Civic Intelligence

Source Studio Inc.

990 • Fiscal year 2020 • EIN 82-2238179

Jan 01, 2020 to Dec 31, 2020 • Filed on Sep 19, 2022

Organization ProfileWWW.SOURCESTUDIO.ORG/ABOUT
PO Box 505Burnsville, NC 28714

(865) 310-0532

Siviq Scores

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

Liabilities / Assets

58th percentile

0.01x

Higher debt load relative to assets than 58% of similar nonprofits.

2020 filings • NTEE P • <$500k nonprofits • Source year 2020

Liabilities / Revenue

62nd percentile

0.03x

Higher debt load relative to revenue than 62% of similar nonprofits.

2020 filings • NTEE P • <$500k nonprofits • Source year 2020

Net Margin

81st percentile

39%

Higher net margin than 81% of similar nonprofits.

2020 filings • NTEE P • <$500k nonprofits • Source year 2020

Top Officer Pay

77th percentile

$0

Higher top officer pay than 77% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2020 filings • NTEE P • <$500k nonprofits • Source year 2020

Asset Growth

68th percentile

30%

Faster asset growth than 68% of similar nonprofits.

2020 filings • NTEE P • <$500k nonprofits • Annualized from 2019 to 2020

Revenue Growth

24th percentile

-44%

Faster revenue growth than 24% of similar nonprofits.

2020 filings • NTEE P • <$500k nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets58th percentile

Assets

Up

$300,591

Up $69,560 (+30%) from 2019

Net Assets

Up

$296,084

Up $66,521 (+29%) from 2019

Liabilities

Up

$4,507

Up $3,039 (+207%) from 2019

Revenue And Expenses
Liabilities / Revenue62nd percentileNet Margin81st percentile

Revenue

Down

$172,730

Down $135,496 (-44%) from 2019

Expenses

Down

$106,209

Down $25,261 (-19%) from 2019

Net Income

Down

$66,521

Down $110,235 (-62%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth68th percentile

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

$600K$400K$200K$0Assets 2018: $58,884Liabilities 2018: $6,077Net Assets 2018: $52,8072018Assets 2019: $231,031Liabilities 2019: $1,468Net Assets 2019: $229,5632019Assets 2020: $300,591Liabilities 2020: $4,507Net Assets 2020: $296,0842020Assets 2021: $234,389Liabilities 2021: $22,438Net Assets 2021: $211,9512021Assets 2022: $424,580Liabilities 2022: $7,890Net Assets 2022: $416,6902022Assets 2023: $299,942Liabilities 2023: $4,564Net Assets 2023: $295,3782023Assets 2024: $391,245Liabilities 2024: $4,377Net Assets 2024: $386,8682024

Highlighted filing

2020

Assets$300,591
Liabilities$4,507
Net Assets$296,084
Open 2020 Filing

Operations Trend

Revenue Growth24th percentile

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

$600K$400K$200K$0-$200KRevenue 2018: $157,219Expenses 2018: $104,550Net Income 2018: $52,6692018Revenue 2019: $308,226Expenses 2019: $131,470Net Income 2019: $176,7562019Revenue 2020: $172,730Expenses 2020: $106,209Net Income 2020: $66,5212020Revenue 2021: $77,775Expenses 2021: $161,908Net Income 2021: -$84,1332021Revenue 2022: $404,242Expenses 2022: $199,503Net Income 2022: $204,7392022Revenue 2023: $62,108Expenses 2023: $183,420Net Income 2023: -$121,3122023Revenue 2024: $313,729Expenses 2024: $222,239Net Income 2024: $91,4902024

Highlighted filing

2020

Revenue$172,730
Expenses$106,209
Net Income$66,521
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Sep 19, 2022
Return Version
2020v4.0
Gross Receipts
$172,730
Mission and Program Overview

Mission

Source studios sustained operations utilizing resources for culture, communities and the environment.

