Civic Intelligence

Visual Arts Exchange

990 • Fiscal year 2017 • EIN 56-1287429

Jul 01, 2016 to Jun 30, 2017 • Filed on Sep 20, 2017

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

80th percentile

0.15x

Higher debt load relative to assets than 80% of similar nonprofits.

2017 filings • 501(c)3 • <$500k nonprofits • Source year 2017

Liabilities / Revenue

76th percentile

0.05x

Higher debt load relative to revenue than 76% of similar nonprofits.

2017 filings • 501(c)3 • <$500k nonprofits • Source year 2017

Net Margin

49th percentile

2.6%

Higher net margin than 49% of similar nonprofits.

2017 filings • 501(c)3 • <$500k nonprofits • Source year 2017

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2017

Asset Growth

38th percentile

-3.4%

Faster asset growth than 38% of similar nonprofits.

2017 filings • 501(c)3 • <$500k nonprofits • Annualized from 2016 to 2017

Revenue Growth

64th percentile

11%

Faster revenue growth than 64% of similar nonprofits.

2017 filings • 501(c)3 • <$500k nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets80th percentile

Assets

Down

$149,270

Down $5,207 (-3.4%) from 2016

Net Assets

Up

$126,514

Up $10,741 (+9.3%) from 2016

Liabilities

Down

$22,756

Down $15,948 (-41%) from 2016

Revenue And Expenses
Liabilities / Revenue76th percentileNet Margin49th percentile

Revenue

Up

$420,577

Up $41,243 (+11%) from 2016

Expenses

Up

$409,836

Up $15,771 (+4.0%) from 2016

Net Income

Up

$10,741

Up $25,472 (+173%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth38th 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

2017

Assets$149,270
Liabilities$22,756
Net Assets$126,514
Open 2017 Filing

Operations Trend

Revenue Growth64th 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

2017

Revenue$420,577
Expenses$409,836
Net Income$10,741
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
Sep 20, 2017
Return Version
2016v3.0
Gross Receipts
$472,414
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$73,414$73,485▲ $71
Cash and Non-Interest-Bearing Accounts$27,971$38,325▲ $10,354
Land, Buildings, and Equipment, Net$22,923$18,868▼ $4,055
Pledges and Grants Receivable$16,047$8,120▼ $7,927
Accounts Receivable$6,662$3,843▼ $2,819
Prepaid Expenses and Deferred Charges$3,210$2,379▼ $831
Total Assets$154,477$149,270▼ $5,207
Other Assets Total$4,250$4,250→ $0
Liabilities
Accounts Payable and Accrued Expenses$22,875$14,673▼ $8,202
Deferred Revenue$15,829$8,083▼ $7,746
Total Liabilities$38,704$22,756▼ $15,948
Net Assets / Fund Balance
Unrestricted Net Assets$106,129$99,231▼ $6,898
Temporarily Rstr Net Assets$9,644$27,283▲ $17,639
Total Net Assets Fund Balance$115,773$126,514▲ $10,741
Total Liabilities and Net Assets / Fund Balance$154,477$149,270▼ $5,207

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$16,508$12,323$28,831
Equipment$2,360$17,364$19,724
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseTotal
Brandon CordreyExecutive DirectorFT$41,264$41,264

Board Members and Trustees

NameTitle
Kevin CogginsChairman
Jon ZellwegerEx-Officio Chairman
Bill KingVice-Chair
Alexandra McArthurDirector
Antione WilliamsDirector
Ben SteelDirector
Cecilia ZuvicDirector
Clarenda Stanley-AndersonDirector
Erica PorterDirector
Kelly SpauldingDirector
Kilara LeDirector
Kim DuffleyDirector
Mary-Sara CamerinoDirector
Melissa MattonDirector
Mike EsserDirector
Sarah CowanDirector
Toby ColemanDirector
Tracey Russell-BeckDirector
Debbie RobbinsSecretary
Rachel JordanTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$361,284
Program Service Revenue
$33,210
Investment Income
$-502
Other Revenue
$26,585
All Other Contributions
$160,762
Change in Net Assets
$10,741

