Is it real?
Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Feb 2021.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Where the money goes
75 cents of each dollar spent went to programs.
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
7 people listed on the 990.
Gregory Thornbury’s $198K as Executive Director is at the 100th 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.
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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
Provides artists with studio space, mentorship, and financial support.
Questions for Silver Art Projects INC
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Silver art projects program invites 28 artists to occupy approximatley 38,000 square feet of lower manhattan office space donated by a generous sponsor. The space is outfitted to accommodate individual artist studio spaces.
Funders
Who pays for it.
From grant filings on record. Receipts are incomplete: individual donors are never listed.
Grants
By the numbers
The FY2022 990, line by line.
Download 990
| Line | Start FY22 | End FY22 |
|---|---|---|
| Cash and savingsLn 1–2 | $11K | $112K |
| Land, buildings, equipmentLn 10c | $473K | $304K |
| Total assetsLn 16 | $633K | $416K |
| LiabilitiesLn 26 | $38K | $130K |
| Net assetsLn 32 | $595K | $286K |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Grants to domestic individualsLn 2 | $32K | $32K | ||
| Other salaries and wagesLn 7 | $161K | $97K | $48K | $16K |
| Other employee benefitsLn 9 | $27K | $16K | $8K | $3K |
| Payroll taxesLn 10 | $11K | $7K | $3K | $1K |
| Legal feesLn 11b | $3K | $3K | ||
| Accounting feesLn 11c | $13K | $13K | ||
| Other fees for servicesLn 11g | $132K | $100K | $32K | |
| Office expensesLn 13 | $1K | $1K | ||
| Information technologyLn 14 | $5K | $5K | ||
| Depreciation, depletion and amortizationLn 22 | $168K | $165K | $3K | |
| InsuranceLn 23 | $2K | $2K | $32 | |
| Other expenses (24a–d)Ln 24 | $8K | $2K | $5K | $443 |
| Total functional expensesLn 25 | $565K | $422K | $123K | $20K |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2024 Latest | $823K | $633K | $190K | $108K | 990 PDF |
| FY2023 | $164K | $532K | −$368K | −$82K | 990 PDF |
| FY2022 Viewing | $256K | $565K | −$309K | $286K | 990 PDF |
| FY2021 | $321K | $464K | −$144K | $595K | 990 PDF |
| FY2020 | $1.1M | $370K | $738K | $738K | 990 PDF |
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Schedules filed Part IV
See the full FY2022 990 (6 parts)
Part I · Summary $256,000 revenue, 12 lines filed
Part VI · Governance 7 of 7 board members independent, no flags
Part VIII · Statement of revenue $256,000 across 3 lines filed
Part IX · Statement of functional expenses $564,683 across 12 lines filed
Part X · Balance sheet $416,057 assets, 8 lines filed
Part XI · Reconciliation of net assets $286,174 net assets at year end
Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File
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