Civic Intelligence

Volcano Art Center

990 • Fiscal year 2016 • EIN 99-0162321

Oct 01, 2015 to Sep 30, 2016 • Filed on Jun 22, 2017

PO Box 129Volcano, HI 96785

(808) 967-8222

Siviq Scores

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

Liabilities / Assets

38th percentile

0.04x

Higher debt load relative to assets than 38% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2016

Liabilities / Revenue

53rd percentile

0.12x

Higher debt load relative to revenue than 53% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2016

Net Margin

14th percentile

-23%

Higher net margin than 14% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2016

Top Officer Pay

51st percentile

$64,789

Higher top officer pay than 51% of similar nonprofits.

Top officer pay equals 9.9% of source-year revenue.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2016

Asset Growth

18th percentile

-6.3%

Faster asset growth than 18% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2015 to 2016

Revenue Growth

33rd percentile

-3.4%

Faster revenue growth than 33% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2015 to 2016

Assets

Down

$2,012,163

Down $135,367 (-6.3%) from 2015

Net Assets

Down

$1,931,391

Down $151,361 (-7.3%) from 2015

Liabilities

Up

$80,772

Up $15,994 (+25%) from 2015

Revenue

Down

$655,242

Down $23,290 (-3.4%) from 2015

Expenses

Up

$806,603

Up $112,677 (+16%) from 2015

Net Income

Down

-$151,361

Down $135,967 (-883%) from 2015

Historical Trend

Balance Sheet Trend

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

$3.0M$2.0M$1.0M$0Assets 2011: $2,465,451Liabilities 2011: $66,602Net Assets 2011: $2,398,8492011Assets 2012: $2,334,167Liabilities 2012: $97,647Net Assets 2012: $2,236,5202012Assets 2013: $2,196,187Liabilities 2013: $141,448Net Assets 2013: $2,054,7392013Assets 2014: $2,157,127Liabilities 2014: $58,981Net Assets 2014: $2,098,1462014Assets 2015: $2,147,530Liabilities 2015: $64,778Net Assets 2015: $2,082,7522015Assets 2016: $2,012,163Liabilities 2016: $80,772Net Assets 2016: $1,931,3912016Assets 2017: $1,902,905Liabilities 2017: $64,273Net Assets 2017: $1,838,6322017Assets 2018: $1,860,285Liabilities 2018: $71,630Net Assets 2018: $1,788,6552018Assets 2019: $1,711,208Liabilities 2019: $44,209Net Assets 2019: $1,666,9992019Assets 2020: $1,663,205Liabilities 2020: $114,942Net Assets 2020: $1,548,2632020Assets 2021: $1,722,188Liabilities 2021: $71,882Net Assets 2021: $1,650,3062021Assets 2022: $1,792,715Liabilities 2022: $90,590Net Assets 2022: $1,702,1252022Assets 2023: $2,255,462Liabilities 2023: $514,985Net Assets 2023: $1,740,4772023Assets 2024: $2,094,128Liabilities 2024: $484,274Net Assets 2024: $1,609,8542024

Highlighted filing

2016

Assets$2,012,163
Liabilities$80,772
Net Assets$1,931,391

Operations Trend

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

$1.5M$1.0M$500K$0-$500KRevenue 2011: $735,508Expenses 2011: $961,232Net Income 2011: -$225,7242011Revenue 2012: $767,341Expenses 2012: $929,670Net Income 2012: -$162,3292012Revenue 2013: $699,723Expenses 2013: $881,504Net Income 2013: -$181,7812013Revenue 2014: $682,906Expenses 2014: $639,499Net Income 2014: $43,4072014Revenue 2015: $678,532Expenses 2015: $693,926Net Income 2015: -$15,3942015Revenue 2016: $655,242Expenses 2016: $806,603Net Income 2016: -$151,3612016Revenue 2017: $685,331Expenses 2017: $778,090Net Income 2017: -$92,7592017Revenue 2018: $732,048Expenses 2018: $782,025Net Income 2018: -$49,9772018Revenue 2019: $736,169Expenses 2019: $857,825Net Income 2019: -$121,6562019Revenue 2020: $569,554Expenses 2020: $688,290Net Income 2020: -$118,7362020Revenue 2021: $835,442Expenses 2021: $733,399Net Income 2021: $102,0432021Revenue 2022: $1,022,554Expenses 2022: $970,735Net Income 2022: $51,8192022Revenue 2023: $1,144,026Expenses 2023: $1,105,674Net Income 2023: $38,3522023Revenue 2024: $1,097,368Expenses 2024: $1,227,991Net Income 2024: -$130,6232024

