Project for Empty Space INC EIN 46-5377697 Form 990 (PDF) Claim this org

Project for Empty Space INC FY2021 filing

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Creates art exhibitions and programs fostering dialogue, education, and change for cultural tolerance. For fiscal year 2021 it reported $595K in revenue, $844K in expenses, and $-319K in net assets.Pt I

Type
Public charity (501(c)(3)) · Arts & Culture
Location
Newark, NJ
Website
www.projectforemptyspace.org
Filings
5 on file (2020–2021)
Revenue
$595KFY2021
Expenses
$844K
Net assets
$-319K
People
7
Filings
5
Updates
0
More identity details & actions ⌄
EIN  46-5377697 Public charity (501(c)(3)) Newark, NJ
Form 990 (PDF)
You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2024) →
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Figures match the IRS filing checked 9/14/26 · see original: 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 · $91K
Money in and out
$595K revenue, $844K expenses
Bottom line
70% program efficiency
Where the money goes · FY2021
Total revenue
$595K
Pt VIII · Ln 12
Total expenses
$844K
Pt IX · Ln 25
Net assets
$-319K
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$249K
Where spending went · Part IX cols B–D
Program services $0.70 Management & general $0.19 Fundraising $0.12
Program efficiency
70%
of spending reaches programs
Operating runway
1.8mo
months of highly liquid reserves at operating expense rate
Surplus margin
-42%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2021 · Form 990
Revenue
$595K
FY2021▲ +44%
Expenses
$844K
FY2021▲ +55%
Total assets
$169K
FY2021▲ +93%
Total liabilities
$488K
FY2021▲ +209%
Total revenue
$595K
Pt VIII · Ln 12
Total expenses
$844K
Pt IX · Ln 25
Net assets
$-319K
Pt X · Ln 32
Revenue less expensesPt I · Ln 19−$249K
Total assetsPt X · Ln 16$169K
Program-expense ratioPt IX · col B70%
Voting members of governing bodyPt I · Ln 37
Independent voting membersPt I · Ln 47

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 1b7
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
$90,701Pt VII · Sec A
Co-Director
$89,688Pt 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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Mission & Programs · Part III

Where the work happens

2 program services account for $589K of program spending, described in the organization's own filed words · FY2021.
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.

$429Kprogram expense
02

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

$159Kprogram expense

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Statement of Revenue

Part VIII
Contributions & grants$323K · 54%
Program service revenue$272K · 46%
Contributions & grants54%$323K
Program service revenue46%$272K
Total revenueLn 12$595K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.70 Management & general $0.19 Fundraising $0.12
Program services70%$589K
Management & general19%$158K
Fundraising12%$97K
Total functional expensesLn 25$844K

Balance Sheet

Part X · end of year
CashLn 1$123K
Total assetsLn 16$169K
Total liabilitiesLn 26$488K
Total net assetsLn 32$-319K
Months of cash on handcomputed1.8

Financial Metrics

Form 990 · FY2021 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $123K · Operating expenses/yr $844K
1.8 months
Where the money goes
Program services
Program services $589K · Total expenses $844K
70%
Management & General
Management & general $158K · Total expenses $844K
19%
Fundraising
Fundraising $97K · Total expenses $844K
12%
Cost to raise $1
Fundraising expense (2-yr avg) $90K · Solicited contributions (2-yr avg) $182K
$0.50 to raise $1 (2-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $323K · Total revenue $595K
54%
Government reliance
Government grants — · Total revenue $595K
Earned-income share
Program service revenue $272K · Total revenue $595K
46%
Investment reliance
Investment income $0 · Total revenue $595K
0%
Program self-sufficiency
Program service revenue $272K · Total expenses $844K
32%
Growth & trend
Revenue growth (YoY)
This year $595K · Prior year $414K
+44%
Net-asset trend (YoY)
End of year $-319K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $595K · Expenses $844K
-42%
Liabilities-to-Assets
Total liabilities — · Total assets $169K
Net-asset ratio
Net assets $-319K · Total assets $169K
-189%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $169K
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Jasmine Wahi · Reported title CO-DIRECTOR · Highest reported compensation $91K · Total expenses $844K
11%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $255K · Total expenses $844K
30%
Peer comparison

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

MetricThis orgPeer medianPercentile
Program ratio 70%
Overhead ratio 19%
Fundraising cost ratio 30%
Revenue growth 44%
Legal fee ratio 0.07%
Accounting fee ratio 0.9%

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 · viewing · ⤓ 990 PDF
FY2020$414K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2021IRS
Classification, formation year, addressIRS Business Master File
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