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Ffta Properties INC FY2020 filing

Louisville, KYUnknown exempt organization EIN 31-1497554Revenue $209K in FY2020

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.

98¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

Before you give

FY2020 · 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
98%
of spending
Looks good: 98% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Concern: 0.1 months of spending in cash; under 2 weeks.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $50K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$239K
17% of total assets
Looks good: liabilities are 17% of assets; 50% or less.
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
Spent
$371K
To programs
98%
Net assets
$1.2M
By yearFY2020–FY2021
Revenue
$209K
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$209K
FY2021$209K
Expenses
$371K
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$371K
FY2021$1.4M
Net assets
$1.2M
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$1.2M
FY2021$0

From the FY2020 Form 990 (year ending June 2020) · see the original

990 PDF Claim
You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2021) →

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

98 cents of each dollar spent went to programs.

Program services 98% · $362K Management & general 2% · $9K

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 (FY2019); the FY2020 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 · $362K · in their own filed words · FY2019
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.

$362Kprogram 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 FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$209K
Ln 12
Fees for servicesLn 2g$196K
Other incomeLn 4–11$13K
Money outPt IX
$371K
Ln 25
Programscol B$362K
Managementcol C$9K
Owns and owesPt X
$1.2M
net assets · Ln 32
Cash and savingsLn 1–2$3K
Total assetsLn 16$1.4M
LiabilitiesLn 26$239K
PeoplePt VI, VII
7
listed · VII A
PaidVII A0
Voting boardVI 1a7
IndependentVI 1b5
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$196K
Other incomeLn 4–11$13K
Total revenueLn 12$209K
Assets in detailPt X, end of year
SavingsLn 2$3K
Cash and savings togetherLn 1–2$3K
Land, buildings, equipmentLn 10c$1.4M
Total assetsLn 16$1.4M
LiabilitiesLn 26$239K
Net assetsLn 32$1.2M
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 FY20End FY20
Cash and savingsLn 1–2$3K$3K
Land, buildings, equipmentLn 10c$1.5M$1.4M
Total assetsLn 16$1.5M$1.4M
LiabilitiesLn 26$193K$239K
Net assetsLn 32$1.3M$1.2M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$58K$54K$4K$0
Legal feesLn 11b$3K$3K$481
OccupancyLn 16$156K$156K$0$0
InterestLn 20$10K$10K$0$0
Depreciation, depletion and amortizationLn 22$105K$105K$0$0
InsuranceLn 23$23K$23K$0$0
Other expenses (24a–d)Ln 24$15K$10K$4K$0
Total functional expensesLn 25$371K$362K$9K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2021 Latest $209K$1.4M−$1.2M$0 990 PDF
FY2020 Viewing $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 FY2020 990 (6 parts)
Part I · Summary $208,958 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $140,396$196,039
I-10 Investment incomePrior year $0$0
I-11 Other revenuePrior year $8,383$12,919
I-12 Total revenuePrior year $148,779$208,958
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 $371,490$370,859
I-18 Total expensesPrior year $371,490$370,859
I-19 Revenue less expensesPrior year −$222,711−$161,901
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 $208,958 across 4 lines filed
VIII-1h Total contributions, gifts and grants$0
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $196,039 · Unrelated business $0 · Excluded from tax $0$196,039
VIII-6 Net rental income or lossRelated to mission $0 · Unrelated business $0 · Excluded from tax $12,919$12,919
VIII-12 Total revenueRelated to mission $196,039 · Unrelated business $0 · Excluded from tax $12,919$208,958
Part IX · Statement of functional expenses $370,859 across 7 lines filed
IX-11a Management feesPrograms $54,167 · Management $4,167 · Fundraising $0$58,334
IX-11b Legal feesPrograms $2,637 · Management $481$3,118
IX-16 OccupancyPrograms $156,451 · Management $0 · Fundraising $0$156,451
IX-20 InterestPrograms $9,963 · Management $0 · Fundraising $0$9,963
IX-22 Depreciation, depletion and amortizationPrograms $105,447 · Management $0 · Fundraising $0$105,447
IX-23 InsurancePrograms $22,794 · Management $0 · Fundraising $0$22,794
IX-24 Other expenses (24a–d)Programs $10,282 · Management $4,470 · Fundraising $0$14,752
IX-25 Total functional expensesPrograms $361,741 · Management $9,118 · Fundraising $0$370,859
Part X · Balance sheet $1,393,159 assets, 13 lines filed
X-2 Savings and temporary cash investmentsStart of year $2,628$3,367
X-4 Accounts receivableStart of year $19,615$2,772
X-9 Prepaid expenses and deferred chargesStart of year $12,904$13,627
X-10c Land, buildings and equipment, netStart of year $1,473,506$1,373,393
X-16 Total assetsStart of year $1,508,653$1,393,159
X-17 Accounts payable and accrued expensesStart of year $14,036$20,422
X-19 Deferred revenueStart of year $5,781$5,781
X-25 Other liabilitiesStart of year $172,791$191,812
X-26 Total liabilitiesStart of year $192,608$239,015
X-27 Net assets without donor restrictionsStart of year $1,316,045$1,154,144
X-28 Net assets with donor restrictionsStart of year $0$0
X-32 Total net assets or fund balancesStart of year $1,316,045$1,154,144
X-33 Total liabilities and net assetsStart of year $1,508,653$1,393,159
Part XI · Reconciliation of net assets $1,154,144 net assets at year end
XI-1 Total revenue$208,958
XI-2 Total expenses$370,859
XI-3 Revenue less expenses−$161,901
XI-4 Net assets at start of year$1,316,045
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$1,154,144

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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