Civic Intelligence

Silver Art Projects Inc.

990 • Fiscal year 2021 • EIN 84-3881363

Jan 01, 2021 to Dec 31, 2021 • Filed on Nov 14, 2022

Organization ProfileSILVERART.COM
7 World Trade CenterNew York, NY 10007

(212) 551-7324

Siviq Scores

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

Liabilities / Assets

52nd percentile

0.06x

Higher debt load relative to assets than 52% of similar nonprofits.

2021 filings • NTEE A • $500k-$1M nonprofits • Source year 2021

Liabilities / Revenue

58th percentile

0.12x

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

2021 filings • NTEE A • $500k-$1M nonprofits • Source year 2021

Net Margin

8th percentile

-45%

Higher net margin than 8% of similar nonprofits.

2021 filings • NTEE A • $500k-$1M nonprofits • Source year 2021

Top Officer Pay

48th percentile

$0

Higher top officer pay than 48% of similar nonprofits.

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

2021 filings • NTEE A • $500k-$1M nonprofits • Source year 2021

Asset Growth

7th percentile

-16%

Faster asset growth than 7% of similar nonprofits.

2021 filings • NTEE A • $500k-$1M nonprofits • Annualized from 2020 to 2021

Revenue Growth

3rd percentile

-71%

Faster revenue growth than 3% of similar nonprofits.

2021 filings • NTEE A • $500k-$1M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets52nd percentile

Assets

Down

$633,203

Down $120,211 (-16%) from 2020

Net Assets

Down

$594,857

Down $143,596 (-19%) from 2020

Liabilities

Up

$38,346

Up $23,385 (+156%) from 2020

Revenue And Expenses
Liabilities / Revenue58th percentileNet Margin8th percentile

Revenue

Down

$320,752

Down $788,080 (-71%) from 2020

Expenses

Up

$464,348

Up $93,969 (+25%) from 2020

Net Income

Down

-$143,596

Down $882,049 (-119%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth7th percentile

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

$1.0M$500K$0-$500KAssets 2019: $1Liabilities 2019: $02019Assets 2020: $753,414Liabilities 2020: $14,961Net Assets 2020: $738,4532020Assets 2021: $633,203Liabilities 2021: $38,346Net Assets 2021: $594,8572021Assets 2022: $416,057Liabilities 2022: $129,883Net Assets 2022: $286,1742022Assets 2023: $289,273Liabilities 2023: $371,376Net Assets 2023: -$82,1032023Assets 2024: $178,266Liabilities 2024: $70,706Net Assets 2024: $107,5602024

Highlighted filing

2021

Assets$633,203
Liabilities$38,346
Net Assets$594,857
Open 2021 Filing

Operations Trend

Revenue Growth3rd percentile

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

$1.5M$1.0M$500K$0-$500KRevenue 2019: $0Expenses 2019: $0Net Income 2019: $02019Revenue 2020: $1,108,832Expenses 2020: $370,379Net Income 2020: $738,4532020Revenue 2021: $320,752Expenses 2021: $464,348Net Income 2021: -$143,5962021Revenue 2022: $256,000Expenses 2022: $564,683Net Income 2022: -$308,6832022Revenue 2023: $163,886Expenses 2023: $532,163Net Income 2023: -$368,2772023Revenue 2024: $822,756Expenses 2024: $633,093Net Income 2024: $189,6632024

Highlighted filing

2021

Revenue$320,752
Expenses$464,348
Net Income-$143,596
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 14, 2022
Return Version
2021v4.2
Gross Receipts
$320,752
Mission and Program Overview

Mission

Silver art projects (sap) is dedicated to supporting emerging artists in new york city by providing a year-long residency to a cohort of 28 artists that receive sponsored studio space, mentorship, and stipends.

