEE A65 • <$500k nonprofits • Source year 2021

Net Margin

31st percentile

-1.2%

Higher net margin than 31% of similar nonprofits.

2021 filings • NTEE A65 • <$500k nonprofits • Source year 2021

Top Officer Pay

94th percentile

$50,000

Higher top officer pay than 94% of similar nonprofits.

Top officer pay equals 36.8% of source-year revenue.

2021 filings • NTEE A65 • <$500k nonprofits • Source year 2021

Asset Growth

4th percentile

-60%

Faster asset growth than 4% of similar nonprofits.

2021 filings • NTEE A65 • <$500k nonprofits • Annualized from 2020 to 2021

Revenue Growth

26th percentile

-27%

Faster revenue growth than 26% of similar nonprofits.

2021 filings • NTEE A65 • <$500k nonprofits • Annualized from 2020 to 2021

Assets

Down

$134,674

Down $205,640 (-60%) from 2020

Net Assets

Down

$77,833

Down $251,676 (-76%) from 2020

Liabilities

Up

$56,841

Up $46,036 (+426%) from 2020

Revenue

Down

$135,744

Down $50,808 (-27%) from 2020

Expenses

Down

$137,420

Down $36,603 (-21%) from 2020

Net Income

Down

-$1,676

Down $14,205 (-113%) from 2020

Historical Trend

Balance Sheet Trend

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

$2.0M$1.5M$1.0M$500K$0Assets 2016: $15,616Net Assets 2016: $15,6162016Assets 2017: $9,727Liabilities 2017: $2,000Net Assets 2017: $7,7272017Assets 2018: $260,935Liabilities 2018: $157Net Assets 2018: $260,7782018Assets 2019: $317,025Liabilities 2019: $45Net Assets 2019: $316,9802019Assets 2020: $340,314Liabilities 2020: $10,805Net Assets 2020: $329,5092020Assets 2021: $134,674Liabilities 2021: $56,841Net Assets 2021: $77,8332021Assets 2022: $868,878Liabilities 2022: $19,952Net Assets 2022: $848,9262022Assets 2023: $900,952Liabilities 2023: $154,954Net Assets 2023: $745,9982023Assets 2024: $1,670,224Liabilities 2024: $15,554Net Assets 2024: $1,654,6702024

Highlighted filing

2021

Assets$134,674
Liabilities$56,841
Net Assets$77,833

Operations Trend

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

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2016: $93,682Expenses 2016: $78,066Net Income 2016: $15,6162016Revenue 2017: $57,222Expenses 2017: $65,111Net Income 2017: -$7,8892017Revenue 2018: $317,280Expenses 2018: $64,229Net Income 2018: $253,0512018Revenue 2019: $120,695Expenses 2019: $64,493Net Income 2019: $56,2022019Revenue 2020: $186,552Expenses 2020: $174,023Net Income 2020: $12,5292020Revenue 2021: $135,744Expenses 2021: $137,420Net Income 2021: -$1,6762021Revenue 2022: $1,533,164Expenses 2022: $762,071Net Income 2022: $771,0932022Revenue 2023: $1,232,104Expenses 2023: $1,335,032Net Income 2023: -$102,9282023Revenue 2024: $2,155,460Expenses 2024: $1,243,446Net Income 2024: $912,0142024

Highlighted filing

2021

Revenue$135,744
Expenses$137,420
Net Income-$1,676
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Aug 29, 2022
Return Version
2021v4.1
Gross Receipts
$135,744
Mission and Program Overview

Mission

The organization's primary mission is to create permanent real estate solutions for the indie theatre community by delivering affordable creative space for a diversity of performing artists along with supportive programming, indiespace will help preserve and enhance a vital piece of the cultural lives of new yorkers.

The organization's primary mission is to create permanent real estate solutions for the indie theatre community by delivering affordable creative space for a diversity of performing artists along with supportive programming,indiespace will help preserve and enhance a vital piece of the cultural lives of new yorkers.

