Civic Intelligence

Indiespace Inc.

990 • Fiscal year 2023 • EIN 47-4523884

Jan 01, 2023 to Dec 31, 2023 • Filed on Jul 08, 2024

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

68th percentile

0.17x

Higher debt load relative to assets than 68% of similar nonprofits.

2023 filings • NTEE A • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

54th percentile

0.13x

Higher debt load relative to revenue than 54% of similar nonprofits.

2023 filings • NTEE A • $1M-$5M nonprofits • Source year 2023

Net Margin

34th percentile

-8.4%

Higher net margin than 34% of similar nonprofits.

2023 filings • NTEE A • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

80th percentile

$122,231

Higher top officer pay than 80% of similar nonprofits.

Top officer pay equals 9.9% of source-year revenue.

2023 filings • NTEE A • $1M-$5M nonprofits • Source year 2023

Asset Growth

51st percentile

3.7%

Faster asset growth than 51% of similar nonprofits.

2023 filings • NTEE A • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

23rd percentile

-20%

Faster revenue growth than 23% of similar nonprofits.

2023 filings • NTEE A • $1M-$5M nonprofits • Annualized from 2022 to 2023

Assets

Up

$900,952

Up $32,074 (+3.7%) from 2022

Net Assets

Down

$745,998

Down $102,928 (-12%) from 2022

Liabilities

Up

$154,954

Up $135,002 (+677%) from 2022

Revenue

Down

$1,232,104

Down $301,060 (-20%) from 2022

Expenses

Up

$1,335,032

Up $572,961 (+75%) from 2022

Net Income

Down

-$102,928

Down $874,021 (-113%) from 2022

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

2023

Assets$900,952
Liabilities$154,954
Net Assets$745,998

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

2023

Revenue$1,232,104
Expenses$1,335,032
Net Income-$102,928
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Jul 8, 2024
Return Version
2023v5.1
Gross Receipts
$1,252,309
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.

Indiespace celebrates and centers independent theater-making in new york city. The organization provides radically transparent, responsive and equity-focused funding, real estate programs, professional development, and advocacy to individual artists, theater companies, and indie venues.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$442,518$404,024▼ $38,494
Accounts Receivable$268,263--
Pledges and Grants Receivable-$239,000-
Savings and Temporary Cash Investments$126,005$184,003▲ $57,998
Land, Buildings, and Equipment, Net$12,405$29,784▲ $17,379
Other Notes and Loans Receivable, Net-$20,350-
Inventories for Sale or Use-$12,741-
Prepaid Expenses and Deferred Charges$7,437--
Intangible Assets$6,000$4,800▼ $1,200
Total Assets$868,878$900,952▲ $32,074
Other Assets Total$6,250$6,250→ $0
Liabilities
Grants Payable-$130,150-
Accounts Payable and Accrued Expenses$19,952$24,804▲ $4,852
Total Liabilities$19,952$154,954▲ $135,002
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$396,426$416,498▲ $20,072
Net Assets With Donor Restrictions$452,500$329,500▼ $123,000
Total Net Assets Fund Balance$848,926$745,998▼ $102,928
Total Liabilities and Net Assets / Fund Balance$868,878$900,952▲ $32,074

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$23,153$6,556-
Equipment$5,131$1,969-
Leasehold Improvements$1,500$1,000-
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Randi BerryBoard Member/executive DirectorFT$122,231$122,231
Veshonte BrownBoard Member/programs ManagerFT$62,500$62,500

Board Members and Trustees

NameTitle
Paul LeibowitzCo-president
Raquel AlmazanCo-president
Andrew ClarkeBoard Member
Brea ClemonsBoard Member
Dechelle DamienBoard Member
Erez ZivBoard Member
Joseph AuldBoard Member
Marty LinskyBoard Member
Maya Quetzali GonzalezBoard Member
Pamela ChislingBoard Member
SIOBHAN O'NEILLBoard Member
Samuel MoralesSecretary
Brian BerkTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,227,781
Program Service Revenue
$0
Investment Income
$16
Other Revenue
$4,307
All Other Contributions
$1,214,781
Change in Net Assets
$-102,928

