Civic Intelligence

Taikoarts Midwest

990 • Fiscal year 2023 • EIN 81-2475404

Sep 01, 2022 to Aug 31, 2023 • Filed on Mar 11, 2024

3949 13th Ave SMinneapolis, MN 55407

(612) 405-2845

Siviq Scores

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

Liabilities / Assets

93rd percentile

0.91x

Higher debt load relative to assets than 93% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

93rd percentile

2.30x

Higher debt load relative to revenue than 93% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Net Margin

27th percentile

-6.8%

Higher net margin than 27% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

69th percentile

$104,516

Higher top officer pay than 69% of similar nonprofits.

Top officer pay equals 19.1% of source-year revenue.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Asset Growth

81st percentile

27%

Faster asset growth than 81% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

90th percentile

85%

Faster revenue growth than 90% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Assets

Up

$1,377,281

Up $295,029 (+27%) from 2022

Net Assets

Down

$119,190

Down $36,307 (-23%) from 2022

Liabilities

Up

$1,258,091

Up $331,336 (+36%) from 2022

Revenue

Up

$547,943

Up $251,745 (+85%) from 2022

Expenses

Up

$585,411

Up $295,649 (+102%) from 2022

Net Income

Down

-$37,468

Down $43,904 (-682%) from 2022

Historical Trend

Balance Sheet Trend

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

$1.5M$1.0M$500K$0Assets 2016: $379Liabilities 2016: $9522016Assets 2017: $72,501Liabilities 2017: $57,8892017Assets 2018: $63,464Liabilities 2018: $8,153Net Assets 2018: $55,3112018Assets 2019: $175,383Liabilities 2019: $119,694Net Assets 2019: $55,6892019Assets 2020: $253,790Liabilities 2020: $165,941Net Assets 2020: $87,8492020Assets 2021: $320,811Liabilities 2021: $171,750Net Assets 2021: $149,0612021Assets 2022: $1,082,252Liabilities 2022: $926,755Net Assets 2022: $155,4972022Assets 2023: $1,377,281Liabilities 2023: $1,258,091Net Assets 2023: $119,1902023Assets 2024: $1,309,000Liabilities 2024: $845,466Net Assets 2024: $463,5342024

Highlighted filing

2023

Assets$1,377,281
Liabilities$1,258,091
Net Assets$119,190

Operations Trend

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

$1.0M$500K$0-$500KRevenue 2016: $0Expenses 2016: $573Net Income 2016: -$5732016Revenue 2017: $29,437Expenses 2017: $14,252Net Income 2017: $15,1852017Revenue 2018: $220,500Expenses 2018: $177,999Net Income 2018: $42,5012018Revenue 2019: $243,517Expenses 2019: $244,789Net Income 2019: -$1,2722019Revenue 2020: $430,420Expenses 2020: $398,807Net Income 2020: $31,6132020Revenue 2021: $192,272Expenses 2021: $130,715Net Income 2021: $61,5572021Revenue 2022: $296,198Expenses 2022: $289,762Net Income 2022: $6,4362022Revenue 2023: $547,943Expenses 2023: $585,411Net Income 2023: -$37,4682023Revenue 2024: $742,842Expenses 2024: $826,288Net Income 2024: -$83,4462024

Highlighted filing

2023

Revenue$547,943
Expenses$585,411
Net Income-$37,468
Jump To
Filing Snapshot
Filing Period
Sep 1, 2022 to Aug 31, 2023
Signed
Mar 11, 2024
Return Version
2022v5.0
Gross Receipts
$551,810
Mission and Program Overview

Mission

To develop, produce, and promote artistic excellence in taiko performance and to use taiko to strengthen and build community. Activities include producing concerts, film, teaching studio classes, performing in community and school events, in-school residencies, workshops, and creating new work.

To develop, produce, and promote artistic excellenc in taiko performance and to use taiko to strengthen and build community. Activities include producing concerts, film, teahcing studio classes, performing in community and school events, in-school residencies, workshops, and creating new work.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$526,511$539,974▲ $13,463
Land, Buildings, and Equipment, Net$553,435$534,807▼ $18,628
Savings and Temporary Cash Investments$2,500$302,500▲ $300,000
Rtn Earn Endowment Incm Other Fnds$156,658$119,190▼ $37,468
Accounts Receivable$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0--
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$1,082,446$1,377,281▲ $294,835
Other Assets Total$0$0→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$867,993$847,719▼ $20,274
Deferred Revenue$50,562$405,172▲ $354,610
Accounts Payable and Accrued Expenses$7,233$5,200▼ $2,033
Grants Payable$0--
Unsecured Notes Loans Payable$0--
Escrow Account Liability$0--
Tax Exempt Bond Liabilities$0--
Total Liabilities$925,788$1,258,091▲ $332,303
Net Assets / Fund Balance
Total Net Assets Fund Balance$156,658$119,190▼ $37,468
Total Liabilities and Net Assets / Fund Balance$1,082,446$1,377,281▲ $294,835

