Waterworks Visual Art Center Inc
- Assets
- $1.5m
- Revenue
- $226.1k
- Investments
- $0.0
- Employees
- 8
- Location
- Salisbury, NC
- Founding
- 12/1964
- Data as of
- 06/2022
- EIN
- 56-6056267
Organization Overview
Waterworks Visual Art Center Inc is located in Salisbury, NC. The organization was established in 1964. According to its NTEE Classification (A51) the organization is classified as: Art Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 06/2022, Waterworks Visual Art Center Inc employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Waterworks Visual Art Center 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 06/2022, Waterworks Visual Art Center Inc generated $226.1k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.3%) each year. All expenses for the organization totaled $318.6k during the year ending 06/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE DIVERSE OPPORTUNITIES IN THE ARTS FOR ALL PEOPLE THROUGH EXHIBITIONS, EDUCATION AND OUTREACH PROGRAMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ART EXHIBITIONS WERE DISPLAYED IN FIVE INTERIOR EXHIBITION SPACES AND THREE EXTERIOR INSTALLATION SPACES/GARDENS FOR THE PUBLIC FREE OF CHARGE.
EDUCATIONAL PROGRAMS PROVIDED TO THE PUBLIC TO EDUCATE THE COMMUNITY OF VARIOUS FORMS OF ART.
THE MUSEUM STORE PROVIDED ART WORK FROM LOCAL AND REGIONAL ARTISTS AND CRAFTSMEN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Anne Scott Clement Executive Di | Officer | 40 | $69,370 |
Ed Hull President | OfficerTrustee | 0 | $0 |
Kathleen Bergeron Finance Chai | OfficerTrustee | 0 | $0 |
Deborah Lucas Secretary | OfficerTrustee | 0 | $0 |
Danny Powell Facilities C | OfficerTrustee | 0 | $0 |
Bruce Wilson First Vice P | OfficerTrustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $18,188 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $19,250 |
| All other contributions, gifts, grants, and similar amounts not included above | $154,576 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $192,014 |
| Total Program Service Revenue | $33,749 |
| Investment income | $1,399 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$1,083 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $226,079 |
| 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. | $69,370 |
| Compensation of current officers, directors, key employees. | $17,343 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $75,732 |
| Pension plan accruals and contributions | $2,736 |
| Other employee benefits | $1,898 |
| Payroll taxes | $11,606 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $11,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,336 |
| Office expenses | $13,122 |
| Information technology | $3,565 |
| Royalties | $0 |
| Occupancy | $43,040 |
| 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 | $54,275 |
| Insurance | $1,740 |
| All other expenses | $0 |
| Total functional expenses | $318,595 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $52,894 |
| Pledges and grants receivable | $5,650 |
| Accounts receivable, net | $407 |
| 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 | $736 |
| Net Land, buildings, and equipment | $1,083,321 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $335,282 |
| Total assets | $1,478,290 |
| Accounts payable and accrued expenses | $9,481 |
| 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 | $9,481 |
| Net assets without donor restrictions | $1,241,334 |
| Net assets with donor restrictions | $227,475 |
| 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 | $1,478,290 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Waterworks Visual Art Center Inc has recieved totaling $36,165.
| Awarding Organization | Amount |
|---|---|
Foundation For The Carolinas Charlotte, NC PURPOSE: CHARITABLE GIFT | $31,150 |
Margaret C Woodson Foundation Incorporated Charlotte, NC PURPOSE: ART FOR ALL: REIMAGINED | $5,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $15 |
Endowment Analysis
| Beg. Balance | $384,983 |
| Earnings | -$40,700 |
| Grants | $9,000 |
| Ending Balance | $335,283 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Cheekwood Botanical Garden And Museum Of Art Nashville, TN | $58,316,106 | $17,726,545 |
The Chrysler Museum Inc Norfolk, VA | $126,873,495 | $33,956,756 |
Mint Museum Of Art Inc Charlotte, NC | $80,854,701 | $6,923,462 |
Hunter Museum Of Art Chattanooga, TN | $45,514,020 | $7,390,848 |
Glass-Glen Burnie Museum Inc Winchester, VA | $37,985,540 | $7,078,309 |
Telfair Museum Of Art Inc Savannah, GA | $65,681,011 | $7,397,922 |
Dixon Gallery And Gardens Memphis, TN | $9,304,777 | $5,610,012 |
The Taubman Museum Of Art Roanoke, VA | $68,810,995 | $4,453,447 |
Reynolda House Inc Winston Salem, NC | $41,896,751 | $3,493,024 |
Columbia Museum Of Art Columbia, SC | $10,316,216 | $4,304,789 |
The Columbus Museum Inc Columbus, GA | $52,804,337 | $14,324,674 |
Knoxville Museum Of Art Knoxville, TN | $12,196,877 | $3,220,850 |