Civic Intelligence

Visual Art Exchange

EIN 56-1287429 • 501(c)3 • Raleigh, NC

Profile

To provide support and resources to visual artists and to maintain a gallery and teaching space for its members and the public in wake county, north carolina.

228 Fayetteville StreetRaleigh, NC 27601

www.visualartexchange.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

91st percentile

0.74x

Higher debt load relative to assets than 91% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2024

Liabilities / Revenue

95th percentile

1.08x

Higher debt load relative to revenue than 95% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2024

Net Margin

10th percentile

-90%

Higher net margin than 10% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

19th percentile

-44%

Faster asset growth than 19% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2023 to 2024

Revenue Growth

17th percentile

-50%

Faster revenue growth than 17% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets91st percentile

Assets

Down

$354,616

Down $273,118 (-44%) from 2023

Liabilities

Down

$262,450

Down $54,418 (-17%) from 2023

Net Assets

Down

$92,166

Down $218,700 (-70%) from 2023

Operations
Liabilities / Revenue95th percentileNet Margin10th percentile

Revenue

Down

$243,877

Down $246,378 (-50%) from 2023

Expenses

Up

$462,577

Up $67,136 (+17%) from 2023

Net Income

Down

-$218,700

Down $313,514 (-331%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth19th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$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

2024

Assets$354,616
Liabilities$262,450
Net Assets$92,166
Open 2024 Filing

Operations Trend

Revenue Growth17th percentile

Revenue, expenses, and net income by year, with the latest 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

2024

Revenue$243,877
Expenses$462,577
Net Income-$218,700
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$354,616
Liabilities
$262,450
Net assets
$92,166
Revenue
$243,877
Expenses
$462,577
Net income
-$218,700
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
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Feb 10, 2026
Return Version
2023v6.0
Gross Receipts
$243,877
Mission and Program Overview

Mission

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

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$62,366$64,736▲ $2,370
Savings and Temporary Cash Investments$59,607--
Pledges and Grants Receivable$194,596$40,000▼ $154,596
Land, Buildings, and Equipment, Net$7,903$5,974▼ $1,929
Accounts Receivable$2,110$2,133▲ $23
Total Assets$627,734$354,616▼ $273,118
Other Assets Total$301,152$241,773▼ $59,379
Liabilities
Other Liabilities$301,718$248,530▼ $53,188
Accounts Payable and Accrued Expenses$15,150$13,920▼ $1,230
Total Liabilities$316,868$262,450▼ $54,418
Net Assets / Fund Balance
Net Assets With Donor Restrictions$294,544$124,780▼ $169,764
Net Assets Without Donor Restrictions$16,322$-32,614▼ $48,936
Total Net Assets Fund Balance$310,866$92,166▼ $218,700
Total Liabilities and Net Assets / Fund Balance$627,734$354,616▼ $273,118

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$4,492$6,629$11,121
Equipment$1,482$2,210$3,692
Other Assets Org$235,235--
Compensation and Service Providers
Top Officer PayScore unavailable

Board Members and Trustees

NameTitle
Christina HlorosDirector
Crystal RicevutoDirector
Gabie FrantzDirector
Kulsum TasnifDirector
LaTissa DavisDirector
Okirah HarrisDirector
Pete HarveyTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$240,545
Program Service Revenue
$3,000
Investment Income
$332
Other Revenue
$0
All Other Contributions
$199,820
Change in Net Assets
$-218,700

Audited Revenue Reconciliation

Revenue per Audited Statements
$243,877
Total Revenue per Audited Statements
$243,877
Total Revenue per Form 990
$243,877
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$301,099
Salaries, Compensation, and Employee Benefits$161,478
Total Fundraising Expense$33,995
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$117,539$27,325$16,614$161,478
All Other Expenses$122,000--$122,000
Fees for Services Other$64,236$2,320$11,665$78,221
Depreciation Depletion$53,430$5,510$2,368$61,308
Occupancy$10,599$674$448$11,721
Other Expenses$10,009$201$140$10,350
Insurance$5,230$339$226$5,795
Office Expenses$529$25$19$573
Advertising$14--$14
Total Functional Expenses$391,964$36,618$33,995$462,577

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$462,577
Total Expenses per Audited Statements$462,577
Total Expenses per Form 990$462,577
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
Federal income taxes$248,530
Operating Lease Liability-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Backup withholding compliance
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
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 A, Line 8B

“The organization considers committee meetings to be informal and no committee can act without the approval of the full board, therefore, no meeting minutes have been taken.”

Form 990, Part VI, Section B, Line 11B

“Prior to filing, Form 990 will only be reviewed by the board of directors executive committee, the executive director, and director of operations.”

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

“The executive director and board of directors review the policy annualy. All directors sign a statement acknowledging the policy each year. All new directors review and sign the acknowledgment 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 years budget in determining compensation.”

Form 990, Part VI, Section C, Line 18

“The organizations 990 forms and form 1023 are available for public inspection upon request.”