Highlighted filing

2016

Revenue$655,242
Expenses$806,603
Net Income-$151,361
Jump To
Filing Snapshot
Filing Period
Oct 1, 2015 to Sep 30, 2016
Signed
Jun 22, 2017
Return Version
2015v3.0
Gross Receipts
$667,180
Mission and Program Overview

Mission

The volcano art center's (vac) mission is to promote, develop, and perpetuate the artistic and cultural heritage of hawaii's people and environment through activities in the visual, literal, and performance arts. The vac seeks to share the mission with a broad range of individuals, groups, and communities who share common interests and goals.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,891,987$1,780,754▼ $111,233
Cash and Non-Interest-Bearing Accounts$183,435$103,755▼ $79,680
Savings and Temporary Cash Investments$45,309$85,350▲ $40,041
Inventories for Sale or Use$15,649$15,649→ $0
Accounts Receivable$5,400$4,937▼ $463
Total Assets$2,147,530$2,012,163▼ $135,367
Other Assets Total$5,750$21,718▲ $15,968
Liabilities
Accounts Payable and Accrued Expenses$58,427$79,502▲ $21,075
Other Liabilities$6,351$1,270▼ $5,081
Total Liabilities$64,778$80,772▲ $15,994
Net Assets / Fund Balance
Unrestricted Net Assets$2,047,072$1,900,400▼ $146,672
Temporarily Rstr Net Assets$30,680$25,991▼ $4,689
Permanently Rstr Net Assets$5,000$5,000→ $0
Total Net Assets Fund Balance$2,082,752$1,931,391▼ $151,361
Total Liabilities and Net Assets / Fund Balance$2,147,530$2,012,163▼ $135,367

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,465,636$776,326$2,241,962
Other Land Buildings$299,362$163,197$462,559
Equipment$15,756$62,432$78,188
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Michael NelsonExecutive DiFT$52,000$12,789$64,789

Board Members and Trustees

NameTitle
Hugh JenkinsBoard Chair
Desiree Moana CruzDirector
Jelena ClayDirector
Jesse TunisonDirector
Linda Kapuniai RosehillDirector
Lynda GretzDirector
Philipe NaultDirector
Tad SewellDirector
William HamiltonTreasurer
Emily HerbVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$108,827
Program Service Revenue
$525,804
Investment Income
$17
Other Revenue
$20,594
All Other Contributions
$42,515
Change in Net Assets
$-151,361

Audited Revenue Reconciliation

Revenue per Audited Statements
$655,242
Revenue Not Reported on Form 990
$11,938
Total Revenue per Audited Statements
$667,180
Total Revenue per Form 990
$655,242
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$439,276
Salaries, Compensation, and Employee Benefits$367,327
Total Fundraising Expense$34,103
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$186,292$23,825$12,419$222,536
Depreciation Depletion$55,052$50,485-$105,537
Other Employee Benefits$77,679$9,934$5,178$92,791
All Other Expenses$40,018$21,205$3,371$64,594
Current Officers, Directors, Trustees, and Key Employees$43,531$5,567$2,902$52,000
Fees for Services Other$36,382$6,784-$43,166
Office Expenses$26,469$704$3,708$30,881
Fees for Services Accounting$17,405$9,674-$27,079
Occupancy$23,276$680-$23,956
Other Expenses$16,155$983$6,525$17,138
Advertising$16,633$279-$16,912
Insurance$7,707$2,119-$9,826
Travel$3,796$1,168-$4,964
Total Functional Expenses$638,163$134,337$34,103$806,603

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$818,541
Expenses per Audited Statements$806,603
Total Expenses per Form 990$806,603
Expenses Not Reported on Form 990$11,938
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$23,997
Fundraising Direct Expenses$11,938
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Love the Arts$23,997$23,997$11,938$12,059
Total Events$23,997$23,997$11,938$12,059
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Long Term Lease Payable$1,270
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 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, Page 6, Part VI, Line 6

Membership in the organization is open to the public.