Supporting artists by providing sponsored studio space, mentorship, and stipends.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$641,030$472,670▼ $168,360
Pledges and Grants Receivable$0$150,000▲ $150,000
Cash and Non-Interest-Bearing Accounts$112,384$10,533▼ $101,851
Total Assets$753,414$633,203▼ $120,211
Liabilities
Accounts Payable and Accrued Expenses$14,961$38,346▲ $23,385
Total Liabilities$14,961$38,346▲ $23,385
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$738,453$594,857▼ $143,596
Total Net Assets Fund Balance$738,453$594,857▼ $143,596
Total Liabilities and Net Assets / Fund Balance$753,414$633,203▼ $120,211

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$308,164$205,442$513,606
Equipment$164,506$104,316$268,822
Compensation and Service Providers
Top Officer Pay48th percentile

Board Members and Trustees

NameTitle
Tal KerretChairman
Cory SilversteinPresident
Eric Widing on 221Director
Howard Bernstein Off 221Director
Rana Florida on 1021Director
Reginald Browne on 1021Director
Jeffrey ScottSecretary, Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$320,752
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$320,752
Change in Net Assets
$-143,596

Audited Revenue Reconciliation

Revenue per Audited Statements
$320,752
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$287,307
Total Revenue per Audited Statements
$608,059
Total Revenue per Form 990
$320,752
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$311,828
Salaries, Compensation, and Employee Benefits$88,770
Grants and Similar Amounts Paid$45,000
Total Fundraising Expense$29,100
Professional Fundraising Fees$18,750

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$165,166$3,195-$168,361
Fees for Services Other$67,393$9,000-$76,393
Other Salaries and Wages$42,415$21,208$7,069$70,692
Grants to Domestic Individuals$45,000--$45,000
Fees for Services Professional Fundraising--$18,750$18,750
Fees for Services Accounting-$18,561-$18,561
Payroll Taxes$10,847$5,423$1,808$18,078
Office Expenses$11,506--$11,506
Information Technology$2,785$6,875-$9,660
Fees for Services Legal-$5,938-$5,938
Other Expenses$0$4,526$0$4,526
Insurance$2,904$56-$2,960
Total Functional Expenses$356,316$78,932$29,100$464,348

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$751,655
Expenses per Audited Statements$464,348
Total Expenses per Form 990$464,348
Expenses Not Reported on Form 990$287,307
Expenses Not Reported on Financial Statements$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$18,750
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
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 B, Line 11B

“A draft of form 990 is reviewed and approved by the board prior to filing.”

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

“Board members are required to disclose any conflicts of interest on an annual basis and as potential conflicts arise.”

Form 990, Part VI, Section B, Line 15

“The organization's top management official is not compensated.”

Form 990, Part VI, Section C, Line 19

“The organization makes its governing documents, conflict of interest policy, form 990 and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Silver Art Projects Inc
EIN
84-3881363
Phone
2125517324
Address
7 WORLD TRADE CENTER, NEW YORK, NY 10007

Signing Officer

Name
Cory Silverstein
Title
President
Phone
2125517324
Signed
2022-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Cory Silverstein
Formed
2019
Legal Domicile
Ny
Voting Board Members
6
Independent Board Members
6
Employees
1
Volunteers
4

Preparer

Firm
Marcum Llp
Address
730 THIRD AVENUE 11TH FLOOR, NEW YORK, NY 10017
Preparer
Sarah Avery
Phone
2124855500
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Consulting expense: program service expenses 49,343. Management and general expenses 0. Fundraising expenses 0. Total expenses 49,343. Public relations: program service expenses 18,050. Management and general expenses 9,000. Fundraising expenses 0. Total expenses 27,050.”

FORM 990, PART XII, LINE 2C :

“The organization's executive committee assumes responsibility for oversight of the audit. This policy is unchanged from the prior year.”

