Civic Intelligence

Pearl Arts Inc.

EIN 87-4101298 • 501(c)3 • Fort Wayne, IN

Pub. 78 Eligible

Profile

Pearl arts, inc. Exists as an interactive community arts, education, and engagement organization for all of northeast indiana. The organization invites people of all ages to gather for concerts, arts experiences, educational programs, widespread engagement events, as well as entrepreneurial collaborations. Pearl arts, inc., will also provide administrative offices, rehearsal, and performance facilities for interested community partners, while it actively fundraises in order to effectively manage, maintain, and promote the corporation as a cultural and business hub in the downtown fort wayne, indiana area.

234 Pearl StreetFort Wayne, IN 46802

www.pearlarts.org

Siviq Scores

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

Liabilities / Assets

55th percentile

0.09x

Higher debt load relative to assets than 55% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

52nd percentile

0.09x

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

501(c)3 • $1M-$5M nonprofits • Source year 2022

Net Margin

97th percentile

85%

Higher net margin than 97% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

Score unavailable

No value available

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

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2022

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2022

Balance Sheet
Liabilities / Assets55th percentile

Assets

Up

$39,832,689

Up $27,905,715 (+234%) from 2023

Liabilities

Down

$629,334

Down $504,999 (-45%) from 2023

Net Assets

Up

$39,203,355

Up $28,410,714 (+263%) from 2023

Operations
Liabilities / Revenue52nd percentileNet Margin97th percentile

Revenue

Up

$13,329,224

Up $3,436,468 (+35%) from 2023

Expenses

Up

$875,682

Up $625,898 (+251%) from 2023

Net Income

Up

$12,453,542

Up $2,810,570 (+29%) from 2023

Trend Graphs

Balance Sheet Trend

Asset GrowthScore unavailable

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

$40M$30M$20M$10M$0Assets 2022: $1,266,488Liabilities 2022: $116,819Net Assets 2022: $1,149,6692022Assets 2023: $11,926,974Liabilities 2023: $1,134,333Net Assets 2023: $10,792,6412023Assets 2024: $39,832,689Liabilities 2024: $629,334Net Assets 2024: $39,203,3552024

Highlighted filing

2024

Assets$39,832,689
Liabilities$629,334
Net Assets$39,203,355
Open 2024 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income by year, with the latest filing highlighted.

$15M$10M$5.0M$0Revenue 2022: $1,351,618Expenses 2022: $201,949Net Income 2022: $1,149,6692022Revenue 2023: $9,892,756Expenses 2023: $249,784Net Income 2023: $9,642,9722023Revenue 2024: $13,329,224Expenses 2024: $875,682Net Income 2024: $12,453,5422024

Highlighted filing

2024

Revenue$13,329,224
Expenses$875,682
Net Income$12,453,542
Open 2024 Filing

Filings

Most recent year

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

Open filing
Assets
$39,832,689
Liabilities
$629,334
Net assets
$39,203,355
Revenue
$13,329,224
Expenses
$875,682
Net income
$12,453,542
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$39.8$0.63$39.2$13.3$0.88$12.5
2023Detailed filing. Detailed filing data is available for this year.$11.9$1.13$10.8$9.89$0.25$9.64
2022Detailed filing. Detailed filing data is available for this year.$1.27$0.12$1.15$1.35$0.20$1.15
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
May 14, 2025
Return Version
2024v5.1
Gross Receipts
$13,343,746
Mission and Program Overview

Mission

Pearl arts, inc. Exists as an interactive community arts, education, and engagement organization for all of northeast indiana. The organization invites people of all ages to gather for concerts, arts experiences, educational programs, widespread engagement events, as well as entrepreneurial collaborations. Pearl arts, inc., will also provide administrative offices, rehearsal, and performance facilities for interested community partners, while it actively fundraises in order to effectively manage, maintain, and promote the corporation as a cultural and business hub in the downtown fort wayne, indiana area.

Pearl Arts, Inc. exists to serve Northeast Indiana as an interactive community arts, education, entrepreneurial, and engagement destination.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net-$21,851,568-
Cash and Non-Interest-Bearing Accounts$1,563,641$1,680,890▲ $117,249
Pledges and Grants Receivable-$15,000-
Accounts Receivable-$9,683-
Prepaid Expenses and Deferred Charges$14,259$3,489▼ $10,770
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$11,926,974$39,832,689▲ $27,905,715
Other Assets Total$10,349,074$16,272,059▲ $5,922,985
Liabilities
Accounts Payable and Accrued Expenses$1,134,333$464,696▼ $669,637
Other Liabilities-$163,537-
Deferred Revenue-$1,101-
Total Liabilities$1,134,333$629,334▼ $504,999
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$9,249,866$37,791,795▲ $28,541,929
Net Assets With Donor Restrictions$1,542,775$1,411,560▼ $131,215
Total Net Assets Fund Balance$10,792,641$39,203,355▲ $28,410,714
Total Liabilities and Net Assets / Fund Balance$11,926,974$39,832,689▲ $27,905,715

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$19,880,008$108,948$19,988,956
Equipment$1,619,561$31,285$1,650,846
Other Land Buildings$351,999$7,779$359,778
Other Assets Org$87,537--
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseOtherTotal
James W PalermoExecutive DirectorFT$185,000$10,038$195,038

