Source Studio INC EIN 82-2238179

Source Studio INC FY2022 filing

EIN  82-2238179 Public charity (501(c)(3)) Burnsville, NC
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
Creates art that connects people and addresses challenges for culture, communities, and the environment.
Leadership
Amanda Wiles · Executive Di · $69K
Money in and out
$404K revenue, $200K expenses
Bottom line
65% program efficiency

Creates art that connects people and addresses challenges for culture, communities, and the environment. For fiscal year 2022 it reported $404K in revenue, $200K in expenses, and $417K in net assets.Pt I

Where the money goes · FY2022
Total revenue
$404K
Pt VIII · Ln 12
Total expenses
$200K
Pt IX · Ln 25
Net assets
$417K
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $205K
Where spending went · Part IX cols B–D
Program services $0.65 Management & general $0.35 Fundraising $0.00
Program efficiency
65%
of spending reaches programs
Operating runway
25.5mo
months of highly liquid reserves at operating expense rate
Surplus margin
+51%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2022 · Form 990
Revenue
$404K
FY2022▲ +420%
Expenses
$200K
FY2022▲ +23%
Total assets
$425K
FY2022▲ +81%
Total liabilities
$8K
FY2022▼ -65%
Total revenue
$404K
Pt VIII · Ln 12
Total expenses
$200K
Pt IX · Ln 25
Net assets
$417K
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$205K
Total assetsPt X · Ln 16$425K
Program-expense ratioPt IX · col B65%
Voting members of governing bodyPt I · Ln 35
Independent voting membersPt I · Ln 45
Mission & Programs · Part III

Where the work happens

3 program services account for $129K of program spending, described in the organization's own filed words · FY2022.
01

Fundred Project

Source studio provides project management and production support for fundred project, a national artist-led initiative to educate and engage youth and communities about the ongoing crisis of lead poisoning.

$70Kprogram expense
02

Corrina Mehiel Fellowship

Fellowship program for women and non-binary artists engaged in pressing social issues and who offer new visions and meaningful interactions through their creative practices.

$42Kprogram expense
03

Memory Builds the Monument

S.O.U.R.C.E studio is proud to partner with mel chin studio by providing project production, management, and evaluation support to select place-based, community-centered projects.

$17Kprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CSource Studio INC
EINHdr · item D82-2238179
Principal addressHdr · item CBurnsville, NC
WebsiteHdr · item Jwww.sourcestudio.org
Year of formationHdr · item Lpending
State of legal domicileHdr · item MNC
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFHuman Services (P11)
Ruling yearIRS BMFNov 2017

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a5
Independent voting membersPt VI · Ln 1b5
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 15aNo
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
Executive Di
$69,124Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
Board Chair
$0Pt VII · Sec A

Amanda Wiles’s $79K as Executive Director is at the 70th percentile of top reported officer pay among 2165 $100K–1M human services 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

NameFY2024FY2023FY2022FY2021
Amanda Wiles$79,000
Amanda Wiles$75,000$69,124$56,779

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$398K · 98%
Program service revenue$7K · 2%
Contributions & grants98%$398K
Program service revenue2%$7K
Total revenueLn 12$404K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.65 Management & general $0.35 Fundraising $0.00
Program services65%$129K
Management & general35%$70K
Fundraising$107
Total functional expensesLn 25$200K

Balance Sheet

Part X · end of year
CashLn 1$424K
Total assetsLn 16$425K
Total liabilitiesLn 26$8K
Total net assetsLn 32$417K
Months of cash on handcomputed25.5

Financial Metrics

Form 990 · FY2022 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $424K · Operating expenses/yr $200K
25.5 months
Where the money goes
Program services
Program services $129K · Total expenses $200K
65%
Management & General
Management & general $70K · Total expenses $200K
35%
Fundraising
Fundraising $107 · Total expenses $200K
0%
Cost to raise $1
Fundraising expense (3-yr avg) $162 · Solicited contributions (3-yr avg) $206K
$0.00 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $398K · Total revenue $404K
98%
Government reliance
Government grants — · Total revenue $404K
Earned-income share
Program service revenue $7K · Total revenue $404K
2%
Investment reliance
Investment income $0 · Total revenue $404K
0%
Program self-sufficiency
Program service revenue $7K · Total expenses $200K
3%
Growth & trend
Revenue growth (YoY)
This year $404K · Prior year $78K
+420%
Net-asset trend (YoY)
End of year $417K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $404K · Expenses $200K
+51%
Liabilities-to-Assets
Total liabilities — · Total assets $425K
Net-asset ratio
Net assets $417K · Total assets $425K
98%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $425K
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Amanda Wiles · Reported title EXECUTIVE DI · Highest reported compensation $69K · Total expenses $200K
35%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $84K · Total expenses $200K
42%
Peer comparison

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

MetricThis orgPeer medianPercentile
Program ratio 65%
Overhead ratio 35%
Fundraising cost ratio 0%
Revenue growth 420%
Accounting fee ratio 2%

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
Total grants receivedfrom 3 funders$105K
See all 3 funders →
Grants paid · 3 grants · $53K · 2022–2024
Unitemized GrantFY2024$35,250
Unitemized GrantFY2024$2,500
Unitemized GrantFY2022$15,000

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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)$314K revenue · ⤓ 990 PDF
FY2023$62K revenue · ⤓ 990 PDF
FY2022$404K revenue · viewing · ⤓ 990 PDF
FY2021$78K revenue · ⤓ 990 PDF
FY2020$173K 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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