Roanoke Cultural Endowment
- Assets
- $4.2m
- Revenue
- $695.7k
- Investments
- $0.0
- Employees
- 1
- Location
- Roanoke, VA
- Founding
- 04/2015
- Data as of
- 12/2021
- EIN
- 47-2754436
Organization Overview
Roanoke Cultural Endowment is located in Roanoke, VA. The organization was established in 2015. According to its NTEE Classification (A12) the organization is classified as: Fund Raising & Fund Distribution, 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. Roanoke Cultural Endowment 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, Roanoke Cultural Endowment generated $695.7k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.1% each year. All expenses for the organization totaled $89.8k during the year ending 12/2021. 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
THE ORGANIZATION'S MISSION IS TO CULTIVATE A LEGACY OF STABILITY, ENGAGEMENT, AND VITALITY FOR ARTS AND CULTURES IN THE CITY OF ROANOKE THROUGH GRANT MAKING. THROUGH A STRATEGIC PARTNERSHIP WITH THE CITY OF ROANOKE, THE ORGANIZATION WILL PROVIDE A SUSTAINABLE REVENUE SOURCE FOR ARTS AND CULTURAL ORGANIZATIONS IN THE CITY OF ROANOKE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION IS CURRENTLY RAISING FUNDS TO ACHIEVE ITS GOAL OF SECURING $20 MILLION IN FUNDING TO PROVIDE SUPPORT TO ARTS AND CULTURAL ORGANIZATIONS IN THE CITY OF ROANOKE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Shaleen Powell Executive Dir. | Officer | 20 | $40,000 |
J David Wine President | OfficerTrustee | 0.5 | $0 |
Lucas L Thornton Treasurer | OfficerTrustee | 1 | $0 |
Katherine Fralin Walker Secretary | OfficerTrustee | 0.5 | $0 |
Sherman P Lea Jr Board Member | Trustee | 0.5 | $0 |
David Trinkle Board Member | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $183,333 |
| All other contributions, gifts, grants, and similar amounts not included above | $433,904 |
| Noncash contributions included in lines 1a–1f | $30,725 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $617,237 |
| Total Program Service Revenue | $0 |
| Investment income | $52,897 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $25,586 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $695,720 |
| 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. | $40,000 |
| Compensation of current officers, directors, key employees. | $28,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $3,060 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $26,200 |
| Office expenses | $0 |
| Information technology | $3,386 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $80 |
| 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 | $100 |
| Insurance | $0 |
| All other expenses | $465 |
| Total functional expenses | $89,797 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $103,916 |
| Savings and temporary cash investments | $95,115 |
| Pledges and grants receivable | $887,135 |
| 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 | $2,000 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $3,126,265 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,214,431 |
| 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 | $734 |
| Total liabilities | $734 |
| Net assets without donor restrictions | $1,377,757 |
| Net assets with donor restrictions | $2,835,940 |
| 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 | $4,214,431 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Roanoke Cultural Endowment has recieved totaling $45,000.
| Awarding Organization | Amount |
|---|---|
Schwab Charitable Fund San Francisco, CA PURPOSE: ARTS, CULTURE & HUMANITIES | $20,000 |
Farrell Foundation Roanoke, VA PURPOSE: CHARITABLE | $15,000 |
Powell Charitable Foundation Roanoke, VA PURPOSE: ARTS | $10,000 |
Endowment Analysis
| Beg. Balance | $2,286,834 |
| Earnings | $376,940 |
| Admin Expense | $9,893 |
| Net Contributions | $512,123 |
| Other Expense | $60,000 |
| Ending Balance | $3,106,004 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Fund For The Arts Inc Louisville, KY | $9,833,007 | $6,108,558 |
Mid Atlantic Arts Inc Baltimore, MD | $4,986,510 | $4,229,657 |
Virginia Foundation For The Humanities And Public Policy Charlottesville, VA | $13,497,972 | $6,667,303 |
Millennium Water Alliance Washington, DC | $3,039,056 | $3,946,433 |
Americans For Public Trust Alexandria, VA | $249,074 | $3,628,537 |
Sarcoma Foundation Of America Inc Damascus, MD | $9,642,356 | $3,973,362 |
Memphis Museums Inc Memphis, TN | $7,243,926 | $3,293,679 |
Artsbuild Chattanooga, TN | $20,819,407 | $7,133,514 |
William R Kenan Jr Fund For The Arts Chapel Hill, NC | $30,178,263 | $1,461,510 |
Foundation For Advancement In Conservation Washington, DC | $8,492,434 | $1,990,883 |
Walter Kaitz Foundation Washington, DC | $4,291,830 | $1,584,583 |
Casey Cares Foundation Inc Columbia, MD | $1,991,956 | $2,113,967 |