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

Form 990 is reviewed and approved by the board before filing.

Form 990, Page 6, Part VI, Line 12C

Conflict of interest disclosure is updated annually and reviewed by the board.

Form 990, Page 6, Part VI, Line 15A

Compensation for the ceo is determined by the board of directors based on the organization's budget, market data for the position, and comparable local compensation rates.

Form 990, Page 6, Part VI, Line 15B

The compensation for key employees and officers is determined by the oganization's budget, market data for the position, and comparable local compensation rates.

Form 990, Page 6, Part VI, Line 19

Governing documents are made available to the public upon request. Form 990 is also available on guidestar.org.

Filing and Contact Details

Filer

Filer Name
Volcano Art Center
EIN
99-0162321
Phone
8089678222
Address
PO BOX 129, VOLCANO, HI 96785

Signing Officer

Name
Michael Nelson
Title
Executive Director
Phone
8089678222
Signed
2017-06-22
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Hugh Jenkins
Formed
1975
Legal Domicile
Hi
Voting Board Members
10
Independent Board Members
10
Employees
15
Volunteers
52

Preparer

Firm
Carbonaro Cpas & Management Group
Address
1885 MAIN ST STE 408, WAILUKU, HI 96793
Preparer
Gretchen Kremeyer
Phone
8082425002
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

The volcano art center's (vac) mission is to promote, develop, and perpetuate the artistic and cultural heritage of hawaii's people and environment through activities in the visual, literal, and performance arts. The vac seeks to share the mission with a broad range of individuals, groups, and communities who share common interests and goals.

Form 990, Part XI, Line 9

Fundraising expenses 11,938 fundraising expenses -11,938

Financial Statement Notes

Schedule D, Page 3, Part X

Vac is exempt from federal income taxes under section 501(c)(3) of the internal revenue code and applicable state law. The accounting standard on accounting for uncertainty in income taxes addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under that guidance, vac may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities based on the technical merits of the position. Examples of tax positions include the tax-exempt status of the organization and various positions related to the potential sources of unrelated business taxable income (ubit). The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. There were no unrecognized tax benefits identified or recorded as liabilities for fiscal years 2016 and 2015. Vac files its forms 990 in the u.s. Federal jurisdiction and the office of the state's attorney general for the state of hawai'i. The organization is generally no longer subject to examination by the internal revenue service for years before 2013.

Schedule D, Page 4, Part XI, Line 2D

Fundraising expenses 11,938

Schedule D, Page 4, Part XII, Line 2D

Fundraising expenses 11,938

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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$2.09$0.48$1.61$1.10$1.23$0.13
2023Detailed filing. Detailed filing data is available for this year.$2.26$0.51$1.74$1.14$1.11$0.04
2022Detailed filing. Detailed filing data is available for this year.$1.79$0.09$1.70$1.02$0.97$0.05
2021Detailed filing. Detailed filing data is available for this year.$1.72$0.07$1.65$0.84$0.73$0.10
2020Detailed filing. Detailed filing data is available for this year.$1.66$0.11$1.55$0.57$0.69$0.12
2019Detailed filing. Detailed filing data is available for this year.$1.71$0.04$1.67$0.74$0.86$0.12
2018Detailed filing. Detailed filing data is available for this year.$1.86$0.07$1.79$0.73$0.78$0.05
2017Detailed filing. Detailed filing data is available for this year.$1.90$0.06$1.84$0.69$0.78$0.09
2016Detailed filing. Detailed filing data is available for this year.$2.01$0.08$1.93$0.66$0.81$0.15
2015Detailed filing. Detailed filing data is available for this year.$2.15$0.06$2.08$0.68$0.69$0.02
2014Detailed filing. Detailed filing data is available for this year.$2.16$0.06$2.10$0.68$0.64$0.04
2013Summary only. Only limited summary data is available for this year.$2.20$0.14$2.05$0.70$0.88$0.18
2012Summary only. Only limited summary data is available for this year.$2.33$0.10$2.24$0.77$0.93$0.16
2011Summary only. Only limited summary data is available for this year.$2.47$0.07$2.40$0.74$0.96$0.23