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,232,104
Revenue Not Reported on Form 990
$64,117
Total Revenue per Audited Statements
$1,296,221
Total Revenue per Form 990
$1,232,104
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$736,725
Other Expenses$354,174
Salaries, Compensation, and Employee Benefits$244,133
Total Fundraising Expense$68,857
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$495,150--$495,150
Grants to Domestic Individuals$241,575--$241,575
Fees for Services Other$56,915$65,730$1,450$124,095
Current Officers, Directors, Trustees, and Key Employees$91,298$12,173$18,260$121,731
Other Salaries and Wages$80,380$13,502$0$93,882
Fees for Services Accounting$0$63,861$0$63,861
Fees for Services Lobbying$36,826$0$0$36,826
All Other Expenses$21,891$5,964$1,211$29,066
Payroll Taxes$14,797$2,213$1,573$18,583
Other Employee Benefits$7,912$1,183$842$9,937
Other Expenses$3,769$3,939$0$7,708
Insurance$5,565$832$592$6,989
Travel$0$6,184$196$6,380
Depreciation Depletion$4,935$738$525$6,198
Occupancy$4,877$0$0$4,877
Conferences and Meetings$249$2,779$0$3,028
Advertising$500$679$0$1,179
Total Functional Expenses$1,082,092$184,083$68,857$1,335,032

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,399,149
Expenses per Audited Statements$1,335,032
Total Expenses per Form 990$1,335,032
Expenses Not Reported on Form 990$64,117
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Adc Consulting LLCSpokane, WA-Research Project$150,000
Actors Theatre WorkshopNew York, NY-Theatre & Dance Venue Grants$20,100
Bated Breath Theatre CompanyHartford, CT-Theatre & Dance Venue Grants$20,100
Chain TheatreNew York, NY-Theatre & Dance Venue Grants$20,100
Culture Lab LLCLong Island City, NY-Theatre & Dance Venue Grants$20,100
Footlight PresentsRidgewood, NY-Theatre & Dance Venue Grants$20,100
Hub17Staten Island, NY-Theatre & Dance Venue Grants$20,100
Iati TheaterNew York, NY-Theatre & Dance Venue Grants$20,100
Land Back HubBrooklyn, NY-Theatre & Dance Venue Grants$20,100
Mis-en PlaceBaltimore, MD-Theatre & Dance Venue Grants$20,100
Pmt House of DanceNew York, NY-Theatre & Dance Venue Grants$20,100
The Fantastic Experimental Latino Theater IncNew York, NY-Theatre & Dance Venue Grants$20,100
Topaz Arts IncWoodside, NY-Theatre & Dance Venue Grants$20,100
Weis AcresNew York, NY-Theatre & Dance Venue Grants$20,100
The Brick Theater IncBrooklyn, NY-Theatre & Dance Venue Grants$11,200
National Queer TheatreBrooklyn, NY-Theatre & Dance Venue Grants$5,500
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$20,205
Fundraising Gross Income$8,270
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
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
2024-07-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Randi Berry
Formed
2015
Legal Domicile
Ny
Voting Board Members
15
Independent Board Members
13
Employees
4
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, 2023, the organization does not have any significant uncertain tax positions for which a reserve would be necessary.

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IRS990/MissionDesc0INDIESPACE CELEBRATES AND CENTERS INDEPENDENT THEATER-MAKING IN NEW YORK CITY. THE ORGANIZATION PROVIDES RADICALLY TRANSPARENT, RESPONSIVE AND EQUITY-FOCUSED FUNDING, REAL ESTATE PROGRAMS, PROFESSIONAL DEVELOPMENT, AND ADVOCACY TO INDIVIDUAL ARTISTS, THEATER COMPANIES, AND INDIE VENUES.
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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 weve 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. Weve 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 organizations 2021 accomplishments.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0Pt II Ln 17a
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