Source studio sustained operations utilizing resources for culture, communities and the environment.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$141,031$300,153▲ $159,122
Accounts Receivable$90,000--
Total Assets$231,031$300,591▲ $69,560
Other Assets Total-$438-
Liabilities
Accounts Payable and Accrued Expenses$1,468$4,507▲ $3,039
Total Liabilities$1,468$4,507▲ $3,039
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$33,809$296,084▲ $262,275
Net Assets With Donor Restrictions$195,754--
Total Net Assets Fund Balance$229,563$296,084▲ $66,521
Total Liabilities and Net Assets / Fund Balance$231,031$300,591▲ $69,560
Compensation and Service Providers
Top Officer Pay77th percentile

Board Members and Trustees

NameTitle
Jess GarzPresident
Pat CliffordSecretary
Helen NaggeTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$172,730
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$160,000
Change in Net Assets
$66,521
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$58,679
Other Expenses$47,530
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Comp Disqual Persons$29,705$19,803-$49,508
Fees for Services Other$23,786$1,750-$25,536
Other Employee Benefits$3,151$2,100-$5,251
Payroll Taxes$2,352$1,568-$3,920
Travel$3,687--$3,687
Fees for Services Accounting$1,187$791-$1,978
Office Expenses$538$1,335-$1,873
Conferences and Meetings$493$149-$642
Advertising-$208-$208
Other Expenses$90$640-$90
Total Functional Expenses$77,865$28,344$0$106,209
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Backup withholding compliance
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“No review was or will be conducted.”

Form 990, Page 6, Part VI, Line 19

“No documents available to the public”

Filing and Contact Details

Filer

Filer Name
Source Studio Inc
EIN
82-2238179
Phone
8653100532
Address
PO BOX 505, BURNSVILLE, NC 28714

Signing Officer

Name
Helen Nagge
Title
Treasurer
Phone
8653100532
Signed
2022-09-19
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Helen Nagge
Formed
2017
Voting Board Members
3
Independent Board Members
3
Employees
1

Preparer

Firm
Wakem Tax & Accounting LLC
Address
104 EASTSIDE DRIVE 430, BLACK MOUNTAIN, NC 28711
Preparer
Mandy Wakem
Phone
8282212004
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 4D

“General and administrative”

Form 990, Part IX, Line 11G

“Exhibition labor 4,145 0 0 program implementation 125 0 0 program implementation 2,000 0 0 program implementation 17,516 0 0 program implementation 0 1,750 0 total 23,786 1,750 0”

Raw XML Appendix296 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/ProgSrvcAccomActy2Grp/Desc0CORRINA MEHIEL FELLOWSHIP - THIS ONGOING ANNUAL FELLOWSHIP PROVIDES FINANCIAL AND STRATEGIC SUPPORT TO ARTISTS WHOSE WORK ALIGNS WITH OUR MISSION. TWO ARTISTS WERE ANNOUNCED AS FELLOWSHIP AWARD WINNERS IN 2020.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3EXHIBITION LABOR 4,145 0 0 PROGRAM IMPLEMENTATION 125 0 0 PROGRAM IMPLEMENTATION 2,000 0 0 PROGRAM IMPLEMENTATION 17,516 0 0 PROGRAM IMPLEMENTATION 0 1,750 0 TOTAL 23,786 1,750 0
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ReturnHeader/ReturnTs02022-09-19T14:31:32-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0HELEN
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0NAGGE
ReturnHeader/TaxPeriodBeginDt02020-01-01
ReturnHeader/TaxPeriodEndDt02020-12-31
ReturnHeader/TaxYr02020

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$300,591
Liabilities
$4,507
Net assets
$296,084
Revenue
$172,730
Expenses
$106,209
Net income
$66,521
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$3.91$0.04$3.87$3.14$2.22$0.91
2023Detailed filing. Detailed filing data is available for this year.$3.00$0.05$2.95$0.62$1.83$1.21
2022Detailed filing. Detailed filing data is available for this year.$4.25$0.08$4.17$4.04$2.00$2.05
2021Detailed filing. Detailed filing data is available for this year.$2.34$0.22$2.12$0.78$1.62$0.84
2020Detailed filing. Detailed filing data is available for this year.$3.01$0.05$2.96$1.73$1.06$0.67
2019Detailed filing. Detailed filing data is available for this year.$2.31$0.01$2.30$3.08$1.31$1.77
2018Detailed filing. Detailed filing data is available for this year.$0.59$0.06$0.53$1.57$1.05$0.53