The Bascom Corporation FY2023 filing

Tax-deductible

Highlands, NC501(c)(3)Arts & CultureEIN 56-2093546

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The Bascom creates visual art experiences that inspire and empower individuals and communities through seeing, thinking and doing.

501(c)(3) charity; gifts are tax-deductible.
65¢ of each $1 spent went to programs.
$218K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

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FY2023 · 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
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 5
filings with a surplus
Average surplus $4K a year · under 1% of revenue · last 5 filings
Worth a look: a surplus in 2 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
65%
of spending
Worth a look: 65% of spending went to programs; under 65%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$218K
to officers and key staff · 11% of spending
Looks good: pay to officers and key staff is 11% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
3 mo
of spending, in cash
Fine: 2.9 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $2K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$62K
0.5% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
26
of 26 voting members
Looks good: 26 of 26 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.7M
-34% vs prior year
Spent
$2.0M
To programs
65%
Net assets
$11.9M
By yearFY2020–FY2024
Revenue
$1.7M
FY2023▼ -34%
Revenue by fiscal year
FY2020$1.5M
FY2021$1.6M
FY2022$2.6M
FY2023$1.7M
FY2024$1.8M
Expenses
$2.0M
FY2023▲ +15%
Expenses by fiscal year
FY2020$1.6M
FY2021$1.6M
FY2022$1.8M
FY2023$2.0M
FY2024$2.1M
Net assets
$11.9M
FY2023▼ -0.8%
Net assets by fiscal year
FY2020$11.3M
FY2021$11.4M
FY2022$12.0M
FY2023$11.9M
FY2024$11.8M

From the FY2023 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Mar 2000.

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

Where the money goes

65 cents of each dollar spent went to programs.

Program services 65% · $1.3M Management & general 20% · $399K Fundraising 16% · $319K

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

29 people listed on the 990; $218K paid to officers and key staff.

Part VII, Section A · reportable compensation
Retiring Executive Director
$125,000Pt VII · Sec A
Co-Executive Director
$92,787Pt VII · Sec A
Incoming Executive Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
Vice-Chair
$0Pt VII · Sec A
Secretary
$0Pt VII · Sec A
Asst Treasurer
$0Pt VII · Sec A

Karin Peterson’s $125K as Retiring Executive Director is at the 51st percentile of top reported officer pay among 3924 $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 · 4 named individuals · Part VII

NameFY2023FY2022FY2021FY2020
Osborn Teresa———$135,227
Karin Peterson$125,000$115,000$84,715—
William Love$92,787———
Gihl Tracy———$87,208

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 The Bascom Corporation 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 15aYes

Programs and updates

Inspires and empowers through visual art experiences that encourage seeing, thinking, and doing.

Provided by the organization

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3 programs · $1.3M · in their own filed words · FY2023
01

Through engaging the artistic imagination, we build human capacity and resilience in the people of our region and infuse the creative economy of Western North Carolina with opportunities for community members, visitors, and artists alike.

$1.3Mprogram expense
02

2023 Achievements **Provided 11 high-quality, free-admission exhibits to 20,000 visitors **Reached 3,700 participants through our 23 free outreach programs **Improved workshop access by providing $17,560 in scholarships **Offered 4 resident artist opportunities **Offered 36 teaching artist opportunities **Supported 325 artists through…

Pt IX · col B
03

The Bascoms Public Programs serve 3,000 participants of all ages living in Macon and Jackson counties. Activities include free art exhibitions and adjoining programming, artist residencies, in-class and out-of-school-time STEAM and art activities, professional development opportunities for local educators, workshops, camps, and sales…

Pt IX · col B

Funders

Who pays for it.