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable$250,000--
Cash and Non-Interest-Bearing Accounts$77,456$113,230▲ $35,774
Savings and Temporary Cash Investments$12,858$8,469▼ $4,389
Intangible Assets-$6,000-
Land, Buildings, and Equipment, Net-$1,229-
Prepaid Expenses and Deferred Charges-$1,192-
Total Assets$340,314$134,674▼ $205,640
Other Assets Total-$4,554-
Liabilities
Other Liabilities-$30,000-
Accounts Payable and Accrued Expenses$10,805$26,841▲ $16,036
Total Liabilities$10,805$56,841▲ $46,036
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$54,509$52,833▼ $1,676
Net Assets With Donor Restrictions$275,000$25,000▼ $250,000
Total Net Assets Fund Balance$329,509$77,833▼ $251,676
Total Liabilities and Net Assets / Fund Balance$340,314$134,674▼ $205,640

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$1,229$88$1,317
Land$0--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Randi BerryBoard Member/executive DirectorFT$50,000$50,000
Brea ClemonsBoard MemberPT$33,365$33,365

Board Members and Trustees

NameTitle
Paul LeibowitzPresident
Charlie LebessBoard Member
Pamela KupperBoard Member
Samuel MoralesBoard Member
Joseph AuldSecretary
Erez ZivTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$135,694
Program Service Revenue
$0
Investment Income
$1
Other Revenue
$49
All Other Contributions
$130,694
Change in Net Assets
$-1,676

Audited Revenue Reconciliation

Revenue per Audited Statements
$135,744
Revenue Not Reported on Form 990
$211,803
Total Revenue per Audited Statements
$347,547
Total Revenue per Form 990
$135,744
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$64,297
Other Expenses$53,123
Grants and Similar Amounts Paid$20,000
Total Fundraising Expense$11,329
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$42,215$10,896$5,076$58,187
Grants to Domestic Orgs$20,000--$20,000
Fees for Services Accounting$0$17,772$0$17,772
Payroll Taxes$4,433$1,144$533$6,110
Other Expenses$0$1,714$0$1,714
All Other Expenses$250$64$0$314
Insurance$0$187$0$187
Office Expenses$0$149$0$149
Advertising$0$114$0$114
Depreciation Depletion$0$88$0$88
Total Functional Expenses$66,898$59,193$11,329$137,420

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$349,223
Expenses Not Reported on Form 990$211,803
Expenses per Audited Statements$137,420
Total Expenses per Form 990$137,420
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
The Indie Theater FundAstoria, NY501(c)(3)Program services$20,000
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Grant Advance$30,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
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
Filing and Contact Details

Filer

Filer Name
Indiespace Inc
EIN
47-4523884
Phone
9176261369
Address
48-15 28TH AVENUE, ASTORIA, NY 11103

Signing Officer

Name
Randi Berry
Title
Executive Director
Phone
9176261369
Signed
2022-08-29
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Randi Berry
Formed
2015
Legal Domicile
Ny
Voting Board Members
8
Independent Board Members
6
Employees
2
Volunteers
12

Preparer

Firm
Rich and Bander Llp
Address
79 Madison Avenue 2nd Floor, New York, NY 10016
Preparer
Jonathan a Bander
Phone
2126842470
Supplemental Narrative

