Flag Art Foundation
- Assets
- $7.7m
- Revenue
- $555.6k
- Investments
- $2.1m
- Employees
- 0
- Location
- New York, NY
- Founding
- 12/2007
- Data as of
- 12/2021
- EIN
- 26-0273135
Organization Overview
Flag Art Foundation is located in New York, NY. The organization was established in 2007. According to its NTEE Classification (T23) the organization is classified as: Private Operating Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Flag Art Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Since 2020, Flag Art Foundation has awarded 11 individual grants totaling $880,000. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAINTAINING WEBSITE OF FOUNDATION TO SHOWCASE ART HELD IN GALLERY AND NOTIFY PUBLIC OF UPCOMING EVENTS.
25 PIECES OF ART LOANED TO 12 GALLERIES AND MUSEUMS EACH FOR PERIODS RANGING FROM 3 MONTHS TO OPEN ENDED.
REPRODUCTION OF AN OLD 80'S MOVIE USING ACTORS FROM VARIOUS HARLEM SCHOOLS IN HELPING OUT THE COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Glenn Fuhrman President/treasurer | 5 | $0 | |
Amanda Fuhrman Vp/secretary | 5 | $0 | |
Laura Twersky Director | 1 | $0 | |
Jonathan Rider Director | 40 | $211,667 | |
Caroline Cassidy Exhibitions & Progra | 40 | $95,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $1,596 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $310,278 |
| Capital Gain Net Income | $297,402 |
| Net ST Capital Gain | $16,104 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $13,240 |
| Other Income | $230,487 |
| Total Revenue | $555,601 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $248,750 |
| Other employee salaries and wages | $183,500 |
| Pension plans, employee benefits | $36,891 |
| Interest | $0 |
| Taxes | $59,021 |
| Depreciation | $3,081 |
| Occupancy | $126,345 |
| Travel, conferences, and meetings | $3,063 |
| Printing and publications | $30,939 |
| Other expenses | $309,391 |
| Total operating and administrative expenses | $1,098,935 |
| Contributions, gifts, grants paid | $27,000 |
| Total expenses and disbursements | $1,125,935 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,499,036 |
| Savings and temporary cash investments | $1,697,807 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $2,090,366 |
| Net Land, buildings, and equipment | $107,818 |
| Other assets | $2,275,000 |
| Total assets | $7,670,027 |
| Accounts payable and accrued expenses | $14,073 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $482,192 |
| Total liabilities | $496,265 |
Grants Awarded
Over the last fiscal year, Flag Art Foundation has awarded $443,000 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
92ND STREET Y PURPOSE: FOR DONEE'S EXEMPT PURPOSE | $10,000 |
ARETE LIVING ARTS FOUNDATION PURPOSE: FOR DONEE'S EXEMPT PURPOSE | $10,000 |
AVENUES FOR JUSTICE INC PURPOSE: FOR DONEE'S EXEMPT PURPOSE | $5,000 |
NEW YORK ACADEMY OF ART PURPOSE: FOR DONEE'S EXEMPT PURPOSE | $3,000 |
THE CONTEMPORARY AUSTIN PURPOSE: FOR DONEE'S EXEMPT PURPOSE | $400,000 |
THE STUDIO MUSEUM IN HARLEM PURPOSE: FOR DONEE'S EXEMPT PURPOSE | $15,000 |