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

Grants

Schedule I · received and paid
Grants received · FY2025
Total grants receivedfrom 1 funder$2K
Grants paid · 11 grants · $123K · 2021–2023
Unitemized GrantFY2023$17,560
Highlands SchoolFY2022$12,000
Unitemized GrantFY2022$6,670
Highlands SchoolFY2021$22,000
Unitemized GrantFY2021$5,506

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$1.7M
Ln 12
Gifts and grantsLn 1h$1.4M
Fees for servicesLn 2g$207K
Other incomeLn 4–11$70K
Money outPt IX
$2.0M
Ln 25
Programscol B$1.3M
Managementcol C$399K
Fundraisingcol D$319K
Owns and owesPt X
$11.9M
net assets · Ln 32
Cash and savingsLn 1–2$495K
Total assetsLn 16$12.0M
LiabilitiesLn 26$62K
PeoplePt VI, VII
29
listed · VII A
PaidVII A2
Voting boardVI 1a26
IndependentVI 1b26
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$1.4M
Noncash giftsLn 1g$62K
Fundraising eventsLn 1c$336K
Fees for servicesLn 2g$207K
Investment incomeLn 3$33K
Other incomeLn 4–11$70K
Gains on assetsLn 7−$91K
Total revenueLn 12$1.7M
Assets in detailPt X, end of year
CashLn 1$369K
SavingsLn 2$126K
Cash and savings togetherLn 1–2$495K
InvestmentsLn 11–13$1.3M
Land, buildings, equipmentLn 10c$9.2M
Other assetsLn 15$286K
Total assetsLn 16$12.0M
LiabilitiesLn 26$62K
Net assetsLn 32$11.9M
OperationsPt I, VI
EmployeesI 514
VolunteersI 637
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$565K$495K
InvestmentsLn 11–13$1.2M$1.3M
Land, buildings, equipmentLn 10c$9.3M$9.2M
Total assetsLn 16$12.1M$12.0M
LiabilitiesLn 26$103K$62K
Net assetsLn 32$12.0M$11.9M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$34K$34K
Grants to domestic individualsLn 2$18K$18K
Pay of current officers, directors and key staffLn 5$221K$135K$42K$44K
Other salaries and wagesLn 7$453K$276K$86K$91K
Other employee benefitsLn 9$9K$6K$2K$2K
Payroll taxesLn 10$60K$37K$11K$12K
Legal feesLn 11b$10K$0$10K$0
Accounting feesLn 11c$27K$0$27K$0
Professional fundraising feesLn 11e$75K$75K
Investment management feesLn 11f$8K$0$8K$0
Other fees for servicesLn 11g$239K$96K$112K$31K
Advertising and promotionLn 12$37K$28K$659$9K
Office expensesLn 13$101K$64K$27K$10K
Information technologyLn 14$26K$9K$10K$7K
OccupancyLn 16$287K$254K$18K$15K
TravelLn 17$15K$4K$7K$5K
Conferences, conventions and meetingsLn 19$721$0$721$0
Depreciation, depletion and amortizationLn 22$333K$303K$20K$10K
InsuranceLn 23$31K$17K$10K$4K
Other expenses (24a–d)Ln 24$39K$28K$7K$4K
All other expensesLn 24e$19K$18K$1K$0
Total functional expensesLn 25$2.0M$1.3M$399K$319K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $1.8M$2.1M−$249K$11.8M 990 PDF
FY2023 Viewing $1.7M$2.0M−$349K$11.9M 990 PDF
FY2022 $2.6M$1.8M$771K$12.0M 990 PDF
FY2021 $1.6M$1.6M$3K$11.4M 990 PDF
FY2020 $1.5M$1.6M−$158K$11.3M 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 FY2023 990 (4 parts)
Part VIII · Statement of revenue $1,694,062 across 11 lines filed
Lines not itemized here account for $143,326 of total revenue; see the IRS return.
VIII-1c Fundraising events$335,788
VIII-1f All other contributions, gifts and grants$1,080,920
VIII-1g Noncash contributions (included above)$61,855
VIII-1h Total contributions, gifts and grants$1,416,708
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Unrelated business $0 · Excluded from tax $0$207,057
VIII-3 Investment incomeUnrelated business $0 · Excluded from tax $32,877$32,877
VIII-6 Net rental income or lossUnrelated business $32,496 · Excluded from tax $2,529$35,025
VIII-7 Net gain or loss on sales of assetsRelated to mission $0 · Unrelated business $0 · Excluded from tax −$91,495−$91,495
VIII-8 Net income from fundraising eventsUnrelated business $0 · Excluded from tax −$51,542−$51,542
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $0 · Unrelated business $0 · Excluded from tax $2,106$2,106