Additional Explanations

Other

Form 990, part iii, line 4a - program service accomplishments: in 2021, indiespace continued its search for a new, permanent space for indie theater artists and we grew our advisory and consulting program by 38 organizations. Indiespace provided considerable support to all of its current and past clients during covid closures. Indiespace maintains contact with its past advisory and consulting clients, offering support as needed, on various issues like landlord communication, dob violations, etc. Below are a few of our 2021 success stories: - indiespace helped the secret theater gracefully close their doors and then worked with astoria performing arts center to take over the secret theater space. Indiespace helped negotiate the new lease and gave a lease clause class to apac administration before signing. Indiespace preserved this theater as a cultural space as the ll had demolished it and planned to rent it to a gym - indiespace worked with the wild project to continue purchase conversations with the owner of their space. We are reviewing and evaluating creative opportunities for renting to own or seller financing. We also connected the wild project with appraisers and other consultants to move this project forward - indiespace hosted three panels and four roundtables on lease negotiation and strategy during covid, hvac upgrades with specialists, new seating configurations with architects and on legal responsibilities of tenants during the pandemic - indiespace worked with the bushwick starr to help them determine a property purchase was the right next step for their org. We connected to them to brokers, evaluated properties and helped them connect to potential financing options - we participated in strategic planning for four organizations who were exploring space challenges or opportunities during the covid closures: epic players, elevator repair service, the connelly and classical theater of harlem - indiespace helped grand central atelier sign a new lease for space in brooklyn - we continued lease negotiations with the apollo on behalf of classical theater of harlem. Began exploring space purchase options in the event the apollo negotiation is not successful - indiespace consulted with 50+ orgs on lease negotiations with landlords due to covid closures - indiespace co hosted a weekly strategy call for indie venues on various re-opening processes and concerns - indiespace provided ongoing support to all of its advisory and consulting clients when dealing with the dob and the fire dept, saving them thousands of dollars in potential, unfounded fines.

Pt VI, Line 11B

990 is reviewed/approved by the board prior to filing.

Pt VI, Line 12C

Officers/directors are required to disclose conflicts of interest annually to the board secretary.

Pt VI, Line 19

Governing documents disclosure explanation - certain policies and documents can be made available upon request.

Financial Statement Notes

Pt X, Line 2

The organization has evaluated its current tax positions and has concluded that as of december 31, 2021, the organization does not have any significant uncertain tax positions for which a reserve would be necessary.

