Pearson Lakes Art Center
- Assets
- $9.7m
- Revenue
- $1.0m
- Investments
- $0.0
- Employees
- 23
- Location
- Okoboji, IA
- Founding
- 06/1968
- Data as of
- 12/2020
- EIN
- 42-0930815
Organization Overview
Pearson Lakes Art Center is located in Okoboji, IA. The organization was established in 1968. 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 12/2021, Pearson Lakes Art Center employed 23 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Pearson Lakes Art Center 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, Pearson Lakes Art Center generated $1.0m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 5.7% each year. All expenses for the organization totaled $763.1k during the year ending 12/2020. While expenses have increased by 0.0% 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
THE ORGANIZATION'S MISSION IS TO EXCITE, ENGAGE AND SERVE COMMUNITIES WITHIN THE IOWA GREAT LAKES REGION THROUGH OUR COLLECTIONS, EXHIBITIONS, PERFORMANCES, AND EDUCATIONAL PROGRAMS; A NON-PROFIT CENTER CONNECTING GENERATIONS OF PEOPLE THROUGH EXCEPTIONAL ARTS EXPERIENCES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PEARSON LAKES ART CENTER OPERATES MULTIPLE VISUAL ARTS GALLERIES, A PERFORMING ARTS THEATER AND AN ARTS EDUCATIONAL CENTER THAT OFFERS PROGRAMS, CLASSES, LECTURES, PERFORMANCES AND EXHIBITS ON A YEAR ROUND BASIS. THE ACTIVITIES ACHIEVE THE GOAL OF EXPOSING THE VISUAL AND PERFORMING ARTS TO THE GENERAL PUBLIC IN NORTHWEST IOWA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Kirshbaum CEO | 48 | $89,296 | |
Joan Gronstal President | OfficerTrustee | 1 | $0 |
Abby Walleck Treasurer | OfficerTrustee | 1 | $0 |
Terry Yarns Vice President | OfficerTrustee | 1 | $0 |
Christopher Fuhrman Secretary | OfficerTrustee | 1 | $0 |
Ron Moroco Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $299,810 |
| Investment income | $472,838 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $5,979 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $88,746 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,034,479 |
| Statement of Expenses | |
|---|---|
| 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. | $87,537 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $214,842 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $8,262 |
| Payroll taxes | $28,376 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $13,050 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $20,473 |
| Office expenses | $10,133 |
| Information technology | $8,020 |
| Royalties | $0 |
| Occupancy | $42,876 |
| Travel | $2,718 |
| 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 | $192,394 |
| Insurance | $27,357 |
| All other expenses | $0 |
| Total functional expenses | $763,103 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $86,684 |
| Savings and temporary cash investments | $563,596 |
| 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 | $50,100 |
| Investments—publicly traded securities | $2,542,801 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,401,975 |
| Total assets | $9,703,116 |
| Accounts payable and accrued expenses | $44,742 |
| Grants payable | $0 |
| Deferred revenue | $144,716 |
| 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 | $0 |
| Other liabilities | $0 |
| Total liabilities | $189,458 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | $9,513,658 |
Grants Recieved
Over the last fiscal year, we have identified 13 grants that Pearson Lakes Art Center has recieved totaling $777,419.
| Awarding Organization | Amount |
|---|---|
Andrea Waitt Carlton Family Foundation Nashville, TN PURPOSE: GENERAL OPERATING SUPPORT | $400,000 |
Sherwood Foundation Omaha, NE PURPOSE: KITCHEN REMODEL | $180,000 |
Schwab Charitable Fund San Francisco, CA PURPOSE: ARTS, CULTURE & HUMANITIES | $60,250 |
Community Fdn Of Greater Des Moines Des Moines, IA PURPOSE: GRANT DISTRIBUTION | $44,917 |
Andrea Waitt Carlton Family Foundation Nashville, TN PURPOSE: GENERAL OPERATING SUPPORT | $27,500 |
Community Fdn Of Greater Des Moines Des Moines, IA PURPOSE: GRANT DISTRIBUTION FOR THE FOOD PANTRY | $25,032 |
Endowment Analysis
| Beg. Balance | $3,477,188 |
| Earnings | $535,346 |
| Admin Expense | $14,569 |
| Other Expense | $163,847 |
| Ending Balance | $3,834,118 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Walker Art Center Inc Minneapolis, MN | $379,213,744 | $50,426,261 |
Cedars Youth Services Inc Lincoln, NE | $3,781,536 | $13,267,342 |
John Michael Kohler Arts Center Inc Sheboygan, WI | $91,886,755 | $7,533,321 |
Puerto Rican Cultural Center Chicago, IL | $9,175,566 | $9,769,703 |
United States Artists Inc Chicago, IL | $40,639,117 | $6,830,121 |
Center Of Creative Arts Saint Louis, MO | $22,497,336 | $9,712,696 |
Washington Pavilion Management Inc Sioux Falls, SD | $7,664,278 | $8,315,223 |
Kohler Trust For The Arts And Education Kohler, WI | $9,068,772 | $5,585,156 |
Applied Information Management Institute Omaha, NE | $8,071,442 | $4,851,557 |
Kranzberg Arts Foundation St Louis, MO | $18,112,007 | $6,602,930 |
American College Of Occupational And Environmental Medicine Elk Grove Village, IL | $5,115,240 | $3,683,433 |
Success Institute Minneapolis, MN | $1,766,984 | $4,353,040 |