VIII-12 Total revenueRelated to mission $342,343 · Unrelated business $32,496 · Excluded from tax −$97,485$1,694,062
Part IX · Statement of functional expenses $2,043,079 across 21 lines filed
IX-1 Grants to domestic organizationsPrograms $33,500$33,500
IX-2 Grants to domestic individualsPrograms $17,560$17,560
IX-5 Pay of current officers, directors and key staffPrograms $134,732 · Management $41,966 · Fundraising $44,174$220,872
IX-7 Other salaries and wagesPrograms $276,349 · Management $86,076 · Fundraising $90,608$453,033
IX-9 Other employee benefitsPrograms $5,653 · Management $1,761 · Fundraising $1,854$9,268
IX-10 Payroll taxesPrograms $36,571 · Management $11,391 · Fundraising $11,991$59,953
IX-11b Legal feesPrograms $0 · Management $9,644 · Fundraising $0$9,644
IX-11c Accounting feesPrograms $0 · Management $27,169 · Fundraising $0$27,169
IX-11e Professional fundraising feesFundraising $75,477$75,477
IX-11f Investment management feesPrograms $0 · Management $7,585 · Fundraising $0$7,585
IX-11g Other fees for servicesPrograms $96,072 · Management $111,804 · Fundraising $31,361$239,237
IX-12 Advertising and promotionPrograms $28,092 · Management $659 · Fundraising $8,613$37,364
IX-13 Office expensesPrograms $63,505 · Management $27,262 · Fundraising $10,136$100,903
IX-14 Information technologyPrograms $8,747 · Management $9,527 · Fundraising $7,366$25,640
IX-16 OccupancyPrograms $253,926 · Management $18,366 · Fundraising $14,961$287,253
IX-17 TravelPrograms $4,179 · Management $6,634 · Fundraising $4,572$15,385
IX-19 Conferences, conventions and meetingsPrograms $0 · Management $721 · Fundraising $0$721
IX-22 Depreciation, depletion and amortizationPrograms $303,315 · Management $19,999 · Fundraising $9,999$333,313
IX-23 InsurancePrograms $17,362 · Management $10,259 · Fundraising $3,768$31,389
IX-24 Other expenses (24a–d)Programs $27,842 · Management $7,114 · Fundraising $3,789$38,745
IX-24e All other expensesPrograms $17,766 · Management $1,302 · Fundraising $0$19,068
IX-25 Total functional expensesPrograms $1,325,171 · Management $399,239 · Fundraising $318,669$2,043,079
Part X · Balance sheet $11,987,724 assets, 17 lines filed
X-1 Cash, non-interest-bearingStart of year $390,734$368,809
X-2 Savings and temporary cash investmentsStart of year $174,309$126,179
X-3 Pledges and grants receivableStart of year $768,493$661,793
X-4 Accounts receivableStart of year $9,766$8,531
X-8 Inventories for sale or useStart of year $7,403$9,001
X-9 Prepaid expenses and deferred chargesStart of year $16,600$11,076
X-10c Land, buildings and equipment, netStart of year $9,287,548$9,199,673
X-11 Publicly traded securitiesStart of year $1,180,200$1,316,467
X-15 Other assetsStart of year $291,403$286,195
X-16 Total assetsStart of year $12,126,456$11,987,724
X-17 Accounts payable and accrued expensesStart of year $96,199$56,587
X-19 Deferred revenueStart of year $6,699$5,290
X-26 Total liabilitiesStart of year $102,898$61,877
X-27 Net assets without donor restrictionsStart of year $1,246,065$1,026,821
X-28 Net assets with donor restrictionsStart of year $10,777,493$10,899,026
X-32 Total net assets or fund balancesStart of year $12,023,558$11,925,847
X-33 Total liabilities and net assetsStart of year $12,126,456$11,987,724
Part XI · Reconciliation of net assets $11,925,847 net assets at year end
XI-1 Total revenue$1,694,062
XI-2 Total expenses$2,043,079
XI-3 Revenue less expenses−$349,017
XI-4 Net assets at start of year$12,023,558
XI-5 Net unrealized gains (losses) on investments$251,306
XI-10 Net assets at end of year$11,925,847

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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