Civic Intelligence

Silver Art Projects Inc.

990 • Fiscal year 2022 • EIN 84-3881363

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 09, 2023

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

76th percentile

0.31x

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

2022 filings • NTEE A25 • <$500k nonprofits • Source year 2022

Liabilities / Revenue

92nd percentile

0.51x

Higher debt load relative to revenue than 92% of similar nonprofits.

2022 filings • NTEE A25 • <$500k nonprofits • Source year 2022

Net Margin

8th percentile

-121%

Higher net margin than 8% of similar nonprofits.

2022 filings • NTEE A25 • <$500k nonprofits • Source year 2022

Top Officer Pay

63rd percentile

$0

Higher top officer pay than 63% of similar nonprofits.

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

2022 filings • NTEE A25 • <$500k nonprofits • Source year 2022

Asset Growth

14th percentile

-34%

Faster asset growth than 14% of similar nonprofits.

2022 filings • NTEE A25 • <$500k nonprofits • Annualized from 2021 to 2022

Revenue Growth

20th percentile

-20%

Faster revenue growth than 20% of similar nonprofits.

2022 filings • NTEE A25 • <$500k nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets76th percentile

Assets

Down

$416,057

Down $217,146 (-34%) from 2021

Net Assets

Down

$286,174

Down $308,683 (-52%) from 2021

Liabilities

Up

$129,883

Up $91,537 (+239%) from 2021

Revenue And Expenses
Liabilities / Revenue92nd percentileNet Margin8th percentile

Revenue

Down

$256,000

Down $64,752 (-20%) from 2021

Expenses

Up

$564,683

Up $100,335 (+22%) from 2021

Net Income

Down

-$308,683

Down $165,087 (-115%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth14th 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

2022

Assets$416,057
Liabilities$129,883
Net Assets$286,174
Open 2022 Filing

Operations Trend

Revenue Growth20th 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

2022

Revenue$256,000
Expenses$564,683
Net Income-$308,683
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 9, 2023
Return Version
2022v5.0
Gross Receipts
$256,000
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$472,670$304,308▼ $168,362
Pledges and Grants Receivable$150,000--
Cash and Non-Interest-Bearing Accounts$10,533$111,749▲ $101,216
Receivables From Officers Etc$0--
Total Assets$633,203$416,057▼ $217,146
Liabilities
Accounts Payable and Accrued Expenses$38,346$129,883▲ $91,537
Total Liabilities$38,346$129,883▲ $91,537
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$594,857$286,174▼ $308,683
Total Net Assets Fund Balance$594,857$286,174▼ $308,683
Total Liabilities and Net Assets / Fund Balance$633,203$416,057▼ $217,146

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$205,442$308,164$513,606
Equipment$98,866$169,956$268,822
Compensation and Service Providers
Top Officer Pay63rd percentile

Board Members and Trustees

NameTitle
Cory SilversteinPresident
Tal KerretBoard Member
Dino FuscoDirector
Eric WidingDirector
Rana FloridaDirector
Reginald BrowneDirector
Jeffrey ScottSecretary, Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$256,000
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$256,000
Change in Net Assets
$-308,683

Audited Revenue Reconciliation

Revenue per Audited Statements
$256,000
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$398,723
Total Revenue per Audited Statements
$654,723
Total Revenue per Form 990
$256,000
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$333,109
Salaries, Compensation, and Employee Benefits$199,174
Grants and Similar Amounts Paid$32,400
Total Fundraising Expense$20,361
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$165,167$3,195-$168,362
Other Salaries and Wages$96,585$48,293$16,098$160,976
Fees for Services Other$100,382$32,000-$132,382
Grants to Domestic Individuals$32,400--$32,400
Other Employee Benefits$16,155$8,077$2,692$26,924
Fees for Services Accounting-$12,744-$12,744
Payroll Taxes$6,764$3,382$1,128$11,274
Information Technology-$5,491-$5,491
Fees for Services Legal-$3,145-$3,145
Insurance$1,631$32-$1,663
Office Expenses-$1,156-$1,156
Other Expenses$2,480$4,002$29$29
Total Functional Expenses$421,564$122,758$20,361$564,683

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$963,406
Expenses per Audited Statements$564,683
Total Expenses per Form 990$564,683
Expenses Not Reported on Form 990$398,723
Expenses Not Reported on Financial Statements$0
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
Insider Transactions and Loans

Loans and Receivables

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

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
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
Tal Kerret
Title
Board Member
Phone
2125517324
Signed
2023-11-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Tal Kerret
Formed
2019
Legal Domicile
Ny
Voting Board Members
7
Independent Board Members
7
Employees
1
Volunteers
12

Preparer

Firm
Marcum Llp
Address
10 MELVILLE PARK ROAD, MELVILLE, NY 11747-3146
Preparer
Mary Ann Mendel
Phone
6314144000
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Consulting expense: program service expenses 41,611. Management and general expenses 0. Fundraising expenses 0. Total expenses 41,611. Audit fees: program service expenses 0. Management and general expenses 32,000. Fundraising expenses 0. Total expenses 32,000. Public relations: program service expenses 58,771. Management and general expenses 0. Fundraising expenses 0. Total expenses 58,771.”