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$512,708$22,292$0
Other Land Buildings$0$0$0
Land$0-$0
Equipment$22,099$61,197$0
Leasehold Improvements$0$0$0
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Jennifer WeirBoard Member, Executive DirectorFT$104,516$104,516
Jennifer HoustonBoard Member-$2,500$2,500
Elizabeth KaneBoard Member-$2,450$2,450
Tommearun SarBoard Member-$200$200

Board Members and Trustees

NameTitle
Hailey GabrielPresident, Board Member
Dayna MartinezBoard Member
Katrina MendozaBoard Member
Rick ShiomiBoard Member
Sarah SensemanBoard Member
Wesley MouriBoard Member
Joshua VangTreasurer, Board Member
Revenue and Support

Revenue Composition

Contributions and Grants
$406,041
Program Service Revenue
$145,121
Investment Income
$0
Other Revenue
$-3,219
All Other Contributions
$217,892
Change in Net Assets
$-37,468
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$351,945
Salaries, Compensation, and Employee Benefits$233,466
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$95,000$31,347$0$126,347
Fees for Services Other$54,843$65,232$0$120,075
Current Officers, Directors, Trustees, and Key Employees$22,900$59,050$0$81,950
Interest$0$45,098$0$45,098
Travel$34,301$2,000-$36,301
Occupancy$30,000$1,843$0$31,843
Depreciation Depletion$11,192$17,833-$29,025
Advertising$24,252$700-$24,952
Office Expenses$0$22,973-$22,973
Other Employee Benefits$0$19,136$0$19,136
Fees for Services Lobbying$0$15,000$0$15,000
Other Expenses$14,499$0$0$14,499
Payroll Taxes$0$6,033$0$6,033
Fees for Services Legal$1,550$0$0$1,550
Total Functional Expenses$296,707$288,704$0$585,411
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
Yes
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0--
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
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
No
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 2

Executive Director Jennifer Weir is married to MEGAN CHAO SMITH who an employee: Artistic Associate and Youth Director.

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

Was reviewed by Treasurer and President.

Form 990, Part VI, Section B, Line 15

A board sub-committee was formed to address compensation, and an outside consultant was hired to provide best practices, guidance, and salary comparison data.

Form 990, Part VI, Section C, Line 19

Available upon request.

Filing and Contact Details

Filer

Filer Name
Taikoarts Midwest
EIN
81-2475404
Phone
6124052845
Address
3949 13th Ave S, Minneapolis, MN 55407

Signing Officer

Name
Jennifer Weir
Title
Executive Director
Phone
6519835349
Signed
2024-03-11

Organization Details

Principal Officer
Jennifer Weir
Formed
2016
Legal Domicile
Mn
Voting Board Members
11
Independent Board Members
10
Employees
0
Volunteers
20
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

Contractors: $120,075 Total ; $17,243 Outreach Coordinator ; $54,843 Artist Fees ; $27,500 Consultants for Capital Campaign & Donor Dev ; $11,000 Film prod & PR; $ 4,999 Architect ; $ 2,577 Payroll Svcs ; $1,913 Misc Admin consultants

