Nars Foundation Inc
- Assets
- $65.1k
- Revenue
- $286.0k
- Investments
- $0.0
- Employees
- 3
- Location
- Brooklyn, NY
- Founding
- 12/2009
- Data as of
- 12/2022
- EIN
- 20-5292405
Organization Overview
Nars Foundation Inc is located in Brooklyn, NY. The organization was established in 2009. 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, Nars Foundation Inc employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Nars Foundation 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, Nars Foundation Inc generated $286.0k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.7% each year. All expenses for the organization totaled $278.1k during the year ending 12/2022. While expenses have increased by 5.8% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
SUPPORTING ARTISTS AND CURATORS ON AN INTERNATIONAL LEVEL AS WELL ENGAGING THE LOCAL COMMUNITY IN BROOKLYN AND THE GREATER NEW YORK AREA. NARS PROVIDES AN ARRAY OF CREATIVE SUPPORT SERVICES AND PROFESSIONAL DEVELOPMENT OPPORTUNITIES FOR EMERGING AND MID-CAREERBROOKLYN AND NY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
STUDIO PROGRAM PROVIDES A CREATIVE AND SUPPORTIVE WORK ENVIRONMENT FOREMERGING AND MID-CAREER ARTISTS BY PROVIDING AFFORDABLE, LONG-TERM WORKSPACES THAT ARE DESIGNED TO FOSTER MULTICULTURAL DIALOGUE AND DYNAMICCROSS POLLINATION OF IDEAS AMONG THE ARTISTS IN THE STUDIO PROGRAM ANDWITH THE PROFESSIONAL ARTIST COMMUNITY AT LARGE. THE PROGRAM PROVIDES APLATFORM FOR DEVELOPING, CREATING, AND SHARING CUTTING- EDGECONTEMPORARY ARTWORKS IN A SUPPORTIVE AND STABLE COMMUNITY.PROFESSIONAL DEVELOPMENT PROGRAMS FOR EMERGING AND UNDERREPRESENTEDARTISTS FROM AROUND THE WORLD THROUGH ITS INTERNATIONAL ARTISTSRESIDENCY PROGRAM, ARTISTS SALONS, AND EXHIBITION PROGRAMS. THE VARIOUSARTISTS THROUGH SHORT-TERM INTEGRATED RESIDENCY PROGRAMS, AFFORDABLELONG-TERM STUDIO SPACES, PROGRESSIVE EXHIBITION PROGRAMS, INTERNATIONALEXCHANGES, AND ENGAGING PUBLIC PROGRAMS THAT FOSTER GLOBALUNDERSTANDING AND DYNAMIC CROSS-CULTURAL DIALOGUES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Junho Lee Founding Director | OfficerTrustee | 40 | $36,000 |
Ed Rubin Director | Trustee | 2 | $0 |
Chonghun Daniel Song Director | Trustee | 2 | $0 |
Thomas Arnold Chair | OfficerTrustee | 2 | $0 |
Sylvia Soyeon Kim Director | OfficerTrustee | 2 | $0 |
Nicholas Touron Secretary | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $165,363 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $165,363 |
| Total Program Service Revenue | $120,177 |
| Investment income | $503 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $286,043 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $112,389 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $9,761 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,500 |
| Fees for services: Accounting | $2,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $24,000 |
| Advertising and promotion | $1,335 |
| Office expenses | $6,506 |
| Information technology | $261 |
| Royalties | $0 |
| Occupancy | $97,664 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,317 |
| Interest | $12,763 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,501 |
| All other expenses | $0 |
| Total functional expenses | $278,094 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $55,933 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,145 |
| Total assets | $65,078 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $1,606 |
| Other liabilities | $19,575 |
| Total liabilities | $21,181 |
| Net assets without donor restrictions | $43,897 |
| Net assets with donor restrictions | $0 |
| 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 | $65,078 |