Waterfall Arts FY2021 filing

Tax-deductible

Belfast, ME501(c)(3)Arts & CultureEIN 01-0528831

Providing access to the arts, design, and creative collaboration for all ages and abilities throughout the belfast and montville communities in waldo county, maine.

501(c)(3) charity; gifts are tax-deductible.
43¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
Is it a real charity?
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Are gifts tax-deductible?
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Is it filing on time?
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 years looks good.
IRS e-file · Filing history
Is it financially stable?
3 of 5
years in the black
Worth a look: 2 of the last 5 filings show a deficit.
Pt I · Ln 19 · 5 filings
How much reaches the programs?
43%
of spending
Concern: 43% of spending went to programs; under 50% is a concern.
Pt IX · Ln 25 · col B
Do they have reserves?
22 mo
of spending, in cash
Looks good: 22.3 months of spending in cash; 3 or more looks good.
Pt X · Ln 1–2 · Pt I · Ln 18
Who is supporting them already?
1
named funder · $1K
Worth a look: 1 funder names it on their filings; under 3 is worth a look.
Funders’ Sch. I, 990-PF
Do they carry debt?
$716K
liabilities
Looks good: debts are 40% of assets; 50% or less looks good.
Pt X · Ln 26
Who oversees it?
12
independent of 12 voting board members
Looks good: 12 of 12 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodWorth a lookConcernTap a box for the reason.
Revenue
$828K
+25% vs prior year
Spent
$564K
To programs
43%
Net assets
$1.1M
By yearFY2020–FY2024
Revenue
$828K
FY2021▲ +25%
Revenue by fiscal year
FY2020$664K
FY2021$828K
FY2022$853K
FY2023$611K
FY2024$585K
Expenses
$564K
FY2021▲ +12%
Expenses by fiscal year
FY2020$503K
FY2021$564K
FY2022$585K
FY2023$636K
FY2024$693K
Net assets
$1.1M
FY2021▲ +33%
Net assets by fiscal year
FY2020$806K
FY2021$1.1M
FY2022$1.3M
FY2023$1.3M
FY2024$941K

From the FY2021 Form 990 · see the original

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Status and standing

Is it real, and can you give to it?

Tax-deductible?
Yes
Per the IRS master file.
Can I give now?
No revocation on IRS record
Not on the IRS revocation list.
Filing up to date?
Filed FY2024 (typical filing lag)
Legal name (IRS)Hdr · item CWaterfall Arts
EINHdr · item D01-0528831
Exempt statusHdr · item I501(c)(3) · active
Ruling yearIRS BMFJan 2003
Latest filingForm 990FY2024 · Form 990
Principal addressHdr · item CBelfast, ME
NTEE classificationIRS BMFArts & Culture (A25)
WebsiteHdr · item Jwaterfallarts.org

Where the money goes

What each dollar paid for.

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.43 Management & general $0.30 Fundraising $0.27
Program services43%$243K
Management & general30%$169K
Fundraising27%$153K
Total functional expensesLn 25$564K

Financial health

Is it on solid ground?

Program efficiency
43%
of spending reaches programs
Operating runway
24.5mo
months of highly liquid reserves at operating expense rate
Surplus margin
+32%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2021 · Form 990
Total assets
$1.8M
FY2021▲ +56%
Total assets by fiscal year
FY2020$1.1M
FY2021$1.8M
FY2022$1.9M
FY2023$1.9M
FY2024$1.5M
Total liabilities
$716K
FY2021▲ +109%
Total liabilities by fiscal year
FY2020$342K
FY2021$716K
FY2022$598K
FY2023$550K
FY2024$525K
Revenue less expensesPt I · Ln 19$264K
Total assetsPt X · Ln 16$1.8M
Program-expense ratioPt IX · col B43%
Voting members of governing bodyPt I · Ln 312
Independent voting membersPt I · Ln 412

Balance Sheet

Part X · end of year
CashLn 1$1.1M
Total assetsLn 16$1.8M
Total liabilitiesLn 26$716K
Total net assetsLn 32$1.1M
Months of cash on handcomputed22.3

Statement of Revenue

Part VIII
Contributions & grants$717K · 87%
Program service revenue$110K · 13%
Contributions & grants87%$717K
Program service revenue13%$110K
Investment income$952
— government grantsLn 1e$176K
Total revenueLn 12$828K

