Foundation For Arts Initiatives
- Assets
- $30.0m
- Revenue
- -$550.5k
- Investments
- $28.8m
- Employees
- 0
- Location
- New York, NY
- Founding
- 02/1964
- Data as of
- 08/2023
- EIN
- 98-6000319
Organization Overview
Foundation For Arts Initiatives is located in New York, NY. The organization was established in 1964. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Foundation For Arts Initiatives is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Since 2020, Foundation For Arts Initiatives has awarded 326 individual grants totaling $6,527,000. 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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Vasif Kortun Chairperson, Treasurer & Board Member | 20 | $15,000 | |
Manuel J Borja-Villel Board Member | 5 | $10,000 | |
Zoe Butt Board Member (elected 2/2023) | 5 | $5,000 | |
Claire Hsu Board Member (resigned 11/2022) | 5 | $5,000 | |
Frederick B Henry Board Member | 5 | $10,000 | |
Maria Lind Board Member | 5 | $10,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $25 |
| Dividends & Interest | $604,595 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$1,155,127 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | -$550,507 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $233,000 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $10,815 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $620 |
| Occupancy | $1,500 |
| Travel, conferences, and meetings | $191,494 |
| Printing and publications | $0 |
| Other expenses | $82,816 |
| Total operating and administrative expenses | $680,821 |
| Contributions, gifts, grants paid | $1,273,500 |
| Total expenses and disbursements | $1,954,321 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $33,270 |
| Savings and temporary cash investments | $1,103,566 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $32,775 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $1,432,611 |
| Net Land, buildings, and equipment | $1,847 |
| Other assets | $61,043 |
| Total assets | $30,010,208 |
| Accounts payable and accrued expenses | $3,258 |
| Grants payable | $60,000 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $63,258 |
Grants Awarded
Over the last fiscal year, Foundation For Arts Initiatives has awarded $1,426,000 in support to 69 organizations.
| Grant Recipient | Amount |
|---|---|
ANASTASIIA KIZILOVA PURPOSE: FUND FOR ARTS RESEARCH GRANT | $7,500 |
ANNA PRONINA PURPOSE: FUND FOR ARTS RESEARCH GRANT | $7,500 |
BERMET BORUBAEVA PURPOSE: FUND FOR ARTS RESEARCH GRANT | $7,500 |
ANETA SZYLAK PURPOSE: FUND FOR ARTS RESEARCH GRANT | $7,500 |
ERZEN SHKOLOLLI PURPOSE: FUND FOR ARTS RESEARCH GRANT | $10,000 |
FEDERICO ZUKERFELD PURPOSE: FUND FOR ARTS RESEARCH GRANT | $7,500 |