Latitude INC Nfp FY2024 filing

Tax-deductible

Chicago, IL501(c)(3)Since 2012Arts & CultureEIN 45-5275521

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Latitude provides access to high end digital media equipment, a professional production space, and a curriculum dedicated to real-world workflows and contemporary art theory.

501(c)(3) charity; gifts are tax-deductible.
38¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists 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 $46K a year · 12% of revenue · last 5 filings
Concern: a surplus in 0 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
38%
of spending
Concern: 38% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
4 mo
of spending, in cash
Looks good: 3.5 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
3
named funders · $84K
Looks good: 3 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$99K
41% of total assets
Looks good: liabilities are 41% of assets; 50% or less.
Pt X · Ln 26
Independent board members
5
of 5 voting members
Looks good: 5 of 5 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$465K
+12% vs prior year
Spent
$473K
To programs
38%
Net assets
$142K
By yearFY2021–FY2025
Revenue
$465K
FY2024▲ +12%
Revenue by fiscal year
FY2021$205K
FY2022$273K
FY2023$417K
FY2024$465K
FY2025$499K
FY2025$716K
Expenses
$473K
FY2024▲ +13%
Expenses by fiscal year
FY2021$218K
FY2022$374K
FY2023$417K
FY2024$473K
FY2025$605K
FY2025$553K
Net assets
$142K
FY2024▲ +5%
Net assets by fiscal year
FY2021$97K
FY2022$170K
FY2023$135K
FY2024$142K
FY2025$122K
FY2025$267K

From the FY2024 Form 990 (year ending January 2024) · see the original

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You’re viewing the FY2024 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 Oct 2014.

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

Where the money goes

38 cents of each dollar spent went to programs.

Program services 38% · $179K Management & general 62% · $295K

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

5 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
President
$0Pt VII · Sec A
Secretary of Board
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
$0Pt VII · Sec A
Executive Director
$0Pt VII · Sec A

Daeja Arndis Otharsson’s $37K as Executive Director is at the 32nd percentile of top reported officer pay among 2216 $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

NameFY2025FY2025FY2022
Colleen Keihm—$75,000$41,917
Daeja Arndis Otharsson$36,880——

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.

See Latitude INC Nfp 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

Offers access to media equipment, studio space, and training in digital production and art theory.

Provided by the organization

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1 program · $179K · in their own filed words · FY2023
01

Facilitate creation of visual arts through maintaining a community digital lab with high-end scanning and printing equipment, operates an artist in residence program, and organizes regular education and arts programming.

$179Kprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · funders on record
Grants received · FY2024
Total grants receivedfrom 3 funders$84K
See all 3 funders →

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$465K
Ln 12
Gifts and grantsLn 1h$240K
Fees for servicesLn 2g$222K
Other incomeLn 4–11$3K
Money outPt IX
$473K
Ln 25
Programscol B$179K
Managementcol C$295K
Owns and owesPt X
$142K
net assets · Ln 32
Cash and savingsLn 1–2$137K
Total assetsLn 16$241K
LiabilitiesLn 26$99K
PeoplePt VI, VII
5
listed · VII A
PaidVII A0
Voting boardVI 1a5
IndependentVI 1b5
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$240K
Government grantsLn 1e$240K
Fees for servicesLn 2g$222K
Other incomeLn 4–11$3K
Total revenueLn 12$465K
Assets in detailPt X, end of year
CashLn 1$137K
Cash and savings togetherLn 1–2$137K
Other assetsLn 15$81K
Total assetsLn 16$241K
LiabilitiesLn 26$99K
Net assetsLn 32$142K
OperationsPt I, VI
EmployeesI 50
VolunteersI 610
Fiscal year endsHeaderJanuary
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$121K$137K
Total assetsLn 16$186K$241K
LiabilitiesLn 26$51K$99K
Net assetsLn 32$135K$142K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$200K$200K
Other employee benefitsLn 9$52K$52K
Payroll taxesLn 10$15K$15K
Management feesLn 11a$2K$2K
Accounting feesLn 11c$12K$12K
Other fees for servicesLn 11g$7K$7K
OccupancyLn 16$73K$73K
TravelLn 17$5K$5K
Depreciation, depletion and amortizationLn 22$5K$5K
InsuranceLn 23$5K$5K
Other expenses (24a–d)Ln 24$96K$88K$8K
All other expensesLn 24e$456$456
Total functional expensesLn 25$473K$179K$295K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 $499K$605K−$106K$122K 990 PDF
FY2024 Viewing $465K$473K−$8K$142K 990 PDF
FY2023 $417K$417K−$817$135K 990 PDF
FY2022 $273K$374K−$100K$170K 990 PDF
FY2021 $205K$218K−$12K$97K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (4 parts)
Part VIII · Statement of revenue $464,656 across 5 lines filed
VIII-1e Government grants$239,551
VIII-1h Total contributions, gifts and grants$239,551
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $222,323$222,323
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $2,782$2,782
VIII-12 Total revenueRelated to mission $225,105 · Unrelated business $0 · Excluded from tax $0$464,656
Part IX · Statement of functional expenses $473,119 across 12 lines filed
IX-5 Pay of current officers, directors and key staffManagement $199,586$199,586
IX-9 Other employee benefitsManagement $52,407$52,407
IX-10 Payroll taxesManagement $15,407$15,407
IX-11a Management feesManagement $1,543$1,543
IX-11c Accounting feesManagement $11,954$11,954
IX-11g Other fees for servicesPrograms $6,822$6,822
IX-16 OccupancyPrograms $72,999$72,999
IX-17 TravelPrograms $5,128$5,128
IX-22 Depreciation, depletion and amortizationPrograms $4,884$4,884
IX-23 InsuranceManagement $5,440$5,440
IX-24 Other expenses (24a–d)Programs $88,223 · Management $8,270$96,493
IX-24e All other expensesPrograms $456$456
IX-25 Total functional expensesPrograms $178,512 · Management $294,607 · Fundraising $0$473,119
Part X · Balance sheet $240,619 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $121,334$136,827
X-4 Accounts receivableStart of year −$641$3,892
X-9 Prepaid expenses and deferred charges$18,861
X-15 Other assetsStart of year $65,765$81,039
X-16 Total assetsStart of year $186,458$240,619
X-17 Accounts payable and accrued expenses$12,301
X-25 Other liabilitiesStart of year $51,132$86,809
X-26 Total liabilitiesStart of year $51,132$99,110
X-27 Net assets without donor restrictionsStart of year $135,326$141,509
X-32 Total net assets or fund balancesStart of year $135,326$141,509
X-33 Total liabilities and net assetsStart of year $186,458$240,619
Part XI · Reconciliation of net assets $141,509 net assets at year end
XI-1 Total revenue$464,656
XI-2 Total expenses$473,119
XI-3 Revenue less expenses−$8,463
XI-4 Net assets at start of year$135,326
XI-9 Other changes in net assets$14,646
XI-10 Net assets at end of year$141,509

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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