Project for Empty Space INC EIN 46-5377697

Project for Empty Space INC FY2020 filing

EIN  46-5377697 Public charity (501(c)(3)) Newark, NJ
Form 990 (PDF)
You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2024) →
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Verified accurate 9/14/26 · see original filing: IRS
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Size
$1–10M
What they do
Creates art exhibitions and programs fostering dialogue, education, and change for cultural tolerance.
Leadership
Jasmine Wahi · Co-Director · $83K
Money in and out
$414K revenue, $543K expenses
Bottom line
63% program efficiency

Creates art exhibitions and programs fostering dialogue, education, and change for cultural tolerance. For fiscal year 2020 it reported $414K in revenue, $543K in expenses, and $-70K in net assets.Pt I

Where the money goes · FY2020
Total revenue
$414K
Pt VIII · Ln 12
Total expenses
$543K
Pt IX · Ln 25
Net assets
$-70K
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$129K
Where spending went · Part IX cols B–D
Program services $0.63 Management & general $0.22 Fundraising $0.15
Program efficiency
63%
of spending reaches programs
Operating runway
0.7mo
months of highly liquid reserves at operating expense rate
Surplus margin
-31%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2020 · Form 990
Revenue
$414K
FY2020
Expenses
$543K
FY2020
Total assets
$87K
FY2020
Total liabilities
$158K
FY2020
Total revenue
$414K
Pt VIII · Ln 12
Total expenses
$543K
Pt IX · Ln 25
Net assets
$-70K
Pt X · Ln 32
Revenue less expensesPt I · Ln 19−$129K
Total assetsPt X · Ln 16$87K
Program-expense ratioPt IX · col B63%
Voting members of governing bodyPt I · Ln 37
Independent voting membersPt I · Ln 4pending
Mission & Programs · Part III

Where the work happens

2 program services account for $343K of program spending, described in the organization's own filed words · FY2020.
01

Hosted numerous exhibitions in addition to promoting the gallery's mission throughout the newark community. Organization received grant income during the year from the nea and the warhol foundation and has begun to develop its grant-writing prowess with the expectation of obtaining further grants in future years.

$320Kprogram expense
02

Organization displays and sells art to the public, in addition to providing artist residency studios on a regular basis.

$23Kprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CProject for Empty Space INC
EINHdr · item D46-5377697
Principal addressHdr · item CNewark, NJ
WebsiteHdr · item Jwww.projectforemptyspace.org
Year of formationHdr · item Lpending
State of legal domicileHdr · item MNJ
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFArts & Culture (A40)
Ruling yearIRS BMFJun 2015

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a7
Independent voting membersPt VI · Ln 1bpending
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13No
Document retention policyPt VI · Ln 14No
CEO/top-official compensation independently reviewedPt VI · Ln 15aNo
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
Co-Director
$82,793Pt VII · Sec A
Co-Director
$76,382Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A

Jasmine Wahi’s $145K as Co-Director/President is at the 64th percentile of top reported officer pay among 3916 $1–10M 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 · 3 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Jasmine Wahi$145,000$150,995$102,670$90,701$82,793
Rebecca Jampol$143,177$120,400$99,906$89,688$76,382
Amy Goldrich$1,800

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$226K · 55%
Program service revenue$189K · 45%
Contributions & grants55%$226K
Program service revenue45%$189K
— government grantsLn 1e$185K
Total revenueLn 12$414K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.63 Management & general $0.22 Fundraising $0.15
Program services63%$343K
Management & general22%$117K
Fundraising15%$83K
Total functional expensesLn 25$543K

Balance Sheet

Part X · end of year
CashLn 1$32K
Total assetsLn 16$87K
Total liabilitiesLn 26$158K
Total net assetsLn 32$-70K
Months of cash on handcomputed0.7

Financial Metrics

Form 990 · FY2020 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $32K · Operating expenses/yr $543K
0.7 months
Where the money goes
Program services
Program services $343K · Total expenses $543K
63%
Management & General
Management & general $117K · Total expenses $543K
22%
Fundraising
Fundraising $83K · Total expenses $543K
15%
Cost to raise $1
Fundraising expense $83K · Solicited contributions $40K
$2.06 to raise $1
Where the money comes from
Contribution dependence
Contributions & grants $226K · Total revenue $414K
55%
Government reliance
Government grants $185K · Total revenue $414K
45%
Earned-income share
Program service revenue $189K · Total revenue $414K
45%
Investment reliance
Investment income $0 · Total revenue $414K
0%
Program self-sufficiency
Program service revenue $189K · Total expenses $543K
35%
Growth & trend
Revenue growth (YoY)
This year $414K · Prior year —
No prior year on file
Net-asset trend (YoY)
End of year $-70K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $414K · Expenses $543K
-31%
Liabilities-to-Assets
Total liabilities — · Total assets $87K
Net-asset ratio
Net assets $-70K · Total assets $87K
-81%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $87K
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Jasmine Wahi · Reported title CO-DIRECTOR · Highest reported compensation $83K · Total expenses $543K
15%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $195K · Total expenses $543K
36%
Peer comparison

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

MetricThis orgPeer medianPercentile
Program ratio 63%
Overhead ratio 22%
Fundraising cost ratio 37%
Accounting fee ratio 0%

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 · received and paid
Grants received · FY2024
See all 7 funders →
Grants paid · 4 grants · $270K · 2020–2024
Unitemized GrantFY2024$26,250
Unitemized GrantFY2023$48,750
Unitemized GrantFY2022$126,637
Unitemized GrantFY2020$68,515

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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)$1.7M revenue · ⤓ 990 PDF
FY2023$1.0M revenue · ⤓ 990 PDF
FY2022$988K revenue · ⤓ 990 PDF
FY2021$595K revenue · ⤓ 990 PDF
FY2020$414K 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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