Audited Revenue Reconciliation

Revenue per Audited Statements
$420,577
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$64,611
Total Revenue per Audited Statements
$485,188
Total Revenue per Form 990
$420,577
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$244,923
Salaries, Compensation, and Employee Benefits$156,513
Total Fundraising Expense$15,887
Grants and Similar Amounts Paid$8,400
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$79,963$12,826$5,334$98,123
Occupancy$70,650$1,345$672$72,667
Fees for Services Other$65,341$76$50$65,467
Current Officers, Directors, Trustees, and Key Employees$33,918$5,241$7,571$46,730
Payroll Taxes$9,152$1,463$1,045$11,660
Fees for Services Accounting$9,416$628$418$10,462
Grants to Domestic Individuals$8,400--$8,400
Insurance$5,644$2,314$231$8,189
Information Technology$7,530$72$48$7,650
Travel$5,431$80$53$5,564
Depreciation Depletion$3,133$209$139$3,481
Office Expenses$2,914$131$87$3,132
Other Expenses$2,972$30$20$3,022
Advertising$893--$893
Total Functional Expenses$369,206$24,743$15,887$409,836

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$474,447
Expenses per Audited Statements$409,836
Total Expenses per Form 990$409,836
Expenses Not Reported on Form 990$64,611
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$75,624
Fundraising Direct Expenses$51,264
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Love of Art Auction$152,309$74,024$18,986$55,038
VAE Prom$11,152$1,600$1,324$276
Total Events$163,461$75,624$51,264$24,360
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 11B

“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
2017-09-20
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Brandon Cordrey
Formed
1980
Legal Domicile
Nc
Voting Board Members
20
Independent Board Members
20
Employees
9
Volunteers
450

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 IX, line 11G

“INTERN CONTRACT LABOR: Program service expenses 1,375. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,375. Contracted Artists: Program service expenses 47,693. Management and general expenses 0. Fundraising expenses 0. Total expenses 47,693. Other contracted services: Program service expenses 16,273. Management and general expenses 76. Fundraising expenses 50. Total expenses 16,399.”

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 51,264. Loss on disposition of assets 573.”

Part XII, Line 2D - Other Adjustments:

“Fundraising Events-Direct Expenses 51,264. Loss on disposition of assets 573.”

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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/TitleTxt1Vice-Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt2Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt3Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt4Ex-Officio Chairman
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IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
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IRS990/Form990PartVIISectionAGrp/TitleTxt16Director
IRS990/Form990PartVIISectionAGrp/TitleTxt17Director
IRS990/Form990PartVIISectionAGrp/TitleTxt18Director
IRS990/Form990PartVIISectionAGrp/TitleTxt19Director
IRS990/Form990PartVIISectionAGrp/TitleTxt20Executive Director
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IRS990/InsuranceGrp/FundraisingAmt0231
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IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
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IRS990/MissionDesc0VAE is a hub for a diverse network of artists, a venue for artists to advance their careers, and a voice to influence positive change for the creative community.
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IRS990/OtherExpensesGrp/FundraisingAmt164
IRS990/OtherExpensesGrp/FundraisingAmt2106
IRS990/OtherExpensesGrp/FundraisingAmt320
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt196
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IRS990/OtherExpensesGrp/ProgramServicesAmt17266
IRS990/OtherExpensesGrp/ProgramServicesAmt24797
IRS990/OtherExpensesGrp/ProgramServicesAmt32972
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IRS990/OtherExpensesGrp/TotalAmt17426
IRS990/OtherExpensesGrp/TotalAmt25062
IRS990/OtherExpensesGrp/TotalAmt33022
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IRS990/OtherSalariesAndWagesGrp/TotalAmt098123
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IRS990/PrincipalOfficerNm0Brandon Cordrey
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IRS990/ProgSrvcAccomActy2Grp/Desc0EXHIBITIONSProgram that produces approximately 60 exhibitions each year, displaying the work of more than 1,400 artists annually. The Organization's main gallery hosts 10 juried and non-juried, and curated exhibitions each year, with monthly exhibit themes. The Organization also features emerging and advanced artists in its Lab Exhibition Space, experimental artists in its Cube Gallery, and retail-based artists in its Launch Shop. The Organization also produces Community Exchange Exhibitions which showcase local artists at community venues across the Triangle.
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IRS990/ProgSrvcAccomActy2Grp/GrantAmt05300
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt09101
IRS990/ProgSrvcAccomActy3Grp/Desc0Education and OutreachProgram that provides a suite of learning experiences for artists. The Organization regularly offers educational workshops, lectures, and hands-on learning experiences as part of its commitment to further artists' skills. The keystone of the Organization's Education and Outreach program is the Ignite Creativity Summit, a two-day event held each spring.
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IRS990/ProgSrvcAccomActy3Grp/GrantAmt03100
IRS990/ProgSrvcAccomActy3Grp/RevenueAmt04271
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/RevenueAmt06247
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Filings

Displayed year

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

Open filing
Assets
$149,270
Liabilities
$22,756
Net assets
$126,514
Revenue
$420,577
Expenses
$409,836
Net income
$10,741
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