Civic Intelligence

Volcano Art Center

990 • Fiscal year 2023 • EIN 99-0162321

Oct 01, 2022 to Sep 30, 2023 • Filed on Jul 15, 2024

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

70th percentile

0.23x

Higher debt load relative to assets than 70% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

79th percentile

0.45x

Higher debt load relative to revenue than 79% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Net Margin

48th percentile

3.4%

Higher net margin than 48% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

55th percentile

$72,340

Higher top officer pay than 55% of similar nonprofits.

Top officer pay equals 6.3% of source-year revenue.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Asset Growth

80th percentile

26%

Faster asset growth than 80% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

58th percentile

12%

Faster revenue growth than 58% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Assets

Up

$2,255,462

Up $462,747 (+26%) from 2022

Net Assets

Up

$1,740,477

Up $38,352 (+2.3%) from 2022

Liabilities

Up

$514,985

Up $424,395 (+468%) from 2022

Revenue

Up

$1,144,026

Up $121,472 (+12%) from 2022

Expenses

Up

$1,105,674

Up $134,939 (+14%) from 2022

Net Income

Down

$38,352

Down $13,467 (-26%) from 2022

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

2023

Assets$2,255,462
Liabilities$514,985
Net Assets$1,740,477

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

2023

Revenue$1,144,026
Expenses$1,105,674
Net Income$38,352
Jump To
Filing Snapshot
Filing Period
Oct 1, 2022 to Sep 30, 2023
Signed
Jul 15, 2024
Return Version
2022v5.0
Gross Receipts
$1,207,530
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$1,224,899$1,133,477▼ $91,422
Cash and Non-Interest-Bearing Accounts$408,609$414,244▲ $5,635
Savings and Temporary Cash Investments$120,166$196,484▲ $76,318
Accounts Receivable$13,557$45,097▲ $31,540
Inventories for Sale or Use$8,148$32,475▲ $24,327
Prepaid Expenses and Deferred Charges$10,891$13,664▲ $2,773
Total Assets$1,792,715$2,255,462▲ $462,747
Other Assets Total$6,445$420,021▲ $413,576
Liabilities
Other Liabilities-$373,451-
Accounts Payable and Accrued Expenses$90,590$141,534▲ $50,944
Total Liabilities$90,590$514,985▲ $424,395
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,669,870$1,690,766▲ $20,896
Net Assets With Donor Restrictions$32,255$49,711▲ $17,456
Total Net Assets Fund Balance$1,702,125$1,740,477▲ $38,352
Total Liabilities and Net Assets / Fund Balance$1,792,715$2,255,462▲ $462,747

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$934,719$1,307,242$2,241,961
Other Land Buildings$198,758$204,725$403,483
Equipment-$30,122$30,122
Other Assets Org$695--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Michael NelsonExecutive DiFT$62,920$9,420$72,340
Jesse TunisonDirector-$2,000-$2,000

Board Members and Trustees

NameTitle
Jeffrey DavisPresident
Buddy NorwoodDirector
Chris FrieseDirector
Jay RobinsonDirector
Joan McdonaldDirector
Julia WilliamsDirector
Barbara DunnSecretary
Doug WilsonTreasurer
Lynn K MelenaVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$166,493
Program Service Revenue
$936,867
Investment Income
$-3,350
Other Revenue
$44,016
All Other Contributions
$69,155
Change in Net Assets
$38,352

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
Other Non Cash Contri Table209$47,664Fair Market Value
Total Noncash Contributions209$47,664-

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,144,026
Revenue Not Reported on Form 990
$15,840
Total Revenue per Audited Statements
$1,159,866
Total Revenue per Form 990
$1,144,026
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$571,656
Other Expenses$534,018
Total Fundraising Expense$32,449
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$292,471$54,838$18,279$365,588
Office Expenses$78,028$27,216$242$105,486
Fees for Services Other$90,134$9,147$763$100,044
Depreciation Depletion$65,060$21,687-$86,747
Current Officers, Directors, Trustees, and Key Employees$60,488$11,341$3,780$75,609
Other Employee Benefits$54,274$10,176$3,392$67,842
Occupancy$52,748$10,902$2,862$66,512
Payroll Taxes$41,823$7,842$2,614$52,279
Information Technology$15,754$5,251-$21,005
Insurance$9,268$3,089-$12,357
Advertising$10,450--$10,450
Pension Plan Contributions$8,270$1,551$517$10,338
Fees for Services Accounting$7,031$2,344-$9,375
Other Expenses$3,835$1,279-$5,114
All Other Expenses$3,083$1,028-$4,111
Travel$1,019$340-$1,359
Fees for Services Legal$254$85-$339
Total Functional Expenses$899,564$173,661$32,449$1,105,674

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,121,514
Expenses per Audited Statements$1,105,674
Total Expenses per Form 990$1,105,674
Expenses Not Reported on Form 990$15,840
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$58,828
Fundraising Gross Income$28,587
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Love the Arts$76,651$24,612$50,917$-26,305
Total Events$76,651$24,612$56,917$-32,305
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Jesse TunisonBodArt ConsignmentNo$16,389
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Lease Liabilities$373,451
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
Yes
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

All persons who are interested in the purposes for which volcano art center is organized and who make contributions to the organization shall be eligible to apply for membership. There is only one class of members.

Form 990, Page 6, Part VI, Line 7A

Members elect the board of directors for the ensuing year at an annual meeting.

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.

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
2024-07-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jeffrey Davis
Formed
1975
Legal Domicile
Hi
Voting Board Members
10
Independent Board Members
10
Employees
13
Volunteers
65

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

Losses reported on return -4,676 fundraising expenses 11,164 loss on asset disposal 4,676 fundraising expenses -11,164

Financial Statement Notes

Schedule D, Page 3, Part X

Volcano art center is exempt from federal income taxes pursuant to internal revenue code section 501(c)(3) and exempt from state income taxes under section 237-23 (b)(2)(3) of the hawaii revised statutes. Therefore, no provision for federal or state income taxes is required for the financial statements. 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, the center 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 center 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 year 2023. The center files its forms 990 in the u.s. Federal jurisdiction and the office of the state's attorney general for the state of hawaii. The center is generally no longer subject to examination by the internal revenue service for years before 2020.

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

Fundraising expenses 11,164 loss on asset disposal 4,676

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

Fundraising expenses 11,164

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IRS990/MissionDesc0THE 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.
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IRS990/PrincipalOfficerNm0JEFFREY DAVIS
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt244348
IRS990/ProgSrvcAccomActy2Grp/Desc0EDUCATIONAL AND CULTURAL PROGRAMS PROVIDED IN THE ARTS FOR THE COMMUNITY AND VISITORS TO HAWAII VOLCANOES NATIONAL PARK.
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IRS990/ProgSrvcAccomActy2Grp/RevenueAmt0112911
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt0130176
IRS990/PYExcessBenefitTransInd0false
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IRS990/QuidProQuoContriDisclInd0true
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt038352
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RentalIncomeOrLossGrp/RealAmt02233
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0true
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IRS990/RevenueAmt0834750
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0120166
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0196484
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IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus3YearsAmt02164
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IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt0752875
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt04482632
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
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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