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Ffta Properties INC

Louisville, KYUnknown exempt organizationEIN 31-1497554Revenue $209K in FY2021

On file with the IRS623 West Main Street · Louisville, KY

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To own, renovate, preserve and provide access to facilities which are used primarily to support initiatives important to the success of the Metro Louisville arts community.

100¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
Latest return
FY2021
latest Form 990
Concern: the latest return is for FY2021, 5 tax years back; more than 4 tax years.
IRS e-file · Filing history
Surplus or deficit
0 of 2
filings with a surplus
Average deficit $658K a year · 315% of revenue · last 2 filings
Concern: a surplus in 0 of the last 2 filings.
Pt I · Ln 19 · 2 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Named funders
1
named funder · $50K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$0
total owed
No data yet: the filing does not give total assets.
Pt X · Ln 26
Independent board members
5
of 7 voting members
Looks good: 5 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$209K
-0.1% vs prior year
Spent
$1.4M
To programs
100%
Net assets
$0
By yearFY2020–FY2021
Revenue
$209K
FY2021-0.1%
Tap a bar for its year
Revenue by fiscal year
FY2020$209K
FY2021$209K
Expenses
$1.4M
FY2021▲ +267%
Tap a bar for its year
Expenses by fiscal year
FY2020$371K
FY2021$1.4M
Net assets
$0
FY2021▼ -100%
Tap a bar for its year
Net assets by fiscal year
FY2020$1.2M
FY2021$0

From the FY2021 Form 990 (year ending June 2021) · see the original

990 PDF Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2021.

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

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $1.4M Management & general 0% · $6K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

7 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
Ms Christen Boone
President and CEO
$0Pt VII · Sec A
Ms Janie Martin
Secretary/Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
Mr Paul Fultz
Board Vice Chair
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Ms Rebecca Matheny
Board Member
$0Pt VII · Sec A
See Ffta Properties 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 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Preserves and provides access to facilities supporting Louisville's arts community.

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Provided by the organization

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1 program · $1.4M · in their own filed words · FY2020
01

Ownership and Operation of Artspace

home of Bank of Louisville Community Room and various community and arts organizations including Kentucky Opera, Kentucky Shakespeare, West Louisville Performing Arts Academy and Acting Against Cancer.

$1.4Mprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · received and paid
Grants received · FY2020
Fund for the Arts INCFY2020$50K
Total grants receivedfrom 1 funder$50K
Grants paid · 1 grant · $1.1M · 2020–2020
Fund for the Arts INCKY · FY2020$1,070,816

