Soundwaves Art Foundation
- Assets
- $2.7m
- Revenue
- $3.3m
- Investments
- $0.0
- Employees
- 7
- Location
- Lockhart, TX
- Founding
- 02/2014
- Data as of
- 12/2023
- EIN
- 46-3817830
Organization Overview
Soundwaves Art Foundation is located in Lockhart, TX. The organization was established in 2014. According to its NTEE Classification (P12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Human Services and related organizations. As of 12/2023, Soundwaves Art Foundation employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Soundwaves Art Foundation 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 12/2023, Soundwaves Art Foundation generated $3.3m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 62.8% each year . All expenses for the organization totaled $2.7m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2017, Soundwaves Art Foundation has awarded 60 individual grants totaling $2,871,999. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
WE ARE A PHILANTHROPIC FOUNDATION THAT MAKES ORIGINAL PIECES OF ART BY CAPTURING THE DIGITAL HEARTBEAT OF SOME OF THE WORLDS MOST ICONIC MUSIC. 100% OF OUR PROFITS GO TO CHARITIES FOCUSING ON SOCIAL JUSTICE, THE ENVIRONMENT, DISASTER RELIEF, MUSIC EDUCATION, AND MENTAL HEALTH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ART MADE FROM SOUND WAVES, SIGNED AND SOLD TO BENEFIT CHARITIES AROUND THE WORLD.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Timothy Wakefield Founder/artist | OfficerTrustee | 70 | $332,525 |
Ed Bailey Vice President | OfficerTrustee | 1 | $0 |
Nina Miller Secretary | OfficerTrustee | 1 | $0 |
Sharon Wakefield Treasurer | OfficerTrustee | 20 | $44,028 |
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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| 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 | $3,317,605 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,317,605 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,371,037 |
| 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. | $391,342 |
| Compensation of current officers, directors, key employees. | $35,221 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $260,102 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $23,504 |
| Payroll taxes | $38,282 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $23,739 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $279,422 |
| Advertising and promotion | $10,444 |
| Office expenses | $44,010 |
| Information technology | $12,293 |
| Royalties | $0 |
| Occupancy | $134,388 |
| Travel | $22,082 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,841 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $38,696 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $2,659,182 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,394,511 |
| 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 | $46,277 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $281,500 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,722,288 |
| Accounts payable and accrued expenses | $50,416 |
| 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 | $50,416 |
| Net assets without donor restrictions | $2,671,872 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $2,722,288 |
Grants Awarded
Over the last fiscal year, Soundwaves Art Foundation has awarded $997,856 in support to 21 organizations.
| Grant Recipient | Amount |
|---|---|
CHILDREN IN CONFLICT PURPOSE: GRANT | $395,017 |
FARM AID PURPOSE: GRANT | $6,650 |
KULTURECITY PURPOSE: GRANT | $25,440 |
NORTHERN MANHATTAN ARTS ALLIANCE PURPOSE: GRANT | $5,200 |
SWEET RELEIF MUSICIANS FUND PURPOSE: GRANT | $218,378 |
SHARE OUR STRENGTH FOUNDATION PURPOSE: GRANT | $43,750 |