Lake Placid Association For Music Drama & Art Inc
- Assets
- $3.0m
- Revenue
- $1.2m
- Investments
- $878.9k
- Employees
- 13
- Location
- Lake Placid, NY
- Founding
- 08/1964
- Data as of
- 12/2022
- EIN
- 14-6030874
Organization Overview
Lake Placid Association For Music Drama & Art Inc is located in Lake Placid, NY. The organization was established in 1964. According to its NTEE Classification (A20) the organization is classified as: Arts & Culture, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2022, Lake Placid Association For Music Drama & Art Inc employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Placid Association For Music Drama & Art Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Lake Placid Association For Music Drama & Art Inc generated $1.2m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (1.1%) each year. All expenses for the organization totaled $1.1m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (0.6%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE LAKE PLACID CENTER FOR THE ARTS IS DEDICATED TO PRESENTING AND FOSTERING QUALITY ARTS, WHICH INSPIRE, ENRICH, EDUCATE AND ENTERTAIN PEOPLE OF ALL AGES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PRESENTING PROGRAMS: THE LAKE PLACID CENTER FOR THE ARTS PRESENTED ARTS PROGRAMS INCLUDING: 27 FILM SCREENINGS; 10 MUSIC PERFORMANCES; 5 DANCE PERFORMANCES; 4 THEATRE PERFORMANCES.
GALLERY PROGRAMS: THE LAKE PLACID CENTER FOR THE ARTS PRESENTED 4 GALLERY EXHIBITIONS IN THE FINE ARTS GALLERY. THE LAKE PLACID CENTER FOR THE ARTS ALSO OPERATED A GALLERY ON MAIN STREET IN DOWNTOWN LAKE PLACID.
EDUCATION PROGRAMS: THE LAKE PLACID CENTER FOR THE ARTS PRESENTED ARTS EDUCATION INCLUDING: 3 ARTS EDUCATION PROGRAMS; 0 THEATRE PERFORMANCES; 0 DANCE PERFORMANCES; 4 MUSIC PERFORMANCES; BALLET AND DANCE TRAINING SCHOOL WITH 0 RECITALS AND 15 WEEKS OF INSTRUCTION; 2 ARTISTIC RESIDENCIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Lemons Executive Di | Officer | 40 | $39,308 |
Cheryl Braunstein Trustee | Trustee | 1 | $0 |
Marylou Brown Trustee | Trustee | 1 | $0 |
Adele Connors Co-President | OfficerTrustee | 1 | $0 |
Kathy Daggett Trustee | Trustee | 1 | $0 |
Matthew Fisher Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $5,438 |
| Related organizations | $0 |
| Government grants | $900 |
| All other contributions, gifts, grants, and similar amounts not included above | $579,849 |
| Noncash contributions included in lines 1a–1f | $5,438 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $586,187 |
| Total Program Service Revenue | $527,351 |
| Investment income | $12,507 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $17,304 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $76,114 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,220,099 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $39,308 |
| Compensation of current officers, directors, key employees. | $11,792 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $188,350 |
| Pension plan accruals and contributions | $3,641 |
| Other employee benefits | $43,188 |
| Payroll taxes | $19,172 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,398 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $7,563 |
| Fees for services: Other | $9,644 |
| Advertising and promotion | $9,599 |
| Office expenses | $7,956 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $23,203 |
| Travel | $614 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $103 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $30,335 |
| Insurance | $20,260 |
| All other expenses | $447 |
| Total functional expenses | $1,132,890 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $126,118 |
| Savings and temporary cash investments | $4,845 |
| Pledges and grants receivable | $7,850 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,087 |
| Net Land, buildings, and equipment | $1,625,200 |
| Investments—publicly traded securities | $316,925 |
| Investments—other securities | $878,938 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $85,919 |
| Total assets | $3,046,882 |
| Accounts payable and accrued expenses | $80,771 |
| Grants payable | $0 |
| Deferred revenue | $10,295 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $958,839 |
| Other liabilities | $178,852 |
| Total liabilities | $1,228,757 |
| Net assets without donor restrictions | $1,704,343 |
| Net assets with donor restrictions | $113,782 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $3,046,882 |