Board Members and Trustees

NameTitle
Sharon PetersChairwoman
Ben EisbartVice Chairman
Mary FinkAsst. Treasurer
Doug WoodSecretary
Jeff SebeikaTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$13,205,335
Program Service Revenue
$69,985
Investment Income
$51,243
Other Revenue
$2,661
All Other Contributions
$13,205,335
Change in Net Assets
$12,453,542

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Works of Art1$6,250Gallery Compar
Total Noncash Contributions1$6,250-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$487,823
Salaries, Compensation, and Employee Benefits$338,964
Total Fundraising Expense$130,606
Grants and Similar Amounts Paid$48,895
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$38,940$38,940$116,821$194,701
Fees for Services Other$166,249$2,981-$169,230
Depreciation Depletion$148,012--$148,012
Other Salaries and Wages$97,184$5,308-$102,492
Grants to Domestic Individuals$48,895--$48,895
Occupancy$34,726--$34,726
Other Employee Benefits$22,514--$22,514
Payroll Taxes$8,994$2,833$7,430$19,257
Travel$12,135--$12,135
Office Expenses$5,102$2,334$4,217$11,653
Fees for Services Legal-$10,739-$10,739
Information Technology$2,377$749$1,963$5,089
Insurance$3,711$67$175$3,953
Fees for Services Accounting-$3,780-$3,780
Advertising$1,050--$1,050
Other Expenses$813--$813
Total Functional Expenses$677,345$67,731$130,606$875,682
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 Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Lease Liabiltiy$87,537
Loaned Artwork$76,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
Yes
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 4

“Among other minor changes, the by-laws were amended to redefine a quorum as "a majority of the members of the Board of Directors, notwithstanding any vacancy, shall constitute a quorum at any meeting of the Board of Directors".”

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

“The Board of Directors reviews a draft of Form 990 prior to filing.”

Form 990, Part VI, Section B, Line 15A

“The Board of Directors approved the Executive Director's compensation package prior to hire.”

Form 990, Part VI, Section C, Line 19

“The Organization does not make its governing documents, conflict of interest policy or financial statements available to the general public.”

Filing and Contact Details

Filer

Filer Name
Pearl Arts Inc
EIN
87-4101298
Phone
2603451979
Address
234 Pearl Street, Fort Wayne, IN 46802

Signing Officer

Name
Mary Fink
Title
Assistant Treasurer
Signed
2025-05-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Sharon Peters
Formed
2021
Legal Domicile
In
Voting Board Members
5
Independent Board Members
5
Employees
5
Volunteers
5

Preparer

Firm
Targeted Services PC
Address
709 Clay Street Suite 102, Fort Wayne, IN 46802
Preparer
Patricia Oppor CPA
Phone
2602033121
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Adopt ASC 842 Lease Accounting Standard 12/31/22 = $16154138”

Form 990, Part XI, Line 9

“In-Kind Lease Expense 2024 = -$1025969”

Form 990, Part XI, Line 9

“Net effect adoption of ASC Lease Accounting Standard 2023 = -$52878”

Part III, Program Service Accomplishments (continued):

“Pearl Arts hosted one artist in residence in November, 2024. Ji Su Jung, world renowned marimba player, was featured in a 2-day residency as part of a special program collaboration with Fort Wayne Community Schools. It featured a play talk session for 250 middle and high school students, and sessions for percussionists and orchestra students at Wayne High School and Northrop High School. Summit City Flute Choir: A free ensemble for high school and amateur adult flutists, focusing on ensemble performance. Music in the Morning: A free adult music appreciation and participation class, offering a relaxed environment to explore music.A total of __ youth participated in lessons and related activities during fiscal 2024.The Academy served 275 students during its inaugural year (2024). Eight-hundred additional students were treated to a Master Class featuring the works of Count Basie during Pearl Arts' Grand Opening in November.”

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IRS990/PrincipalOfficerNm0Sharon Peters
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IRS990/RevenueAmt069985
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0James W Palermo
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0Executive Dir.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Among other minor changes, the by-laws were amended to redefine a quorum as "a majority of the members of the Board of Directors, notwithstanding any vacancy, shall constitute a quorum at any meeting of the Board of Directors".
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The Board of Directors reviews a draft of Form 990 prior to filing.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The Board of Directors approved the Executive Director's compensation package prior to hire.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The Organization does not make its governing documents, conflict of interest policy or financial statements available to the general public.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Adopt ASC 842 Lease Accounting Standard 12/31/22 = $16154138
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5In-Kind Lease Expense 2024 = -$1025969
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6Net effect adoption of ASC Lease Accounting Standard 2023 = -$52878
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7Pearl Arts hosted one artist in residence in November, 2024. Ji Su Jung, world renowned marimba player, was featured in a 2-day residency as part of a special program collaboration with Fort Wayne Community Schools. It featured a play talk session for 250 middle and high school students, and sessions for percussionists and orchestra students at Wayne High School and Northrop High School. Summit City Flute Choir: A free ensemble for high school and amateur adult flutists, focusing on ensemble performance. Music in the Morning: A free adult music appreciation and participation class, offering a relaxed environment to explore music.A total of __ youth participated in lessons and related activities during fiscal 2024.The Academy served 275 students during its inaugural year (2024). Eight-hundred additional students were treated to a Master Class featuring the works of Count Basie during Pearl Arts' Grand Opening in November.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, Line 4
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, Line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section C, Line 19

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