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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0IndieSpace asserts that we are operating as a not for profit organization and not a private foundation. Paul Leibowitz has supported a good portion of our operating expenses as we found our footing as an organization and grew our programming. Each year we've gotten more funding and have moved closer to expanding our donor base. It was always the intention that Paul would help as we started and that slowly other donors and funders and services would eventually garner what we needed for operation. We provide free advisory and consulting services to many many venues and independent artists in NYC. We are viewed as a service organization by the community and are providing a vital service to artists in NYC. We are now in consistent conversations with private foundations and have been garnering more and more attention from government, press and other organizations in our field. This process has taken time, especially having started with a budget less than $250,000, the threshold that many foundations require you to be above in order to get their funding. We've been able to prove ourselves in this way and are receiving operating support and programming support from The Howard Gilman Foundation, The New York Community Trust, New York State Council on the Arts and more. It is because of our work as a not for profit and the high level of service we provide to our field that these funders, who do rigorous vetting, have found us worthy of their support and within any guidelines for operating a not for profit. We are also in the middle of a merger with another service organization, The Indie Theater Fund. The Indie Theater Fund has been around longer than IndieSpace and has a very active individual donor base and receives considerable support from foundations. The Fund will ultimately be a program of IndieSpace and we believe will maintain these donors and funders. See also Schedule O line number "Other" for additional information regarding the organization's 2021 accomplishments.
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION HAS EVALUATED ITS CURRENT TAX POSITIONS AND HAS CONCLUDED THAT AS OF DECEMBER 31, 2021, THE ORGANIZATION DOES NOT HAVE ANY SIGNIFICANT UNCERTAIN TAX POSITIONS FOR WHICH A RESERVE WOULD BE NECESSARY.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FORM 990, PART III, LINE 4A - PROGRAM SERVICE ACCOMPLISHMENTS: IN 2021, INDIESPACE CONTINUED ITS SEARCH FOR A NEW, PERMANENT SPACE FOR INDIE THEATER ARTISTS AND WE GREW OUR ADVISORY AND CONSULTING PROGRAM BY 38 ORGANIZATIONS. INDIESPACE PROVIDED CONSIDERABLE SUPPORT TO ALL OF ITS CURRENT AND PAST CLIENTS DURING COVID CLOSURES. INDIESPACE MAINTAINS CONTACT WITH ITS PAST ADVISORY AND CONSULTING CLIENTS, OFFERING SUPPORT AS NEEDED, ON VARIOUS ISSUES LIKE LANDLORD COMMUNICATION, DOB VIOLATIONS, ETC. BELOW ARE A FEW OF OUR 2021 SUCCESS STORIES: - INDIESPACE HELPED THE SECRET THEATER GRACEFULLY CLOSE THEIR DOORS AND THEN WORKED WITH ASTORIA PERFORMING ARTS CENTER TO TAKE OVER THE SECRET THEATER SPACE. INDIESPACE HELPED NEGOTIATE THE NEW LEASE AND GAVE A LEASE CLAUSE CLASS TO APAC ADMINISTRATION BEFORE SIGNING. INDIESPACE PRESERVED THIS THEATER AS A CULTURAL SPACE AS THE LL HAD DEMOLISHED IT AND PLANNED TO RENT IT TO A GYM - INDIESPACE WORKED WITH THE WILD PROJECT TO CONTINUE PURCHASE CONVERSATIONS WITH THE OWNER OF THEIR SPACE. WE ARE REVIEWING AND EVALUATING CREATIVE OPPORTUNITIES FOR RENTING TO OWN OR SELLER FINANCING. WE ALSO CONNECTED THE WILD PROJECT WITH APPRAISERS AND OTHER CONSULTANTS TO MOVE THIS PROJECT FORWARD - INDIESPACE HOSTED THREE PANELS AND FOUR ROUNDTABLES ON LEASE NEGOTIATION AND STRATEGY DURING COVID, HVAC UPGRADES WITH SPECIALISTS, NEW SEATING CONFIGURATIONS WITH ARCHITECTS AND ON LEGAL RESPONSIBILITIES OF TENANTS DURING THE PANDEMIC - INDIESPACE WORKED WITH THE BUSHWICK STARR TO HELP THEM DETERMINE A PROPERTY PURCHASE WAS THE RIGHT NEXT STEP FOR THEIR ORG. WE CONNECTED TO THEM TO BROKERS, EVALUATED PROPERTIES AND HELPED THEM CONNECT TO POTENTIAL FINANCING OPTIONS - WE PARTICIPATED IN STRATEGIC PLANNING FOR FOUR ORGANIZATIONS WHO WERE EXPLORING SPACE CHALLENGES OR OPPORTUNITIES DURING THE COVID CLOSURES: EPIC PLAYERS, ELEVATOR REPAIR SERVICE, THE CONNELLY AND CLASSICAL THEATER OF HARLEM - INDIESPACE HELPED GRAND CENTRAL ATELIER SIGN A NEW LEASE FOR SPACE IN BROOKLYN - WE CONTINUED LEASE NEGOTIATIONS WITH THE APOLLO ON BEHALF OF CLASSICAL THEATER OF HARLEM. BEGAN EXPLORING SPACE PURCHASE OPTIONS IN THE EVENT THE APOLLO NEGOTIATION IS NOT SUCCESSFUL - INDIESPACE CONSULTED WITH 50+ ORGS ON LEASE NEGOTIATIONS WITH LANDLORDS DUE TO COVID CLOSURES - INDIESPACE CO HOSTED A WEEKLY STRATEGY CALL FOR INDIE VENUES ON VARIOUS RE-OPENING PROCESSES AND CONCERNS - INDIESPACE PROVIDED ONGOING SUPPORT TO ALL OF ITS ADVISORY AND CONSULTING CLIENTS WHEN DEALING WITH THE DOB AND THE FIRE DEPT, SAVING THEM THOUSANDS OF DOLLARS IN POTENTIAL, UNFOUNDED FINES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1990 IS REVIEWED/APPROVED BY THE BOARD PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2OFFICERS/DIRECTORS ARE REQUIRED TO DISCLOSE CONFLICTS OF INTEREST ANNUALLY TO THE BOARD SECRETARY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3GOVERNING DOCUMENTS DISCLOSURE EXPLANATION - CERTAIN POLICIES AND DOCUMENTS CAN BE MADE AVAILABLE UPON REQUEST.
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