Civic Intelligence

Visual Arts Exchange

990 • Fiscal year 2016 • EIN 56-1287429

Jul 01, 2015 to Jun 30, 2016 • Filed on Nov 14, 2016

Organization Profilewww.vaeraleigh.org
309 W Martin StreetRaleigh, NC 27601

(919) 828-7834

Siviq Scores

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

Liabilities / Assets

83rd percentile

0.25x

Higher debt load relative to assets than 83% of similar nonprofits.

2016 filings • 501(c)3 • <$500k nonprofits • Source year 2016

Liabilities / Revenue

81st percentile

0.10x

Higher debt load relative to revenue than 81% of similar nonprofits.

2016 filings • 501(c)3 • <$500k nonprofits • Source year 2016

Net Margin

32nd percentile

-3.9%

Higher net margin than 32% of similar nonprofits.

2016 filings • 501(c)3 • <$500k nonprofits • Source year 2016

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2016

Asset Growth

37th percentile

-3.9%

Faster asset growth than 37% of similar nonprofits.

2016 filings • 501(c)3 • <$500k nonprofits • Annualized from 2015 to 2016

Revenue Growth

55th percentile

3.7%

Faster revenue growth than 55% of similar nonprofits.

2016 filings • 501(c)3 • <$500k nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets83rd percentile

Assets

Down

$154,477

Down $6,305 (-3.9%) from 2015

Net Assets

Down

$115,773

Down $14,731 (-11%) from 2015

Liabilities

Up

$38,704

Up $8,426 (+28%) from 2015

Revenue And Expenses
Liabilities / Revenue81st percentileNet Margin32nd percentile

Revenue

Up

$379,334

Up $13,509 (+3.7%) from 2015

Expenses

Up

$394,065

Up $34,626 (+9.6%) from 2015

Net Income

Down

-$14,731

Down $21,117 (-331%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth37th percentile

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

$800K$600K$400K$200K$0Assets 2011: $178,430Liabilities 2011: $19,199Net Assets 2011: $159,2312011Assets 2012: $152,350Liabilities 2012: $18,352Net Assets 2012: $133,9982012Assets 2013: $132,068Liabilities 2013: $12,831Net Assets 2013: $119,2372013Assets 2014: $166,320Liabilities 2014: $42,201Net Assets 2014: $124,1192014Assets 2015: $160,782Liabilities 2015: $30,278Net Assets 2015: $130,5042015Assets 2016: $154,477Liabilities 2016: $38,704Net Assets 2016: $115,7732016Assets 2017: $149,270Liabilities 2017: $22,756Net Assets 2017: $126,5142017Assets 2018: $137,803Liabilities 2018: $13,293Net Assets 2018: $124,5102018Assets 2019: $140,626Liabilities 2019: $15,933Net Assets 2019: $124,6932019Assets 2020: $218,462Liabilities 2020: $51,151Net Assets 2020: $167,3112020Assets 2021: $382,055Liabilities 2021: $25,215Net Assets 2021: $356,8402021Assets 2022: $240,777Liabilities 2022: $29,101Net Assets 2022: $211,6762022Assets 2023: $627,734Liabilities 2023: $316,868Net Assets 2023: $310,8662023Assets 2024: $354,616Liabilities 2024: $262,450Net Assets 2024: $92,1662024

Highlighted filing

2016

Assets$154,477
Liabilities$38,704
Net Assets$115,773
Open 2016 Filing

Operations Trend

Revenue Growth55th percentile

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

$1.0M$500K$0-$500KExpenses 2011: $336,2062011Expenses 2012: $342,1312012Expenses 2013: $334,4012013Revenue 2014: $344,075Expenses 2014: $338,675Net Income 2014: $5,4002014Revenue 2015: $365,825Expenses 2015: $359,439Net Income 2015: $6,3862015Revenue 2016: $379,334Expenses 2016: $394,065Net Income 2016: -$14,7312016Revenue 2017: $420,577Expenses 2017: $409,836Net Income 2017: $10,7412017Revenue 2018: $492,115Expenses 2018: $494,119Net Income 2018: -$2,0042018Revenue 2019: $537,391Expenses 2019: $537,208Net Income 2019: $1832019Revenue 2020: $619,496Expenses 2020: $577,301Net Income 2020: $42,1952020Revenue 2021: $639,000Expenses 2021: $449,471Net Income 2021: $189,5292021Revenue 2022: $303,641Expenses 2022: $448,805Net Income 2022: -$145,1642022Revenue 2023: $490,255Expenses 2023: $395,441Net Income 2023: $94,8142023Revenue 2024: $243,877Expenses 2024: $462,577Net Income 2024: -$218,7002024

