Studio 23 EIN 38-1704855

Studio 23 FY2020 filing

EIN  38-1704855 Public charity (501(c)(3)) Bay City, MI
Form 990 (PDF)
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Size
$100K–1M
What they do
Offers a visual arts center and creative educational activities for the Bay Area community.
Leadership
Tara Welch · Executive Director · $57K
Money in and out
$307K revenue, $295K expenses
Bottom line
80% program efficiency

Offers a visual arts center and creative educational activities for the Bay Area community. For fiscal year 2020 it reported $307K in revenue, $295K in expenses, and $1.2M in net assets.Pt I

Where the money goes · FY2020
Total revenue
$307K
Pt VIII · Ln 12
Total expenses
$295K
Pt IX · Ln 25
Net assets
$1.2M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $12K
Where spending went · Part IX cols B–D
Program services $0.80 Management & general $0.20
Program efficiency
80%
of spending reaches programs
Operating runway
15.8mo
months of highly liquid reserves at operating expense rate
Surplus margin
+4%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2020 · Form 990
Revenue
$307K
FY2020
Expenses
$295K
FY2020
Total assets
$1.4M
FY2020
Total liabilities
$176K
FY2020
Total revenue
$307K
Pt VIII · Ln 12
Total expenses
$295K
Pt IX · Ln 25
Net assets
$1.2M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$12K
Total assetsPt X · Ln 16$1.4M
Program-expense ratioPt IX · col B80%
Voting members of governing bodyPt I · Ln 310
Independent voting membersPt I · Ln 410
Mission & Programs · Part III

Where the work happens

1 program service account for $235K of program spending, described in the organization's own filed words · FY2020.
01

Studio 23 has two grand exhibit spaces where the works of local, statewide, and national artists are exhibited throughout the year. We hold multiple cultural and various medium exhibits including digital photography, traditional black and white photography, painting, sculpture, and printmaking.

$235Kprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CStudio 23
EINHdr · item D38-1704855
Principal addressHdr · item CBay City, MI
WebsiteHdr · item Jwww.studio23baycity.org
Year of formationHdr · item Lpending
State of legal domicileHdr · item MMI
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFArts & Culture (A400)
Ruling yearIRS BMFSep 1963

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a10
Independent voting membersPt VI · Ln 1b10
Conflict-of-interest policyPt VI · Ln 12aNo
Whistleblower policyPt VI · Ln 13No
Document retention policyPt VI · Ln 14No
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
$57,166Pt VII · Sec A
President/Trustee
$0Pt VII · Sec A
$0Pt VII · Sec A
Vice President/President
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Megan Koch’s $62K as Executive Director is at the 57th percentile of top reported officer pay among 2213 $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
Megan Koch$62,030$58,000$13,385
Tara Welch$27,873$57,792$57,166

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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Statement of Revenue

Part VIII
Contributions & grants$190K · 62%
Program service revenue$95K · 31%
Other revenue$18K · 6%
Investment income$4K · 1%
Contributions & grants62%$190K
Program service revenue31%$95K
Other revenue6%$18K
Investment income1%$4K
— government grantsLn 1e$26K
Total revenueLn 12$307K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.80 Management & general $0.20
Program services80%$235K
Management & general20%$60K
Total functional expensesLn 25$295K

Balance Sheet

Part X · end of year
CashLn 1$377K
Total assetsLn 16$1.4M
Total liabilitiesLn 26$176K
Total net assetsLn 32$1.2M
Months of cash on handcomputed15.3

Financial Metrics

Form 990 · FY2020 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $389K · Operating expenses/yr $295K
15.8 months
Where the money goes
Program services
Program services $235K · Total expenses $295K
80%
Management & General
Management & general $60K · Total expenses $295K
20%
Fundraising
Fundraising $0 · Total expenses $295K
0%
Cost to raise $1
Fundraising expense $0 · Solicited contributions $164K
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $190K · Total revenue $307K
62%
Government reliance
Government grants $26K · Total revenue $307K
9%
Earned-income share
Program service revenue $95K · Total revenue $307K
31%
Investment reliance
Investment income $4K · Total revenue $307K
+1%
Program self-sufficiency
Program service revenue $95K · Total expenses $295K
32%
Growth & trend
Revenue growth (YoY)
This year $307K · Prior year —
No prior year on file
Net-asset trend (YoY)
End of year $1.2M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $307K · Expenses $295K
+4%
Liabilities-to-Assets
Total liabilities — · Total assets $1.4M
Net-asset ratio
Net assets $1.2M · Total assets $1.4M
87%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $12K · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $1.4M
1%
People & payroll
Highest Reported Total Compensation
Individual Tara Welch · Reported title EXECUTIVE DIRECTOR · Highest reported compensation $57K · Total expenses $295K
19%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $130K · Total expenses $295K
44%
Peer comparison

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

MetricThis orgPeer medianPercentile
Program ratio 80%
Overhead ratio 20%
Fundraising cost ratio 0%
Accounting fee ratio 1%

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 · FY2025
Total grants receivedfrom 2 funders$86K

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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)$369K revenue · ⤓ 990 PDF
FY2023$369K revenue · ⤓ 990 PDF
FY2022$422K revenue · ⤓ 990 PDF
FY2021$401K revenue · ⤓ 990 PDF
FY2020$307K revenue · viewing · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2020IRS
Classification, formation year, addressIRS Business Master File
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