By the numbers

The FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$209K
Ln 12
Fees for servicesLn 2g$114K
Gifts and grantsLn 1h$50K
Investment incomeLn 3$25K
Money outPt IX
$1.4M
Ln 25
Programscol B$1.4M
Managementcol C$6K
Owns and owesPt X
$0
net assets · Ln 32
Total assetsLn 16$0
LiabilitiesLn 26$0
PeoplePt VI, VII
7
listed · VII A
PaidVII A0
Voting boardVI 1a7
IndependentVI 1b5
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$50K
Government grantsLn 1e$0
Noncash giftsLn 1g$0
Fundraising eventsLn 1c$0
Fees for servicesLn 2g$114K
Investment incomeLn 3$25K
Other incomeLn 4–11$19K
Gains on assetsLn 7$25K
Total revenueLn 12$209K
Assets in detailPt X, end of year
CashLn 1$0
SavingsLn 2$0
InvestmentsLn 11–13$0
Other assetsLn 15$0
Total assetsLn 16$0
LiabilitiesLn 26$0
Net assetsLn 32$0
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 FY21End FY21
Cash and savingsLn 1–2$3K$0
InvestmentsLn 11–13$0
Total assetsLn 16$1.4M$0
LiabilitiesLn 26$239K$0
Net assetsLn 32$1.2M$0
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$1.1M$1.1M
Management feesLn 11a$52K$51K$1K$0
OccupancyLn 16$101K$101K$244$0
InterestLn 20$8K$8K$0$0
Depreciation, depletion and amortizationLn 22$91K$91K$0$0
InsuranceLn 23$19K$19K$0$0
Other expenses (24a–d)Ln 24$20K$15K$4K$0
Total functional expensesLn 25$1.4M$1.4M$6K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2021 Latest Viewing $209K$1.4M−$1.2M$0 990 PDF
FY2020 $209K$371K−$162K$1.2M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants O · Explanations
See the full FY2021 990 (6 parts)
Part I · Summary $208,684 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$50,000
I-9 Program service revenuePrior year $196,039$114,110
I-10 Investment incomePrior year $0$25,148
I-11 Other revenuePrior year $12,919$19,426
I-12 Total revenuePrior year $208,958$208,684
I-13 Grants and similar amounts paidPrior year $0$1,070,816
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 $370,859$292,012
I-18 Total expensesPrior year $370,859$1,362,828
I-19 Revenue less expensesPrior year −$161,901−$1,154,144
Part VI · Governance 5 of 7 board members independent, 2 to look at
VI-1a Voting members of the governing body7
VI-1b Independent voting members5
VI-2 Family or business relationship among officers or directorsYes
VI-15a Process for setting top official's payNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $208,684 across 12 lines filed
VIII-1a Federated campaigns$0
VIII-1b Membership dues$0
VIII-1c Fundraising events$0
VIII-1d Related organizations$50,000
VIII-1e Government grants$0
VIII-1f All other contributions, gifts and grants$0
VIII-1g Noncash contributions (included above)$0
VIII-1h Total contributions, gifts and grants$50,000
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $114,110 · Unrelated business $0 · Excluded from tax $0$114,110
VIII-6 Net rental income or lossRelated to mission $19,426 · Unrelated business $0 · Excluded from tax $0$19,426
VIII-7 Net gain or loss on sales of assetsRelated to mission $25,148 · Unrelated business $0 · Excluded from tax $0$25,148
VIII-12 Total revenueRelated to mission $158,684 · Unrelated business $0 · Excluded from tax $0$208,684
Part IX · Statement of functional expenses $1,362,828 across 7 lines filed
IX-1 Grants to domestic organizationsPrograms $1,070,816$1,070,816
IX-11a Management feesPrograms $51,250 · Management $1,250 · Fundraising $0$52,500
IX-16 OccupancyPrograms $101,034 · Management $244 · Fundraising $0$101,278
IX-20 InterestPrograms $8,337 · Management $0 · Fundraising $0$8,337
IX-22 Depreciation, depletion and amortizationPrograms $91,028 · Management $0 · Fundraising $0$91,028
IX-23 InsurancePrograms $19,155 · Management $0 · Fundraising $0$19,155
IX-24 Other expenses (24a–d)Programs $15,270 · Management $4,444 · Fundraising $0$19,714
IX-25 Total functional expensesPrograms $1,356,890 · Management $5,938 · Fundraising $0$1,362,828
Part X · Balance sheet $0 assets, 22 lines filed
X-1 Cash, non-interest-bearing$0
X-2 Savings and temporary cash investmentsStart of year $3,367$0
X-3 Pledges and grants receivable$0
X-4 Accounts receivableStart of year $2,772$0
X-8 Inventories for sale or use$0
X-9 Prepaid expenses and deferred chargesStart of year $13,627$0
X-11 Publicly traded securities$0
X-12 Other securities$0
X-13 Program-related investments$0
X-14 Intangible assets$0
X-15 Other assets$0
X-16 Total assetsStart of year $1,393,159$0
X-17 Accounts payable and accrued expensesStart of year $20,422$0
X-18 Grants payable$0
X-19 Deferred revenueStart of year $5,781$0
X-20 Tax-exempt bond liabilities$0
X-24 Unsecured notes and loans payable$0
X-26 Total liabilitiesStart of year $239,015$0
X-27 Net assets without donor restrictionsStart of year $1,154,144$0
X-28 Net assets with donor restrictionsStart of year $0$0
X-32 Total net assets or fund balancesStart of year $1,154,144$0
X-33 Total liabilities and net assetsStart of year $1,393,159$0
Part XI · Reconciliation of net assets $0 net assets at year end
XI-1 Total revenue$208,684
XI-2 Total expenses$1,362,828
XI-3 Revenue less expenses−$1,154,144
XI-4 Net assets at start of year$1,154,144
XI-5 Net unrealized gains (losses) on investments$0
XI-6 Donated services and use of facilities$0
XI-7 Investment expenses$0
XI-8 Prior period adjustments$0
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$0

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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