Highlighted filing

2016

Revenue$379,334
Expenses$394,065
Net Income-$14,731
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
Nov 14, 2016
Return Version
2015v2.1
Gross Receipts
$422,009
Mission and Program Overview

Mission

Vae produces, funds, and exhibits socially-engaged art through community collaboration.

Provide support, resources, and training to visual artists and the public in raleigh, nc.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$73,305$73,414▲ $109
Cash and Non-Interest-Bearing Accounts$21,766$27,971▲ $6,205
Land, Buildings, and Equipment, Net$25,509$22,923▼ $2,586
Pledges and Grants Receivable$26,966$16,047▼ $10,919
Accounts Receivable$5,332$6,662▲ $1,330
Prepaid Expenses and Deferred Charges$3,654$3,210▼ $444
Total Assets$160,782$154,477▼ $6,305
Other Assets Total$4,250$4,250→ $0
Liabilities
Accounts Payable and Accrued Expenses$19,280$22,875▲ $3,595
Deferred Revenue$10,998$15,829▲ $4,831
Total Liabilities$30,278$38,704▲ $8,426
Net Assets / Fund Balance
Unrestricted Net Assets$125,690$106,129▼ $19,561
Temporarily Rstr Net Assets$4,814$9,644▲ $4,830
Total Net Assets Fund Balance$130,504$115,773▼ $14,731
Total Liabilities and Net Assets / Fund Balance$160,782$154,477▼ $6,305

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$18,620$10,211$28,831
Equipment$4,303$16,920$21,223
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseTotal
Sarah N PowersExecutive DirectorFT$57,215$57,215

Board Members and Trustees

NameTitle
Jon ZellwegerChair
Kevin CogginsVice-Chair
Aly KhalifaDirector
Angela KuoDirector
Ben SteelDirector
Bill KingDirector
Glenn DunnDirector
Kelly SpauldingDirector
Kilara LeDirector
Kim DuffleyDirector
Melissa MattonDirector
Mike EsserDirector
Patricia PrivilegiDirector
Sarah CowanDirector
Susan JonesDirector
Susan Ware FlowerDirector
Debbie RobbinsSecretary
Gwen WebbTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$313,501
Program Service Revenue
$40,169
Investment Income
$110
Other Revenue
$25,554
All Other Contributions
$129,782
Change in Net Assets
$-14,731

Audited Revenue Reconciliation

Revenue per Audited Statements
$379,334
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$115,249
Total Revenue per Audited Statements
$494,583
Total Revenue per Form 990
$379,334
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$205,846
Salaries, Compensation, and Employee Benefits$180,644
Total Fundraising Expense$18,446
Grants and Similar Amounts Paid$7,575
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$90,697$14,641$5,840$111,178
Occupancy$59,953$1,071$537$61,561
Current Officers, Directors, Trustees, and Key Employees$40,122$6,325$9,136$55,583
Fees for Services Other$35,624$201$134$35,959
Payroll Taxes$10,551$1,944$1,388$13,883
Fees for Services Accounting$9,116$608$405$10,129
Information Technology$9,132$78$52$9,262
Grants to Domestic Individuals$7,575--$7,575
Insurance$4,353$2,282$228$6,863
Other Expenses$4,853$45$30$4,928
Office Expenses$4,563$209$140$4,912
Depreciation Depletion$3,318$221$147$3,686
Travel$328$22$15$365
Advertising$100--$100
Total Functional Expenses$347,379$28,240$18,446$394,065

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$509,314
Expenses per Audited Statements$394,065
Total Expenses per Form 990$394,065
Expenses Not Reported on Form 990$115,249
Expenses Not Reported on Financial Statements$0
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$63,954
Fundraising Direct Expenses$42,675
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Love of Art Auction & Gala$127,221$63,954$16,323$47,631
Total Events$127,221$63,954$42,675$21,279
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 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 11

“Prior to filing, Form 990 will only be reviewed by the board of director's executive committee, the executive director, and business manager.”

