Artspace Projects Inc
- Assets
- $88.6m
- Revenue
- $23.7m
- Investments
- $278.9k
- Employees
- 44
- Location
- Minneapolis, MN
- Founding
- 01/1984
- Data as of
- 12/2020
- EIN
- 41-1350071
Organization Overview
Artspace Projects Inc is located in Minneapolis, MN. The organization was established in 1984. According to its NTEE Classification (A90) the organization is classified as: Arts Services, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2021, Artspace Projects Inc employed 44 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Artspace Projects 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 12/2020, Artspace Projects Inc generated $23.7m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 6.3% each year. All expenses for the organization totaled $24.3m during the year ending 12/2020. While expenses have increased by 8.3% per year over the past 6 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
TO CREATE, FOSTER, AND PRESERVE AFFORDABLE SPACE FOR ARTISTS AND ARTS ORGANIZATIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
REAL ESTATE PROJECTS - PROVIDES PROPERTIES THAT ARE SENSITIVE TO THE UNIQUE NEEDS AND ENVIRONMENT NECESSARY FOR ARTISTS, ARTS ORGANIZATIONS, AND ARTS VENUES, THROUGH WHOLLY, OR PARTIALLY-OWNED LIMITED PARTNERSHIPS WHICH OWN COMMERCIAL AND/OR RESIDENTIAL PROPERTIES. THESE REAL ESTATE PROJECTS PROVIDE SPACE FOR ARTISTS TO WORK ON THEIR PARTICULAR MEANS OF ARTISTIC EXPRESSION. AS AN EXAMPLE, A PAINTER OR DANCER NEEDS SPACE TO PRODUCE A HUGE PAINTING, OR TO PRACTICE THEIR DANCE STEPS.
DEVELOPMENT - DEVELOPS ARTISTS' LIVE/WORK SPACE AND CULTURAL FACILITIES WITH BOTH PUBLIC AGENCIES AND PRIVATE GROUPS BY INVOLVEMENT IN REAL ESTATE PROJECTS AS PROJECT COORDINATOR, DEVELOPER, CO-DEVELOPER, AND GENERAL CONTRACTOR; INFORMS AND EDUCATES THE GENERAL PUBLIC AND KEY DECISION MAKERS ABOUT PROJECTS AND ISSUES RELATED TO ARTISTS, SPACE AND ART FACILITIES.
CONSULTING AND STRATEGIC PARTNERSHIPS - PROVIDES A COMPUTERIZED REGISTRY AND HANDOUT OF SPACES AVAILABLE FOR RENT OR PURCHASE; CONSULTING SERVICES TO ARTS ORGANIZATIONS AND INDIVIDUAL ARTISTS AROUND THE COUNTRY; SUPPORT ON REAL ESTATE DEVELOPMENT PROJECTS, COMMUNITY BUILDING, DIVERSITY IN THE ARTS, AND NEIGHBORHOOD DEVELOPMENT AND THE ARTS.
