Studio 23 EIN 38-1704855

Studio 23 FY2022 filing

EIN  38-1704855 Public charity (501(c)(3)) Bay City, MI
Form 990 (PDF)
You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2024) →
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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 · Former Executive Director · $28K
Money in and out
$422K revenue, $417K expenses
Bottom line
86% program efficiency

Offers a visual arts center and creative educational activities for the Bay Area community. For fiscal year 2022 it reported $422K in revenue, $417K in expenses, and $1.2M in net assets.Pt I

Where the money goes · FY2022
Total revenue
$422K
Pt VIII · Ln 12
Total expenses
$417K
Pt IX · Ln 25
Net assets
$1.2M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $5K
Where spending went · Part IX cols B–D
Program services $0.86 Management & general $0.12 Fundraising $0.02
Program efficiency
86%
of spending reaches programs
Operating runway
11.3mo
months of highly liquid reserves at operating expense rate
Surplus margin
+1%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2022 · Form 990
Revenue
$422K
FY2022▲ +5%
Expenses
$417K
FY2022▲ +12%
Total assets
$1.2M
FY2022▼ -9%
Total liabilities
$35K
FY2022▼ -77%
Total revenue
$422K
Pt VIII · Ln 12
Total expenses
$417K
Pt IX · Ln 25
Net assets
$1.2M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$5K
Total assetsPt X · Ln 16$1.2M
Program-expense ratioPt IX · col B86%
Voting members of governing bodyPt I · Ln 39
Independent voting membersPt I · Ln 49
Mission & Programs · Part III

Where the work happens

1 program service account for $359K of program spending, described in the organization's own filed words · FY2022.
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.

$359Kprogram 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 1a9
Independent voting membersPt VI · Ln 1b9
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
Former Executive Director
$27,873Pt VII · Sec A
Executive Director
$13,385Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
President
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Vice President
$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
Program service revenue$198K · 47%
Contributions & grants$192K · 45%
Other revenue$31K · 7%
Program service revenue47%$198K
Contributions & grants45%$192K
Other revenue7%$31K
Investment income$678
Total revenueLn 12$422K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.86 Management & general $0.12 Fundraising $0.02
Program services86%$359K
Management & general12%$52K
Fundraising2%$7K
Total functional expensesLn 25$417K

Balance Sheet

Part X · end of year
CashLn 1$375K
Total assetsLn 16$1.2M
Total liabilitiesLn 26$35K
Total net assetsLn 32$1.2M
Months of cash on handcomputed10.8

Financial Metrics

Form 990 · FY2022 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $391K · Operating expenses/yr $417K
11.3 months
Where the money goes
Program services
Program services $359K · Total expenses $417K
86%
Management & General
Management & general $52K · Total expenses $417K
12%
Fundraising
Fundraising $7K · Total expenses $417K
2%
Cost to raise $1
Fundraising expense (3-yr avg) $5K · Solicited contributions (3-yr avg) $172K
$0.03 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $192K · Total revenue $422K
45%
Government reliance
Government grants — · Total revenue $422K
Earned-income share
Program service revenue $198K · Total revenue $422K
47%
Investment reliance
Investment income $678 · Total revenue $422K
0%
Program self-sufficiency
Program service revenue $198K · Total expenses $417K
48%
Growth & trend
Revenue growth (YoY)
This year $422K · Prior year $401K
+5%
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 $422K · Expenses $417K
+1%
Liabilities-to-Assets
Total liabilities — · Total assets $1.2M
Net-asset ratio
Net assets $1.2M · Total assets $1.2M
97%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $16K · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $1.2M
1%
People & payroll
Highest Reported Total Compensation
Individual Megan Koch · Reported title EXECUTIVE DIRECTOR · Highest reported compensation $13K · Total expenses $417K
3%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $165K · Total expenses $417K
40%
Peer comparison

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

MetricThis orgPeer medianPercentile
Program ratio 86%
Overhead ratio 12%
Fundraising cost ratio 3%
Revenue growth 5%
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 · viewing · ⤓ 990 PDF
FY2021$401K revenue · ⤓ 990 PDF
FY2020$307K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2022IRS
Classification, formation year, addressIRS Business Master File
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