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

“The executive director and board of directors review the policy annually. All directors sign a statement acknowledging the policy each year. All new directors review and sign the acknowledgement in the month they join the board.”

Form 990, Part VI, Section B, line 15

“The executive committee conducts the review of the executive director. They review overall job performance, performance of the Organization, and the upcoming year's budget in determining compensation.”

Form 990, Part VI, Section C, line 19

“The organization's governing documents, conflict of interest policy, and financial statements are available for public inspection upon request.”

Filing and Contact Details

Filer

Filer Name
Visual Art Exchange
EIN
56-1287429
Phone
9198287834
Address
309 W Martin Street, Raleigh, NC 27601

Signing Officer

Name
Brandon Cordrey
Title
Executive Director
Phone
9198287834
Signed
2016-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Brandon Cordrey
Formed
1980
Legal Domicile
Nc
Voting Board Members
18
Independent Board Members
18
Employees
6
Volunteers
459

Preparer

Firm
Steward Ingram & Cooper PLLC
Address
PO Box 41168, Raleigh, NC 27629
Preparer
David F Ingram CPA CVA
Phone
9198720866
Supplemental Narrative

Additional Explanations

Form 990, Part III, line 2

“Fiscal Sponsorship Program Grant program in which the Organization sponsors various art projects and assists the artists with managing the fiscal aspects of the project. The Organization is responsible for collecting funds restricted to the project and disbursing them in accordance with the project's approved guidelines. Individual grant agreements define the project guidelines and are in place for each project.”

Form 990, Part XII, Line 2C:

“The executive director and business manager oversee the audit process. The board's executive committee is responsible for selecting the organization's auditor and for reviewing and approving the audited financial statements.”

Financial Statement Notes

Part XI, Line 2D - Other Adjustments:

“Fundraising Events-Direct Expenses 42,675.”

Part XII, Line 2D - Other Adjustments:

“Fundraising Events-Direct Expenses 42,675.”

