Torpedo Factory Art Center Board Inc
- Assets
- $0.0
- Revenue
- $281.3k
- Investments
- $0.0
- Employees
- 8
- Location
- Alexandria, VA
- Founding
- Data as of
- 01/2017
- EIN
- 45-0667869
Organization Overview
Torpedo Factory Art Center Board Inc is located in Alexandria, VA. As of 01/2017, Torpedo Factory Art Center Board Inc employed 8 individuals. Torpedo Factory Art Center Board 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 01/2017, Torpedo Factory Art Center Board Inc generated $281.3k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 2 years, the organization has seen revenues fall by an average of (47.4%) each year. All expenses for the organization totaled $280.9k during the year ending 01/2017. As we would expect to see with falling revenues, expenses have declined by (47.8%) per year over the past 2 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
2017
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF THE TORPEDO FACTORY ART CENTER IS TO FOSTER CONNECTIONS AMONG ARTISTS AND THE PUBLIC THAT IGNITE THE CREATIVE SPIRIT. WE PROVIDE DYNAMIC INTERACTIONS WITH THE ARTS THROUGH OUR COMMUNITY OF VISUAL ARTISTS, EXHIBITIONS, AND PROGRAMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
STUDIO AND EVENT RENTALS - THE TORPEDO FACTORY ART CENTER BOARD PROVIDES STUDIO SPACE TO THE TORPEDO FACTORY ARTISTS ASSOCIATION AND THE ART LEAGUE SCHOOL AT BELOW-MARKET RATES IN ORDER TO ENABLE THE ART LEAGUE TO CONDUCT ART EDUCATION PROGRAMS AND FOR OVER 160 ARTISTS TO CREATE AND SELL ARTWORK TO THE PUBLIC IN ARTIST'S STUDIOS AS WELL AS TO INTERACT WITH THE PUBLIC TO EDUCATE THEM ON THE CREATIVE PROCESS.
OTHER PROGRAM SERVICES, SUCH AS WEBSITE SERVICES, MARKETS, AND OPEN HOUSES FOR ARTISTS.
TARGET GALLERY - THE TORPEDO FACTORY ART CENTER BOARD OPERATES THE TARGET GALLERY THAT PROVIDES OVER 10 JURIED EXHIBITIONS THAT SHOW ARTWORK BY OVER 100 ARTISTS FROM THROUGHOUT THE WORLD. IN ADDITION, EACH EXHIBITION INCLUDES A GALLERY TALK OPEN FOR FREE TO THE GENERAL PUBLIC. EACH EXHIBITION IS AUGMENTED WITH DESCRIPTIVE MATERIAL ABOUT THE EXHIBITION AND THE ARTISTS.
GIFT SHOP - THE TORPEDO FACTORY ART CENTER BOARD OPERATES A GIFT SHOP THAT PROVIDES EDUCATIONAL ART BOOKS, ARTISTS POSTCARDS, ART-RELATED ACTIVITY SETS AND OTHER ARTS RELATED GIFTS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Detomo President | OfficerTrustee | 10 | $0 |
Eric Nelson Director | Trustee | 5 | $0 |
Diane Ruggiero Director | Trustee | 5 | $0 |
Lisa Schumaier Director | Trustee | 5 | $0 |
Marian Van Landingham Director | Trustee | 5 | $0 |
Maria Hopper Director | Trustee | 5 | $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 | $2,274 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,274 |
| Total Program Service Revenue | $278,183 |
| Investment income | $0 |
| 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 | $281,326 |
| 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. | $24,894 |
| Compensation of current officers, directors, key employees. | $5,973 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $51,458 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,190 |
| Payroll taxes | $5,661 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,386 |
| Fees for services: Accounting | $22,333 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $11,868 |
| Advertising and promotion | $39,324 |
| Office expenses | $4,789 |
| Information technology | $2,103 |
| Royalties | $0 |
| Occupancy | $107,772 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $437 |
| Interest | $32 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $943 |
| Insurance | $2,188 |
| All other expenses | $0 |
| Total functional expenses | $280,924 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| 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 | $0 |
| Total assets | $0 |
| 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 | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Unrestricted restricted net Assets | $0 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $0 |