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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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IRS990ScheduleG/AgrmtProfFundraisingActyInd01
IRS990ScheduleG/FundraiserActivityInfoGrp/ActivityTxt0ART FOR JUSTICE FUND GRANT PROPOSAL PREPARATION
IRS990ScheduleG/FundraiserActivityInfoGrp/FundraiserControlOfFundsInd00
IRS990ScheduleG/FundraiserActivityInfoGrp/GrossReceiptsAmt00
IRS990ScheduleG/FundraiserActivityInfoGrp/NetToOrganizationAmt0-18750
IRS990ScheduleG/FundraiserActivityInfoGrp/PersonNm0KERRI SCHLOTTMAN
IRS990ScheduleG/FundraiserActivityInfoGrp/RetainedByContractorAmt018750
IRS990ScheduleG/FundraiserActivityInfoGrp/USAddress/AddressLine1Txt0139 MORRIS STREET
IRS990ScheduleG/FundraiserActivityInfoGrp/USAddress/CityNm0JERSEY CITY
IRS990ScheduleG/FundraiserActivityInfoGrp/USAddress/StateAbbreviationCd0NJ
IRS990ScheduleG/FundraiserActivityInfoGrp/USAddress/ZIPCd007302
IRS990ScheduleG/SpecialFundraisingEventsInd0X
IRS990ScheduleG/TotalNetToOrganizationAmt0-18750
IRS990ScheduleG/TotalRetainedByContractorsAmt018750
IRS990ScheduleI/GrantRecordsMaintainedInd01
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt045000
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0ARTIST STIPEND
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt027
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A DRAFT OF FORM 990 IS REVIEWED AND APPROVED BY THE BOARD PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1BOARD MEMBERS ARE REQUIRED TO DISCLOSE ANY CONFLICTS OF INTEREST ON AN ANNUAL BASIS AND AS POTENTIAL CONFLICTS ARISE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION'S TOP MANAGEMENT OFFICIAL IS NOT COMPENSATED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, FORM 990 AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4CONSULTING EXPENSE: PROGRAM SERVICE EXPENSES 49,343. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 49,343. PUBLIC RELATIONS: PROGRAM SERVICE EXPENSES 18,050. MANAGEMENT AND GENERAL EXPENSES 9,000. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 27,050.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE ORGANIZATION'S EXECUTIVE COMMITTEE ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT. THIS POLICY IS UNCHANGED FROM THE PRIOR YEAR.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART IX, LINE 11G
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART XII, LINE 2C :
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0NY
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0753414
IRS990/TotalAssetsEOYAmt0633203
IRS990/TotalAssetsGrp/BOYAmt0753414
IRS990/TotalAssetsGrp/EOYAmt0633203
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0320752
IRS990/TotalEmployeeCnt01
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt029100
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt078932
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0356316
IRS990/TotalFunctionalExpensesGrp/TotalAmt0464348
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt014961
IRS990/TotalLiabilitiesEOYAmt038346
IRS990/TotalLiabilitiesGrp/BOYAmt014961
IRS990/TotalLiabilitiesGrp/EOYAmt038346
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0738453
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0594857
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0356316
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0320752
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt04
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0753414
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0633203
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt07 WORLD TRADE CENTER
IRS990/USAddress/CityNm0NEW YORK
IRS990/USAddress/StateAbbreviationCd0NY
IRS990/USAddress/ZIPCd010007
IRS990/VotingMembersGoverningBodyCnt06
IRS990/VotingMembersIndependentCnt06
IRS990/WebsiteAddressTxt0SILVERART.COM
IRS990/WhistleblowerPolicyInd01
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd03
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0CORY SILVERSTEIN
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum02125517324
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-11-14
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0SILVER ART PROJECTS INC
ReturnHeader/Filer/BusinessNameControlTxt0SILV
ReturnHeader/Filer/EIN0843881363
ReturnHeader/Filer/PhoneNum02125517324
ReturnHeader/Filer/USAddress/AddressLine1Txt07 WORLD TRADE CENTER
ReturnHeader/Filer/USAddress/CityNm0NEW YORK
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
ReturnHeader/Filer/USAddress/ZIPCd010007
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0111986323
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0MARCUM LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0730 THIRD AVENUE 11TH FLOOR
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0NEW YORK
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd010017
ReturnHeader/PreparerPersonGrp/PhoneNum02124855500
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0SARAH AVERY
ReturnHeader/ReturnTs02022-11-15T09:46:42-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0CORY
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0SILVERSTEIN
ReturnHeader/TaxPeriodBeginDt02021-01-01
ReturnHeader/TaxPeriodEndDt02021-12-31
ReturnHeader/TaxYr02021

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$633,203
Liabilities
$38,346
Net assets
$594,857
Revenue
$320,752
Expenses
$464,348
Net income
-$143,596
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.18$0.07$0.11$0.82$0.63$0.19
2023Detailed filing. Detailed filing data is available for this year.$0.29$0.37$0.08$0.16$0.53$0.37
2022Detailed filing. Detailed filing data is available for this year.$0.42$0.13$0.29$0.26$0.56$0.31
2021Detailed filing. Detailed filing data is available for this year.$0.63$0.04$0.59$0.32$0.46$0.14
2020Detailed filing. Detailed filing data is available for this year.$0.75$0.01$0.74$1.11$0.37$0.74
2019Summary only. Only limited summary data is available for this year.$0.00$0.00$0.00$0.00$0.00