Raw XML AppendixShowing 400 of 568 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/Form990PartVIISectionAGrp/TitleTxt0Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt1Vice-Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt2Treasurer
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IRS990/Form990PartVIISectionAGrp/TitleTxt16Director
IRS990/Form990PartVIISectionAGrp/TitleTxt17Director
IRS990/Form990PartVIISectionAGrp/TitleTxt18Executive Director
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IRS990/MissionDesc0To foster the advancement of and provide opportunities for all visual artists, particularly emerging, and to increase community awareness, appreciation, and support of North Carolina artists.
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IRS990/OccupancyGrp/TotalAmt061561
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IRS990/OtherExpensesGrp/Desc1OTHER OPERATING EXPENSE
IRS990/OtherExpensesGrp/Desc2Printing & Postage
IRS990/OtherExpensesGrp/Desc3Bank Charges
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IRS990/OtherExpensesGrp/FundraisingAmt1292
IRS990/OtherExpensesGrp/FundraisingAmt262
IRS990/OtherExpensesGrp/FundraisingAmt330
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt060
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt1441
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt292
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt345
IRS990/OtherExpensesGrp/ProgramServicesAmt050776
IRS990/OtherExpensesGrp/ProgramServicesAmt110385
IRS990/OtherExpensesGrp/ProgramServicesAmt25933
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IRS990/OtherExpensesGrp/TotalAmt111118
IRS990/OtherExpensesGrp/TotalAmt26087
IRS990/OtherExpensesGrp/TotalAmt34928
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IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt090697
IRS990/OtherSalariesAndWagesGrp/TotalAmt0111178
IRS990/PartialLiquidationInd00
IRS990/PayrollTaxesGrp/FundraisingAmt01388
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IRS990/PayrollTaxesGrp/ProgramServicesAmt010551
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt03210
IRS990/PrincipalOfficerNm0Brandon Cordrey
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0711130
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IRS990/ProgramServiceRevenueGrp/Desc0EVENT FEES & REGISTRATIONS
IRS990/ProgramServiceRevenueGrp/Desc1Commissions from Gallery Sales
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt15490
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt034679
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt15490
IRS990/ProgSrvcAccomActy2Grp/Desc0EXHIBITSPROGRAM THAT PRODUCES APPROXIMATELY 60+ EXHIBITIONS EACH YEAR, DISPLAYING THE WORK OF MORE THAN 1,500 ARTISTS ANNUALLY. THE ORGANIZATION'S MAIN GALLERY HOSTS 10-14 JURIED AND NON-JURIED EXHIBITIONS EACH YEAR, WITH MONTHLY EXHIBIT THEMES SELECTED BY the director of exhibitions with support from staff and board. THE ORGANIZATION ALSO FEATURES EMERGING ARTISTS ANNUALLY AT ITS EXCHANGE GALLERY EXHIBITIONS AND ADDITIONAL ARTISTS IN ITS LAUNCH RETAIL INCUBATOR. THE ORGANIZATION ALSO PRODUCES COMMUNITY EXCHANGE EXHIBITIONS WHICH SHOWCASE LOCAL ARTISTS AT COMMUNITY VENUES ACROSS THE TRIANGLE.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0120565
IRS990/ProgSrvcAccomActy2Grp/GrantAmt05525
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt024605
IRS990/ProgSrvcAccomActy3Grp/Desc0Education and OutreachProgram that provides a suite of learning experiences for artists. The Organization regularly offers educational workshops, lectures, technique instruction, and demonstrations as part of its commitment to further artists' skills and provide general business knowledge. The keystone of the Organization's Education and Outreach program is the Ignite Creativity Conference, a two day conference held each spring.
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt064931
IRS990/ProgSrvcAccomActy3Grp/GrantAmt02050
IRS990/ProgSrvcAccomActy3Grp/RevenueAmt02995
IRS990/ProgSrvcAccomActyOtherGrp/Desc0FISCAL SPONSORSHIP PROGRAMGRANT PROGRAM IN WHICH THE ORGANIZATION SPONSORS VARIOUS ART PROJECTS AND ASSISTS THE ARTISTS WITH MANAGING THE FISCAL ASPECTS OF THE PROJECT. THE ORGANIZATION IS RESPONSIBLE FOR COLLECTING FUNDS RESTRICTED TO THE PROJECT AND DISBURSING THEM IN ACCORDANCE WITH THE PROJECT'S APPROVED GUIDELINES. INDIVIDUAL GRANT AGREEMENTS DEFINE THE PROJECT GUIDELINES AND ARE IN PLACE FOR EACH PROJECT.
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IRS990/ProgSrvcAccomActyOtherGrp/GrantAmt00
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IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0365825
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IRS990/ReconcilationRevenueExpnssAmt0-14731
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0242982
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IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt0555204
IRS990ScheduleA/PublicOrganization170Ind0X

Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$154,477
Liabilities
$38,704
Net assets
$115,773
Revenue
$379,334
Expenses
$394,065
Net income
-$14,731
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$3.55$2.62$0.92$2.44$4.63$2.19
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$6.28$3.17$3.11$4.90$3.95$0.95
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.41$0.29$2.12$3.04$4.49$1.45
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.82$0.25$3.57$6.39$4.49$1.90
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.18$0.51$1.67$6.19$5.77$0.42
2019Detailed filing. Detailed filing data is available for this year.$1.41$0.16$1.25$5.37$5.37$0.00
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.38$0.13$1.25$4.92$4.94$0.02
2017Detailed filing. Detailed filing data is available for this year.$1.49$0.23$1.27$4.21$4.10$0.11
2016Detailed filing. Detailed filing data is available for this year.$1.54$0.39$1.16$3.79$3.94$0.15
2015Detailed filing. Detailed filing data is available for this year.$1.61$0.30$1.31$3.66$3.59$0.06
2014Detailed filing. Detailed filing data is available for this year.$1.66$0.42$1.24$3.44$3.39$0.05
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.32$0.13$1.19$3.34
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.52$0.18$1.34$3.42
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.78$0.19$1.59$3.36