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Alkasw INC FY2023 filing

Not tax-deductible

Buffalo, NYMutual-benefit / member-servingCommunity Development EIN 20-2749189Revenue $279K in FY2023

On file with the IRS1285 Elmwood Ave, 14222-1003 · Buffalo, NYTax-exempt since Feb 2008

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Title holding company in support of its sole voting member, the buffalo fine arts academy (bfaa), a tax-exempt organization under section 501(c)(2) of the internal revenue code.

Mission: Form 990 Part I, line 1

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FY2023 · Form 990Independent: from IRS data, not the org
Download 990
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
0 of 5
filings with a surplus
Average deficit $685K a year · 291% of revenue · last 5 filings
Concern: a surplus in 0 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Cash reserves
1 mo
of spending, in cash
Fine: 1.1 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$11.9M
153% of total assets
Concern: liabilities are 153% of assets; over 80%.
Pt X · Ln 26
Independent board members
3
of 3 voting members
Looks good: 3 of 3 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$279K
+55% vs prior year
Spent
$918K
Net assets
−$4.1M
By yearFY2021–FY2025
Revenue
$279K
FY2023▲ +55%
Tap a bar for its year
Revenue by fiscal year
FY2021$180K
FY2022$180K
FY2023$279K
FY2024$270K
FY2025$270K
Expenses
$918K
FY2023▲ +5%
Tap a bar for its year
Expenses by fiscal year
FY2021$764K
FY2022$873K
FY2023$918K
FY2024$1.0M
FY2025$1.0M
Net assets
−$4.1M
FY2023▼ -18%
Tap a bar for its year
Net assets by fiscal year
FY2021−$2.8M
FY2022−$3.5M
FY2023−$4.1M
FY2024−$4.9M
FY2025−$5.6M

From the FY2023 Form 990 (year ending June 2023) · see the original

990 PDF Claim
You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Feb 2008.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

4 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Alkasw INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Holds title to property to support an arts academy.

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1 program · in their own filed words · FY2022
01

Collection of rental income in order to maintain western new york's most prominent modern and contemporary art gallery, museum, cultural and educational center.

Pt IX · col B

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$279K
Ln 12
Fees for servicesLn 2g$279K
Money outPt IX
$918K
Ln 25
Owns and owesPt X
−$4.1M
net assets · Ln 32
Cash and savingsLn 1–2$86K
Total assetsLn 16$7.8M
LiabilitiesLn 26$11.9M
PeoplePt VI, VII
4
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$279K
Total revenueLn 12$279K
Assets in detailPt X, end of year
CashLn 1$86K
Cash and savings togetherLn 1–2$86K
Land, buildings, equipmentLn 10c$7.7M
Total assetsLn 16$7.8M
LiabilitiesLn 26$11.9M
Net assetsLn 32−$4.1M
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$949$86K
Land, buildings, equipmentLn 10c$7.9M$7.7M
Total assetsLn 16$7.9M$7.8M
LiabilitiesLn 26$11.4M$11.9M
Net assetsLn 32−$3.5M−$4.1M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Legal feesLn 11b$104K
Accounting feesLn 11c$2K
Other fees for servicesLn 11g$4K
OccupancyLn 16$96K
InterestLn 20$144K
Depreciation, depletion and amortizationLn 22$229K
InsuranceLn 23$12K
Other expenses (24a–d)Ln 24$322K
All other expensesLn 24e$5K
Total functional expensesLn 25$918K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $270K$1.0M−$748K−$5.6M 990 PDF
FY2024 $270K$1.0M−$763K−$4.9M 990 PDF
FY2023 Viewing $279K$918K−$639K−$4.1M 990 PDF
FY2022 $180K$873K−$693K−$3.5M 990 PDF
FY2021 $180K$764K−$584K−$2.8M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2023 990 (6 parts)
Part I · Summary $279,375 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $180,000$279,375
I-10 Investment incomePrior year $0$0
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $180,000$279,375
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $873,430$918,270
I-18 Total expensesPrior year $873,430$918,270
I-19 Revenue less expensesPrior year −$693,430−$638,895
Part VI · Governance 3 of 3 board members independent, 1 to look at
VI-1a Voting members of the governing body3
VI-1b Independent voting members3
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $279,375 across 2 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $279,375$279,375
VIII-12 Total revenueRelated to mission $279,375 · Unrelated business $0 · Excluded from tax $0$279,375
Part IX · Statement of functional expenses $918,270 across 9 lines filed
IX-11b Legal fees$103,910
IX-11c Accounting fees$1,800
IX-11g Other fees for services$3,883
IX-16 Occupancy$95,958
IX-20 Interest$143,637
IX-22 Depreciation, depletion and amortization$229,487
IX-23 Insurance$12,400
IX-24 Other expenses (24a–d)$321,817
IX-24e All other expenses$5,378
IX-25 Total functional expenses$918,270
Part X · Balance sheet $7,755,012 assets, 10 lines filed
X-1 Cash, non-interest-bearingStart of year $949$85,906
X-9 Prepaid expenses and deferred chargesStart of year $1,521$693
X-10c Land, buildings and equipment, netStart of year $7,885,603$7,668,413
X-16 Total assetsStart of year $7,888,073$7,755,012
X-17 Accounts payable and accrued expensesStart of year $91,314$66,273
X-25 Other liabilitiesStart of year $8,777,714$9,788,589
X-26 Total liabilitiesStart of year $11,357,788$11,863,622
X-27 Net assets without donor restrictionsStart of year −$3,469,715−$4,108,610
X-32 Total net assets or fund balancesStart of year −$3,469,715−$4,108,610
X-33 Total liabilities and net assetsStart of year $7,888,073$7,755,012
Part XI · Reconciliation of net assets −$4,108,610 net assets at year end
XI-1 Total revenue$279,375
XI-2 Total expenses$918,270
XI-3 Revenue less expenses−$638,895
XI-4 Net assets at start of year−$3,469,715
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$4,108,610

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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