Waterloo Arts EIN 20-0639943 Form 990 (PDF) Claim this org

Waterloo Arts FY2021 filing

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Enriching neighborhoods culturally with arts exhibits, performances, events, and educational programs for all ages. For fiscal year 2021 it reported $371K in revenue, $219K in expenses, and $561K in net assets.Pt I

Type
Public charity (501(c)(3)) · Arts & Culture
Location
Cleveland, OH
Website
waterlooarts.org
Filings
5 on file (2020–2021)
Revenue
$371KFY2021
Expenses
$219K
Net assets
$561K
People
10
Filings
5
Updates
0
More identity details & actions ⌄
EIN  20-0639943 Public charity (501(c)(3)) Cleveland, OH
Form 990 (PDF)
You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2024) →
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Size
$100K–1M
What they do
Enriching neighborhoods culturally with arts exhibits, performances, events, and educational programs for all ages.
Leadership
Amy Callahan · Executive Director · $40K
Money in and out
$371K revenue, $219K expenses
Bottom line
77% program efficiency
Where the money goes · FY2021
Total revenue
$371K
Pt VIII · Ln 12
Total expenses
$219K
Pt IX · Ln 25
Net assets
$561K
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $151K
Where spending went · Part IX cols B–D
Program services $0.77 Management & general $0.16 Fundraising $0.07
Program efficiency
77%
of spending reaches programs
Operating runway
12.2mo
months of highly liquid reserves at operating expense rate
Surplus margin
+41%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2021 · Form 990
Revenue
$371K
FY2021▲ +45%
Expenses
$219K
FY2021▲ +31%
Total assets
$649K
FY2021▲ +33%
Total liabilities
$88K
FY2021▲ +10%
Total revenue
$371K
Pt VIII · Ln 12
Total expenses
$219K
Pt IX · Ln 25
Net assets
$561K
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$151K
Total assetsPt X · Ln 16$649K
Program-expense ratioPt IX · col B77%
Voting members of governing bodyPt I · Ln 39
Independent voting membersPt I · Ln 49

Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CWaterloo Arts
EINHdr · item D20-0639943
Principal addressHdr · item CCleveland, OH
WebsiteHdr · item Jwaterlooarts.org
Year of formationHdr · item Lpending
State of legal domicileHdr · item MOH
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFArts & Culture (A20)
Ruling yearIRS BMFMay 2004

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a9
Independent voting membersPt VI · Ln 1b9
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13No
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
Executive Director
$40,000Pt VII · Sec A
Board Member
$0Pt VII · Sec A
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
President
$0Pt VII · Sec A

Amy Callahan’s $43K as Executive Di is at the 38th percentile of top reported officer pay among 2212 $100K–1M arts & culture nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 2 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Amy Callahan$40,000$66,880
Amy Callahan$43,333$43,333$40,000

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Mission & Programs · Part III

Where the work happens

3 program services account for $168K of program spending, described in the organization's own filed words · FY2021.
01

Waterloo Arts Fest

After a year hiatus due to Covid 19, Waterloo Arts brought back the Waterloo Arts Fest in September 2021. This family-friendly music and art festival is the largest event in the Collinwood neighborhood of Cleveland and attracts 5000-7000 visitors from across the region.

$168Kprogram expense
02

Education and Community Programs

Waterloo Arts is situated in the center of a walkable arts district and in 2020 and 2021, they worked with local residents to renovate some neglected flower beds in the district in a program titled, The Green Palette. The program included an educational webinar series for participants and a volunteer recognition event.

Pt IX · col B
03

Gallery

In 2021, the Gallery at Waterloo Arts presented the work of 125 artists in seven exhibits which included solo and small group exhibits, a national Juried Exhibit, and a co-op holiday sale. In addition, four online artist talks were presented live and recorded for later viewing.

Pt IX · col B

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Statement of Revenue

Part VIII
Contributions & grants$296K · 80%
Program service revenue$75K · 20%
Contributions & grants80%$296K
Program service revenue20%$75K
Investment income$38
— government grantsLn 1e$256K
Total revenueLn 12$371K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.77 Management & general $0.16 Fundraising $0.07
Program services77%$168K
Management & general16%$35K
Fundraising7%$16K
Total functional expensesLn 25$219K

Balance Sheet

Part X · end of year
CashLn 1$223K
Total assetsLn 16$649K
Total liabilitiesLn 26$88K
Total net assetsLn 32$561K
Months of cash on handcomputed12.2

Financial Metrics

Form 990 · FY2021 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $223K · Operating expenses/yr $219K
12.2 months
Where the money goes
Program services
Program services $168K · Total expenses $219K
77%
Management & General
Management & general $35K · Total expenses $219K
16%
Fundraising
Fundraising $16K · Total expenses $219K
7%
Cost to raise $1
Fundraising expense (2-yr avg) $13K · Solicited contributions (2-yr avg) $78K
$0.17 to raise $1 (2-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $296K · Total revenue $371K
80%
Government reliance
Government grants $256K · Total revenue $371K
69%
Earned-income share
Program service revenue $75K · Total revenue $371K
20%
Investment reliance
Investment income $38 · Total revenue $371K
+0.01%
Program self-sufficiency
Program service revenue $75K · Total expenses $219K
34%
Growth & trend
Revenue growth (YoY)
This year $371K · Prior year $256K
+45%
Net-asset trend (YoY)
End of year $561K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $371K · Expenses $219K
+41%
Liabilities-to-Assets
Total liabilities — · Total assets $649K
Net-asset ratio
Net assets $561K · Total assets $649K
86%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $649K
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Amy Callahan · Reported title Executive Director · Highest reported compensation $40K · Total expenses $219K
18%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $85K · Total expenses $219K
39%
Peer comparison

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

MetricThis orgPeer medianPercentile
Program ratio 77%
Overhead ratio 16%
Fundraising cost ratio 5%
Revenue growth 45%
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.

Grants

Schedule I · funders on record
Grants received · FY2024
Total grants receivedfrom 2 funders$15K

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024 (Latest)$161K revenue · ⤓ 990 PDF
FY2023$120K revenue · ⤓ 990 PDF
FY2022$345K revenue · ⤓ 990 PDF
FY2021$371K revenue · viewing · ⤓ 990 PDF
FY2020$256K revenue · ⤓ 990 PDF

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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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