Financial Metrics

Form 990 · FY2021 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $1.2M · Operating expenses/yr $564K
24.5 months
Where the money goes
Program services
Program services $243K · Total expenses $564K
43%
Management & General
Management & general $169K · Total expenses $564K
30%
Fundraising
Fundraising $153K · Total expenses $564K
27%
Cost to raise $1
Fundraising expense (2-yr avg) $149K · Solicited contributions (2-yr avg) $541K
$0.27 to raise $1 (2-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $717K · Total revenue $828K
87%
Government reliance
Government grants $176K · Total revenue $828K
21%
Earned-income share
Program service revenue $110K · Total revenue $828K
13%
Investment reliance
Investment income $952 · Total revenue $828K
+0.1%
Program self-sufficiency
Program service revenue $110K · Total expenses $564K
19%
Growth & trend
Revenue growth (YoY)
This year $828K · Prior year $664K
+25%
Net-asset trend (YoY)
End of year $1.1M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $828K · Expenses $564K
+32%
Liabilities-to-Assets
Total liabilities — · Total assets $1.8M
—
Net-asset ratio
Net assets $1.1M · Total assets $1.8M
60%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $104K · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $1.8M
6%
People & payroll
Highest Reported Total Compensation
Individual Alan Crichton · Reported title DIRECTOR · Highest reported compensation $0 · Total expenses $564K
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $290K · Total expenses $564K
51%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 43%——
Overhead ratio 30%——
Fundraising cost ratio 21%——
Revenue growth 25%——
Accounting fee ratio 2%——

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Leadership and pay

Who runs it, and what are they paid?

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Vice President
$0Pt VII · Sec A
President
$0Pt VII · Sec A
See Waterfall Arts executive salaries →

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Governance & Policies

Part VI
  • 12Voting board membersPt VI · Ln 1a
  • 12Independent board membersPt VI · Ln 1b
  • Conflict-of-interest policyPt VI · Ln 12aYes
  • Whistleblower policyPt VI · Ln 13No
  • Document retention policyPt VI · Ln 14Yes
  • Top official’s pay independently reviewedPt VI · Ln 15aNo
  • Family or business ties among leadersPt VI · Ln 2No

Mission and programs

What it does.

Offers arts, design, and creative collaboration access to all in Belfast and Montville.

Provided by the organization

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Mission & Programs · Part III

Where the work happens

3 program services account for $31K of program spending, described in the organization's own filed words · FY2021.
01

A local glassblowing artisan donated the contents of his studio to the organization and worked with us to construct the only full-time, community-baed, public-access glassblowing facility of its kind in maine. We have partnered with local schools to offer curriculum in the studio and have brought a unique offering the the area.

$24Kprogram expense
02

The organization started an annual artist residency program in the summer of 2021. Every year an artist will spend time at the organization giving patrons the opportunity to see various types of art more in-depth.

$5Kprogram expense
03

Our life drawing classes have grown in 2021. We were able to have classes outside, when the weather permitted, and we expanded the number of days that classes were offered. These classes offer drawing instruction to anyone in long and short poses.

$2Kprogram expense

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Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2025
Total grants receivedfrom 1 funder$1K

Filing history

Every return on file.

YearRevenueExpensesChangeFiling
FY2024 Latest $585K$693K-4% 990 PDF
FY2023 $611K$636K-28% 990 PDF
FY2022 $853K$585K+3% 990 PDF
FY2021 Viewing $828K$564K+25% 990 PDF
FY2020 $664K$503K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash

Full filing: Form 990 for FY2021

Every line we hold from the return, cited to its Part and line.
Part IX · Statement of functional expenses $564,322 across 12 lines filed
IX-7 Other salaries and wagesPrograms $105,576 · Management $60,128 · Fundraising $101,550$267,254
IX-10 Payroll taxesPrograms $8,974 · Management $5,112 · Fundraising $8,634$22,720
IX-11a Management feesManagement $57,590$57,590
IX-11c Accounting feesManagement $13,974$13,974
IX-11g Other fees for servicesPrograms $24,537$24,537
IX-12 Advertising and promotionPrograms $518 · Management $1,170 · Fundraising $8,985$10,673
IX-14 Information technologyPrograms $694 · Management $948 · Fundraising $2,276$3,918
IX-16 OccupancyPrograms $29,486$29,486
IX-20 InterestManagement $883 · Fundraising $23$906
IX-22 Depreciation, depletion and amortizationPrograms $23,932 · Management $552$24,484
IX-23 InsuranceManagement $12,033$12,033
IX-24 Other expenses (24a–d)Programs $48,908 · Management $16,513 · Fundraising $31,326$96,747
IX-25 Total functional expensesPrograms $242,625 · Management $168,903 · Fundraising $152,794$564,322

Not shown yet: ratings, outcomes, and peer benchmarks. A Form 990 doesn’t report them.

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2021IRS
Classification, formation year, addressIRS Business Master File
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