Lit Fund Incorporated
- Assets
- $440.4k
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Astoria, NY
- Founding
- 05/2014
- Data as of
- 12/2021
- EIN
- 46-1141592
Organization Overview
Lit Fund Incorporated, operating under the name The Indie Theater Fund, is located in Astoria, NY. The organization was established in 2014. According to its NTEE Classification (A65) the organization is classified as: Theater, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Indie Theater Fund 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 12/2021, Indie Theater Fund generated $1.5m in total revenue. All expenses for the organization totaled $1.2m during the year ending 12/2021. While expenses have increased by 213.3% per year over the past 3 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO FINANCIALLY ASSIST ORGANIZATIONS AND INDIVIDUAL ARTISTS CREATING INDEPENDENT THEATER IN THE FIVE BOROUGHS OF NEW YORK CITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COMMUNITY GRANTS OFFERED TO THEATER COMPANIES IN NYC.
EMERGENCY GRANTS OFFERED TO INDIVIDUALS AND THEATER COMPANIES IN NYC.
OTHER EXPENSES INCURRED BY PROGRAM
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Randi Berry Executive Director | OfficerTrustee | $35,000 | |
Brea Clemons Board Member | Trustee | $0 | |
Raquel Almazan President | Trustee | $0 | |
Dechelle Damien Board Member | Trustee | $0 | |
Marty Linsky Board Member | Trustee | $0 | |
Brian Berk Treasurer | Trustee | $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 | $1,459,153 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,459,153 |
| Total Program Service Revenue | $0 |
| 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 | $1,470,592 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $73,796 |
| Grants and other assistance to domestic individuals. | $936,266 |
| 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 | $26,019 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $2,685 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $9,456 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $49,664 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $4,047 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $0 |
| Insurance | $1,561 |
| All other expenses | $3,372 |
| Total functional expenses | $1,223,469 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $340,434 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $100,000 |
| 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 | $440,434 |
| Accounts payable and accrued expenses | $43,015 |
| 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 | $43,015 |
| Net assets without donor restrictions | $394,279 |
| Net assets with donor restrictions | $3,140 |
| 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 | $440,434 |
Grants Recieved
Over the last fiscal year, we have identified 9 grants that Lit Fund Incorporated has recieved totaling $680,165.
| Awarding Organization | Amount |
|---|---|
Andrew W Mellon Foundation New York, NY PURPOSE: TO SUPPORT THE CULTURAL SOLIDARITY FUND, A MICROGRANT PROGRAM FOR NEW YORK CITY-BASED ARTS AND CULTURAL WORKERS IN FINANCIAL NEED DUE TO THE COVID-19 PANDEMIC | $350,000 |
Andrew W Mellon Foundation New York, NY PURPOSE: TO SUPPORT THE CULTURAL SOLIDARITY FUND, A MICROGRANT PROGRAM FOR NEW YORK CITY-BASED ARTS AND CULTURAL WORKERS IN FINANCIAL NEED DUE TO THE COVID-19 PANDEMIC | $200,000 |
Dance Service New York City Inc New York, NY PURPOSE: FOR CORONAVIRUS RELIEF GRANT RECIPIENTS | $40,000 |
Amalgamated Charitable Foundation Inc Washington, DC PURPOSE: General operating support | $25,000 |
Mertz Gilmore Foundation New York, NY PURPOSE: MENTAL HEALTH SUPPORT/COMMUNITY CARE PROGRAM (INDIE THEATER FUND) | $25,000 |
The Bessemer Giving Fund Woodbridge, NJ PURPOSE: GENERAL SUPPORT | $22,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Vivian Beaumont Theater Inc New York, NY | $199,499,593 | $19,952,200 |
American Repertory Theatre Cambridge, MA | $28,732,151 | $12,990,237 |
Signature Theatre Company New York, NY | $62,849,854 | $11,675,589 |
Playwrights Horizons Inc New York, NY | $27,151,743 | $13,749,281 |
Huntington Theatre Company Inc Boston, MA | $85,399,357 | $14,500,477 |
Manhattan Theatre Club Inc New York, NY | $95,784,807 | $15,978,594 |
Hartford Stage Company Hartford, CT | $23,293,519 | $12,254,112 |
Stella Adler Studio Of Acting New York, NY | $5,616,573 | $9,953,377 |
Storyville Center For The Spoken Word Inc New York, NY | $12,362,100 | $12,256,751 |
Second Stage Theatre New York, NY | $62,708,833 | $8,654,071 |
Atlantic Theater Company New York, NY | $26,591,945 | $8,396,675 |
Geva Theatre Center Inc Rochester, NY | $17,333,733 | $8,117,861 |