FORM 990, PART XII, LINE 2C:

“The process is unchanged from the prior year.”

Financial Statement Notes

PART X, LINE 2:

“The organization recognizes and measures its unrecognized tax positions and assesses the likelihood, based on their technical merit, that tax positions will be sustained upon examination based on the facts, circumstances and information available at the end of each period. The measurement of unrecognized tax positions is adjusted when new information is available, or when an event occurs that requires a change. Interest and penalties associated with unrecognized tax positions, if any, would be classified as interest expense and additional income taxes, respectively, in the statements of activities. The organization did not identify any uncertain tax positions for the years ended december 31, 2022 and 2021. The organization is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any periods pending or in progress.”

Raw XML Appendix390 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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IRS990ScheduleD/DonatedServicesUseFcltsAmt0398723
IRS990ScheduleD/EquipmentGrp/BookValueAmt098866
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0169956
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0268822
IRS990ScheduleD/ExpensesNotReportedAmt0398723
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0564683
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt0205442
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt0308164
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0513606
IRS990ScheduleD/RevenueNotReportedAmt0398723
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0256000
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION RECOGNIZES AND MEASURES ITS UNRECOGNIZED TAX POSITIONS AND ASSESSES THE LIKELIHOOD, BASED ON THEIR TECHNICAL MERIT, THAT TAX POSITIONS WILL BE SUSTAINED UPON EXAMINATION BASED ON THE FACTS, CIRCUMSTANCES AND INFORMATION AVAILABLE AT THE END OF EACH PERIOD. THE MEASUREMENT OF UNRECOGNIZED TAX POSITIONS IS ADJUSTED WHEN NEW INFORMATION IS AVAILABLE, OR WHEN AN EVENT OCCURS THAT REQUIRES A CHANGE. INTEREST AND PENALTIES ASSOCIATED WITH UNRECOGNIZED TAX POSITIONS, IF ANY, WOULD BE CLASSIFIED AS INTEREST EXPENSE AND ADDITIONAL INCOME TAXES, RESPECTIVELY, IN THE STATEMENTS OF ACTIVITIES. THE ORGANIZATION DID NOT IDENTIFY ANY UNCERTAIN TAX POSITIONS FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021. THE ORGANIZATION IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY PERIODS PENDING OR IN PROGRESS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0304308
IRS990ScheduleD/TotalExpensesPerForm990Amt0564683
IRS990ScheduleD/TotalRevenuePerForm990Amt0256000
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0654723
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0963406
IRS990ScheduleI/GrantRecordsMaintainedInd01
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt032400
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 41,611. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 41,611. AUDIT FEES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 32,000. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 32,000. PUBLIC RELATIONS: PROGRAM SERVICE EXPENSES 58,771. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 58,771.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE PROCESS 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/TotalAssetsBOYAmt0633203
IRS990/TotalAssetsEOYAmt0416057
IRS990/TotalAssetsGrp/BOYAmt0633203
IRS990/TotalAssetsGrp/EOYAmt0416057
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0256000
IRS990/TotalEmployeeCnt01
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt020361
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0122758
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0421564
IRS990/TotalFunctionalExpensesGrp/TotalAmt0564683
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt038346
IRS990/TotalLiabilitiesEOYAmt0129883
IRS990/TotalLiabilitiesGrp/BOYAmt038346
IRS990/TotalLiabilitiesGrp/EOYAmt0129883
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0594857
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0286174
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0421564
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0256000
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt012
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0633203
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0416057
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/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0SILVERART.COM
IRS990/WhistleblowerPolicyInd01
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd03
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0TAL KERRET
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0BOARD MEMBER
ReturnHeader/BusinessOfficerGrp/PhoneNum02125517324
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-11-09
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/IRSResponsiblePrtyInfoCurrInd00
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0111986323
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0MARCUM LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt010 MELVILLE PARK ROAD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0MELVILLE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0117473146
ReturnHeader/PreparerPersonGrp/PhoneNum06314144000
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0MARY ANN MENDEL
ReturnHeader/ReturnTs02023-11-14T09:24:26-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0TAL
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0KERRET
ReturnHeader/TaxPeriodBeginDt02022-01-01
ReturnHeader/TaxPeriodEndDt02022-12-31
ReturnHeader/TaxYr02022

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$416,057
Liabilities
$129,883
Net assets
$286,174
Revenue
$256,000
Expenses
$564,683
Net income
-$308,683
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