Friends Of Southwest Virginia
- Assets
- $1.1m
- Revenue
- $1.7m
- Investments
- $0.0
- Employees
- 12
- Location
- Abingdon, VA
- Founding
- 11/2011
- Data as of
- 06/2022
- EIN
- 36-4686736
Organization Overview
Friends Of Southwest Virginia is located in Abingdon, VA. The organization was established in 2011. According to its NTEE Classification (A40) the organization is classified as: Visual Arts, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 06/2022, Friends Of Southwest Virginia employed 12 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Friends Of Southwest Virginia 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 06/2022, Friends Of Southwest Virginia generated $1.7m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (5.0%) each year. All expenses for the organization totaled $1.5m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (4.6%) per year over the past 7 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 MISSION OF FRIENDS OF SOUTHWEST VA IS: 1. TO PRESERVE, PROMOTE, AND PRESENT THE CULTURAL AND NATURAL ASSETS OF SW VA 2. TO WORK IN PARTNERHSHIP IN THE REGION TO GENERATE ECONOMIC DEVELOPMENT THROUGH THESE EFFORTS 3. TO PROVIDE EDUCATIONAL AND CULTURAL OPPORTUNITIES FOR THE GENERAL PUBLIC AND STUDENTS OF THE REGION 4. TO SHOWCASE THE CULTURAL ASSETS OF SW VA AT THE HEARTWOOD ARTISAN GATEWAY
Describe the Organization's Program Activity:
Part 3 - Line 4a
PRESERVE, PROMOTE, AND SHOWCASE THE CULTURAL AND NATURAL ASSETS OF SW VA, AND GENERATE ECONOMIC DEVELOPMENT THROUGH THESE EFFORTS, AS WELL AS PROVIDING EDUCATIONAL AND CULTURAL OPPORTUNITIES FOR STUDENTS AND THE AREA'S GENERAL PUBLIC
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Aaron Sizemore Treasurer | OfficerTrustee | $0 | |
Linda Diyorio Chair | OfficerTrustee | $0 | |
Fred Ramey Secretary | OfficerTrustee | $0 | |
Kimberly Davis Executive Di | Officer | $0 | |
Michael Armbrister Director | Trustee | $0 | |
Stephen Lawson Director | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,346,648 |
| All other contributions, gifts, grants, and similar amounts not included above | $182,147 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,528,795 |
| Total Program Service Revenue | $153,098 |
| Investment income | $9 |
| 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 | $1,695,532 |
| 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 | $137,858 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $47,991 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $27,542 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $113,136 |
| Office expenses | $204,097 |
| Information technology | $57,818 |
| Royalties | $0 |
| Occupancy | $69,828 |
| Travel | $17,516 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $50,051 |
| Insurance | $20,135 |
| All other expenses | $27,070 |
| Total functional expenses | $1,483,686 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $726,014 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $89,622 |
| Accounts receivable, net | $38,356 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $8,571 |
| Prepaid expenses and deferred charges | $18,626 |
| Net Land, buildings, and equipment | $240,911 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,122,100 |
| Accounts payable and accrued expenses | $209,308 |
| Grants payable | $0 |
| Deferred revenue | $6,104 |
| 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 | $675,000 |
| Other liabilities | $18,810 |
| Total liabilities | $909,222 |
| Net assets without donor restrictions | -$53,238 |
| Net assets with donor restrictions | $266,116 |
| 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 | $1,122,100 |
Grants Awarded
Over the last fiscal year, Friends Of Southwest Virginia has awarded $80,805 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
THE CROOKED ROAD PURPOSE: PASS THROUGH OF FUND | $71,250 |
ROUND THE MOUNTAIN PURPOSE: PASS THROUGH OF FUND | $9,555 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Friends Of Southwest Virginia has recieved totaling $31,500.
| Awarding Organization | Amount |
|---|---|
The Thompson Charitable Foundation Knoxville, TN PURPOSE: BREAKS INTERSTATE PARK | $25,000 |
The Thompson Charitable Foundation Knoxville, TN PURPOSE: CLINCH RIVER VALLEY INITIATIVE | $6,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Arts & Science Council Charlotte Mecklenburg Inc Charlotte, NC | $42,519,495 | $11,600,726 |
Frist Art Museum Nashville, TN | $27,247,403 | $12,277,490 |
Textile Rental Services Association Of America Inc Alexandria, VA | $12,660,390 | $5,781,606 |
Inda Association Of The Non Woven Fabrics Industry Cary, NC | $9,846,018 | $4,859,607 |
Andreas H Bechtler Arts Foundation Charlotte, NC | $39,434,021 | $2,461,495 |
Virginia Museum Of Contemporary Art Virginia Beach, VA | $2,164,198 | $3,254,466 |
The Center For Craft Creativity & Design Inc Asheville, NC | $15,329,103 | $2,386,393 |
Southern Highland Handicraft Guild Inc Asheville, NC | $7,206,278 | $2,199,830 |
Life Pieces To Masterpieces Washington, DC | $694,672 | $1,837,950 |
Mccoll Center For Art & Innovation Charlotte, NC | $14,043,354 | $2,439,387 |
The Bascom Corporation Highlands, NC | $11,572,802 | $1,588,338 |
Friends Of Southwest Virginia Abingdon, VA | $1,122,100 | $1,695,532 |