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IRS990/IndependentVotingMemberCnt010
IRS990/IndivRcvdGreaterThan100KCnt01
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartIXInd0X
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InformationTechnologyGrp/FundraisingAmt00
IRS990/InformationTechnologyGrp/ManagementAndGeneralAmt00
IRS990/InformationTechnologyGrp/ProgramServicesAmt00
IRS990/InformationTechnologyGrp/TotalAmt00
IRS990/InitialReturnInd0X
IRS990/IntangibleAssetsGrp/BOYAmt00
IRS990/IntangibleAssetsGrp/EOYAmt00
IRS990/InterestGrp/FundraisingAmt00
IRS990/InterestGrp/ManagementAndGeneralAmt045098
IRS990/InterestGrp/ProgramServicesAmt00
IRS990/InterestGrp/TotalAmt045098
IRS990/InventoriesForSaleOrUseGrp/BOYAmt00
IRS990/InventoriesForSaleOrUseGrp/EOYAmt00
IRS990/InvestmentExpenseAmt00
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IRS990/InvestmentIncomeGrp/RelatedOrExemptFuncIncomeAmt00
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IRS990/InvestmentIncomeGrp/UnrelatedBusinessRevenueAmt00
IRS990/InvestmentInJointVentureInd00
IRS990/InvestmentsOtherSecuritiesGrp/BOYAmt00
IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt00
IRS990/InvestmentsProgramRelatedGrp/BOYAmt00
IRS990/InvestmentsProgramRelatedGrp/EOYAmt00
IRS990/InvestmentsPubTradedSecGrp/BOYAmt00
IRS990/InvestmentsPubTradedSecGrp/EOYAmt00
IRS990/IRPDocumentCnt022
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt083489
IRS990/LandBldgEquipBasisNetGrp/BOYAmt0553435
IRS990/LandBldgEquipBasisNetGrp/EOYAmt0534807
IRS990/LandBldgEquipCostOrOtherBssAmt0618296
IRS990/LegalDomicileStateCd0MN
IRS990/LessCostOthBasisSalesExpnssGrp/OtherAmt00
IRS990/LessCostOthBasisSalesExpnssGrp/SecuritiesAmt00
IRS990/LessRentalExpensesGrp/PersonalAmt00
IRS990/LessRentalExpensesGrp/RealAmt00
IRS990/LoanOutstandingInd00
IRS990/LoansFromOfficersDirectorsGrp/BOYAmt00
IRS990/LobbyingActivitiesInd01
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembershipDuesAmt00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0To develop, produce, and promote artistic excellence in taiko performance and to use taiko to strengthen and build community. Activities include producing concerts, film, teaching studio classes, performing in community and school events, in-school residencies, workshops, and creating new work.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt0867993
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt0847719
IRS990/NetAssetsOrFundBalancesBOYAmt0156658
IRS990/NetAssetsOrFundBalancesEOYAmt0119190
IRS990/NetGainOrLossInvestmentsGrp/ExclusionAmt00
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IRS990/NetIncomeFromGamingGrp/UnrelatedBusinessRevenueAmt00
IRS990/NetIncomeOrLossGrp/ExclusionAmt00
IRS990/NetIncomeOrLossGrp/RelatedOrExemptFuncIncomeAmt0-3219
IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt0-3219
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IRS990/NetRentalIncomeOrLossGrp/ExclusionAmt00
IRS990/NetRentalIncomeOrLossGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt00
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IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NetUnrlzdGainsLossesInvstAmt00
IRS990/NoncashContributionsAmt00
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/FundraisingAmt00
IRS990/OccupancyGrp/ManagementAndGeneralAmt01843
IRS990/OccupancyGrp/ProgramServicesAmt030000
IRS990/OccupancyGrp/TotalAmt031843
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt022973
IRS990/OfficeExpensesGrp/ProgramServicesAmt00
IRS990/OfficeExpensesGrp/TotalAmt022973
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrgDoesNotFollowFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt00
IRS990/OtherAssetsTotalGrp/EOYAmt00
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt00
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt019136
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt00
IRS990/OtherEmployeeBenefitsGrp/TotalAmt019136
IRS990/OtherExpensesGrp/Desc0Misc (gifts, entertainment, bus meetings)
IRS990/OtherExpensesGrp/Desc1Drums, Percussion, Bags
IRS990/OtherExpensesGrp/Desc2Production Costs (film, costumes, equip rental)
IRS990/OtherExpensesGrp/FundraisingAmt00
IRS990/OtherExpensesGrp/FundraisingAmt10
IRS990/OtherExpensesGrp/FundraisingAmt20
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt02459
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt10
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt20
IRS990/OtherExpensesGrp/ProgramServicesAmt00
IRS990/OtherExpensesGrp/ProgramServicesAmt18170
IRS990/OtherExpensesGrp/ProgramServicesAmt214499
IRS990/OtherExpensesGrp/TotalAmt02459
IRS990/OtherExpensesGrp/TotalAmt18170
IRS990/OtherExpensesGrp/TotalAmt214499
IRS990/OtherRevenueTotalAmt00
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt00
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt031347
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt095000
IRS990/OtherSalariesAndWagesGrp/TotalAmt0126347
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt00
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00
IRS990/PartialLiquidationInd00
IRS990/PaymentsToAffiliatesGrp/FundraisingAmt00
IRS990/PaymentsToAffiliatesGrp/ManagementAndGeneralAmt00
IRS990/PaymentsToAffiliatesGrp/ProgramServicesAmt00
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayrollTaxesGrp/FundraisingAmt00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt06033
IRS990/PayrollTaxesGrp/ProgramServicesAmt00
IRS990/PayrollTaxesGrp/TotalAmt06033
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt00
IRS990/PensionPlanContributionsGrp/FundraisingAmt00
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt00
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt00
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt00
IRS990/PrincipalOfficerNm0Jennifer Weir
IRS990/PriorPeriodAdjustmentsAmt00
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0711130
IRS990/ProgramServiceRevenueGrp/BusinessCd1711130
IRS990/ProgramServiceRevenueGrp/BusinessCd2711130
IRS990/ProgramServiceRevenueGrp/Desc0Teaching, Youth Programs
IRS990/ProgramServiceRevenueGrp/Desc1Performing, Concerts, Community, etc
IRS990/ProgramServiceRevenueGrp/Desc2Promote, Present, Screen Doc film
IRS990/ProgramServiceRevenueGrp/ExclusionAmt00
IRS990/ProgramServiceRevenueGrp/ExclusionAmt10
IRS990/ProgramServiceRevenueGrp/ExclusionAmt20
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt068608
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt163340
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt213173

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