Form 990, Part VI, Section C, Line 19

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

Filing and Contact Details

Filer

Filer Name
Visual Art Exchange
EIN
56-1287429
Phone
9193894948
Address
228 Fayetteville Street, Raleigh, NC 27601

Signing Officer

Name
Pete Sack
Title
Treasurer
Phone
9193894948
Signed
2026-02-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Pete Sack
Formed
1980
Legal Domicile
Nc
Voting Board Members
7
Independent Board Members
7
Employees
3

Preparer

Firm
Rebekah Barr CPA PC
Address
2505-B Nash Street NW, Wilson, NC 27896
Preparer
Rebekah T Barr
Phone
2522946920
Supplemental Narrative

Additional Explanations

Form 990, Part III, Section 1, Line 1

“Vae produces, funds, and exhibits socially-engaged art through community colaboration.”

Form 990, Part IX, Line 11G

“The following amounts were for contracted services during the fiscal year 64,326 for projects/exhibitions and funding and fiscal sponsorship. 2,320 was for management and general. Then 11,655 was for fundraising.”

Raw XML AppendixShowing 400 of 422 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/OtherSalariesAndWagesGrp/FundraisingAmt016614
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt027325
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IRS990/PrincipalOfficerNm0Pete Sack
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IRS990/ProgramServiceRevenueGrp/BusinessCd0711130
IRS990/ProgramServiceRevenueGrp/Desc0Community Exhibit Venue Fees
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt03000
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IRS990/ProgSrvcAccomActy2Grp/Desc0VAE organizes the bulk of its programming into large-scale projects that include exhibitions and community events. These projects focus on highlighting the creative contributions of people who are often marginalized from the contemporary art world and building trust with new communities. VAE produces between 6 and 20 exhibitions each year, displaying works from a growing array of contemporary artists. In addition to the Organizations main galleries in their flagship location, the Organization also hosts exhibitions in a collection of community exhibition spaces across the greater Triangle.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0188143
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt03000
IRS990/ProhibitedTaxShelterTransInd0false
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IRS990/PYExcessBenefitTransInd0false
IRS990/PYGrantsAndSimilarPaidAmt02500
IRS990/PYInvestmentIncomeAmt0395
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IRS990/PYOtherRevenueAmt0-46108
IRS990/PYProgramServiceRevenueAmt014350
IRS990/PYRevenuesLessExpensesAmt094814
IRS990/PYSalariesCompEmpBnftPaidAmt0177774
IRS990/PYTotalExpensesAmt0395441
IRS990/PYTotalRevenueAmt0490255
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IRS990/ReconcilationRevenueExpnssAmt0-218700
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IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0true
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0362473
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0631508
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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt0332
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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt063
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt076
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IRS990ScheduleA/TotalSupportAmt02397613
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Federal income taxes
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Operating Lease Liability
IRS990ScheduleD/OtherSecuritiesGrp/Desc0Financial derivatives and other financial products
IRS990ScheduleD/OtherSecuritiesGrp/Desc1Closely-held equity interests
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0VAE PRODUCES, FUNDS, AND EXHIBITS SOCIALLY-ENGAGED ART THROUGH COMMUNITY COLABORATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The organization considers committee meetings to be informal and no committee can act without the approval of the full board, therefore, no meeting minutes have been taken.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Prior to filing, Form 990 will only be reviewed by the board of directors executive committee, the executive director, and director of operations.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The executive director and board of directors review the policy annualy. All directors sign a statement acknowledging the policy each year. All new directors review and sign the acknowledgment in the month they join the board.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4The executive committee conducts the review of the executive director. They review overall job performance, performance of the organization, and the upcoming years budget in determining compensation.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5The organizations 990 forms and form 1023 are available for public inspection upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6The organizations audited financial statements, governing documents, and conflict of interest policy are available for public inspection upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7The following amounts were for contracted services during the fiscal year 64,326 for projects/exhibitions and funding and fiscal sponsorship. 2,320 was for management and general. Then 11,655 was for fundraising.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part III, Section 1, Line 1
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section A, Line 8b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section B, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section B, Line 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Section C, Line 18
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990, Part VI, Section C, Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7Form 990, Part IX, Line 11g
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IRS990/TotalGrossUBIAmt00
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IRS990/TotalLiabilitiesGrp/EOYAmt0262450
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IRS990/TotalRevenueGrp/ExclusionAmt0332
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IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0228 Fayetteville Street
IRS990/USAddress/CityNm0Raleigh
IRS990/USAddress/StateAbbreviationCd0NC
IRS990/USAddress/ZIPCd027601
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0WWW.VAERALEIGH.ORG
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0Pete Sack
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Treasurer
ReturnHeader/BusinessOfficerGrp/PhoneNum09193894948
ReturnHeader/BusinessOfficerGrp/SignatureDt02026-02-10
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Visual Art Exchange

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