PROPERTY MANAGEMENT - PROVIDES PROPERTY MANAGEMENT FOR NONRESIDENTIAL, ARTSPACE-OWNED PROJECTS; ARTSPACE IS RESPONSIBLE FOR OVERSEEING AND COORDINATING THE DAILY STATUS OF THE PROJECT INCLUDING FINANCIAL, PHYSICAL, AND TENANT COMMUNICATIONS; AND REPORTING ON THE ONGOING STATUS OF THE PROJECTS AND WITH REGARD TO ISSUES REQUIRING OWNER INPUT AND DECISIONS. ASSET MANAGEMENT - OVERSEES AND COLLABORATES WITH ARTISTS COOPERATIVES, ARTS TENANTS, PARTNERS, FUNDERS, AND MANAGEMENT COMPANIES OF THE ORGANIZATION'S LIMITED PARTNERSHIP HOLDINGS, TO ESTABLISH AND MAINTAIN LONG-TERM FINANCIALLY AND PHYSICALLY STABLE ASSETS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
L Kelley Lindquist President | Officer | 40 | $226,084 |
William Law Chief Operating Officer | Officer | 40 | $204,002 |
Greg Handberg Sr. Vp, Properties | Officer | 50 | $191,803 |
Wendy Holmes Sr. Vp, Consulting | Officer | 50 | $184,017 |
Kathleen Kvern Sr. Vp, National Advancement | 40 | $151,430 | |
Steve Stanley Chief Financial Officer | Officer | 50 | $147,028 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
The Monahan Company Construction/architecture | 12/30/21 | $471,287 |
Hhl Architects Construction/architecture | 12/30/21 | $406,265 |
Bozzuto Contruction Company Construction/architecture | 12/30/21 | $451,578 |
Cuningham Group Architecture Construction/architecture | 12/30/21 | $645,239 |
Kevin Daly Architects Construction/architecture | 12/30/21 | $408,490 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $4,292,163 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,161,466 |
| Noncash contributions included in lines 1a–1f | $46,902 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,453,629 |
| Total Program Service Revenue | $14,799,971 |
| Investment income | $740,642 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$601,628 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $23,726,997 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $502,841 |
| 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. | $1,103,017 |
| Compensation of current officers, directors, key employees. | $352,863 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,544,330 |
| Pension plan accruals and contributions | $126,418 |
| Other employee benefits | $352,396 |
| Payroll taxes | $287,369 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $192,182 |
| Fees for services: Accounting | $60,859 |
| Fees for services: Lobbying | $29,167 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $231,153 |
| Advertising and promotion | $45,690 |
| Office expenses | $564,432 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,099,986 |
| Travel | $229,226 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,026,247 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,711,081 |
| Insurance | $445,170 |
| All other expenses | $22,477 |
| Total functional expenses | $24,291,955 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $9,937,585 |
| Pledges and grants receivable | $238,951 |
| Accounts receivable, net | $18,149,428 |
| 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 | $199,079 |
| Net Land, buildings, and equipment | $47,234,510 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $278,921 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $12,599,480 |
| Total assets | $88,637,954 |
| Accounts payable and accrued expenses | $9,782,556 |
| Grants payable | $0 |
| Deferred revenue | $2,790,537 |
| 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 | $51,997,832 |
| Unsecured mortgages and notes payable | $811,700 |
| Other liabilities | $396,981 |
| Total liabilities | $65,779,606 |
| Net assets without donor restrictions | $17,878,279 |
| Net assets with donor restrictions | $4,980,069 |
| 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 | $88,637,954 |
Grants Awarded
Over the last fiscal year, Artspace Projects Inc has awarded $1,646,057 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Minneapolis, MN PURPOSE: Construciton Bills Paid for construction of Hennepin Center for the Arts building. | $1,636,057 |
Minneapolis, MN PURPOSE: Grant for Dance program with Hi-Arts at El Barrio Artist Lofts in New York. | $10,000 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Artspace Projects Inc has recieved totaling $200,000.
| Awarding Organization | Amount |
|---|---|
Gates Family Foundation Denver, CO PURPOSE: PROJECT SUPPORT | $100,000 |
Gates Family Foundation Denver, CO PURPOSE: PROJECT SUPPORT | $50,000 |
Gates Family Foundation Denver, CO PURPOSE: RENOVATION | $50,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Artspace Projects Inc Minneapolis, MN | $88,637,954 | $23,726,997 |
Eau Claire Confluence Arts Inc Eau Claire, WI | $54,912,960 | $2,573,269 |
De Pere Cultural Foundation Inc De Pere, WI | $53,635,326 | $47,909,418 |
Express Yourself Milwaukee Inc Milwaukee, WI | $0 | $354,864 |
Grand Marais Arts Inc Grand Marais, MN | $1,353,080 | $414,854 |
Chatfield Center For The Arts Inc Chatfield, MN | $223,954 | $306,186 |
North Dakota Bar Foundation Inc Bismarck, ND | $655,856 | $95,061 |
Forum Of Regional Arts Councils Of Minnesota Inc Staples, MN | $57,340 | $0 |
Creative Artists Studios Of Ames Inc Ames, IA | $79,058 | $0 |
Open Arts Minnesota Mankato, MN | $15,472 | $0 |
Rhythmically Speaking Saint Paul, MN | $42,787 | $0 |
Artist Sanctuary Red Wing, MN | $163,600 | $0 |