Overview
What is Artspace Projects Inc?
Artspace Projects Inc, based in Minneapolis, Minnesota, is a nonprofit organization that specializes in creating and preserving affordable spaces for artists and arts organizations. Through their wholly or partially-owned limited partnerships, they acquire commercial and residential properties, catering to the unique needs of artists and arts groups. These real estate projects serve as vital hubs where artists can hone their craft, be it painting, dance, or any other form of artistic expression. Artspace's mission is to nurture and sustain a thriving arts community by providing affordable, supportive environments. With a workforce of 51 employees, they remain committed to fostering creativity and cultural growth.
Official website here: www.artspace.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 82%
Artspace Projects Inc has received a Three-Star out of Four Star rating from Charity Navigator, indicating a solid performance in accountability and finance. The organization boasts a high program expense ratio of 92.44%, reflecting its commitment to utilizing donations for its core mission. Additionally, all board members are independent, demonstrating a strong governance structure and adherence to transparency with policies in place for conflict of interest, whistleblowing, and document retention.
However, user feedback presents a stark contrast to the positive financial ratings. Some reviews express significant dissatisfaction with Artspace's practices, particularly concerning the selling of properties that were intended to provide affordable housing for artists. Critics argue that this undermines the organization's mission and raises ethical concerns about transparency with donors.
Despite this negative feedback, other users highlight Artspace's historical contributions to the arts community, noting its impactful work in converting spaces for artists and fostering community revitalization. This dichotomy in user experiences suggests that while Artspace may be financially sound, there are serious concerns regarding its operational integrity and commitment to its stated mission.
This AI summary has been generated from information found on Charity Navigator and Great Nonprofits.
Is Artspace Projects Inc legitimate?
Artspace Projects Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Artspace Projects Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $1,298,415
Professional Fundraising Fees: $0
Other Salaries and Wages: $4,715,174
For more financial information, click here
Official website here: www.artspace.org
What is the mission statement of Artspace Projects Inc?
Artspace Projects Inc is dedicated to providing affordable spaces for artists and arts organizations. Their mission is to create, foster, and preserve such spaces through various real estate projects. By owning commercial and residential properties, they offer artists the necessary environment to pursue their artistic expression, be it painting, dance, or other forms. These properties cater to the unique needs of artists, enabling them to produce their work effectively.
Official website here: www.artspace.org
What is the revenue of Artspace Projects Inc?
Artspace Projects Inc's revenue in 2023 was $29,143,430.
Official website here: www.artspace.org
Who are the executives of Artspace Projects Inc and what are their salaries?
The average compensation at Artspace Projects Inc during 2023 was $130,730. There are 46 employees and 47 volunteers at Artspace Projects Inc.
Here are 54 key members and their salaries:
- Compensation: $239,316
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- Other: $29,160
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- Other: $30,427
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- Compensation: $150,148
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- Other: $19,467
- Compensation: $118,310
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- Other: $21,325
- Compensation: $103,377
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- Compensation: $107,562
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- Compensation: $100,579
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- Other: $15,932
- Compensation: $108,160
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Official website here: www.artspace.org
Where can I find the form 990 for Artspace Projects Inc?
Artspace Projects Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.artspace.org
Learn more at the official website: www.artspace.org
Mission Statement of Artspace Projects Inc
Artspace Projects Inc, a zealous organization, is dedicated to the creation, cultivation, and preservation of affordable spaces for artists and arts organizations. Through its mission, Artspace strives to provide sensitive real estate solutions tailored to the unique requirements of artistic expression.
By owning commercial and residential properties through limited partnerships, Artspace offers artists and arts organizations the opportunity to concentrate on their craft without being hindered by the burden of securing adequate space. This innovative approach allows a painter to focus on creating a large-scale canvas, while a dancer can practice their moves in a spacious studio.
Artspace's commitment to the arts community goes beyond just providing space. By offering properties that cater to the distinct needs of artists and arts organizations, Artspace plays a vital role in fostering their growth and success. In essence, Artspace Projects Inc serves as a vital partner to the arts sector, ensuring that artists and arts organizations have the essential resources they need to thrive and contribute to the cultural richness of their communities.
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Impact
October, 2024
Artspace Projects Inc significantly impacts the artistic community by creating, fostering, and preserving affordable spaces specifically designed for artists and arts organizations. Through its real estate initiatives, Artspace develops properties that cater to the unique requirements of various artistic disciplines, facilitating environments where creativity can flourish.
For instance, artists like painters and dancers require dedicated space to produce their work effectively—whether it's a studio for large-scale canvases or a rehearsal area for dance performances. By providing such specialized environments, Artspace not only supports individual artists in their creative endeavors but also strengthens the overall arts ecosystem in urban areas, particularly in Minneapolis, MN.
Through its strategic partnerships and ownership of commercial and residential properties, Artspace ensures that the artistic community has access to affordable and appropriate spaces that might otherwise be unattainable. This commitment not only nurtures the growth of artists but also enriches the cultural fabric of the communities they inhabit, fostering a vibrant arts scene that benefits everyone.
This information is meant to be a general summary of Artspace Projects Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $944,914
- Program Service Revenue: $14,164,735
- Gross Receipts: $29,143,430
Assets and Liabilities:
- Total Assets: $88,532,198
- Total Liabilities: $60,426,934
- Net Assets: $28,105,264
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Rental Revenue
Revenue
$7,791,966
Developer Fees
Revenue
$2,725,501
Property Management Fees
Revenue
$1,166,646
Consulting Services
Revenue
$591,412
Project Fees
Revenue
$182,989
Organization Details
Founding Year
1978
Principal Officer
L Kelley Lindquist
Website
www.artspace.orgNTEE Category
Code: A900 - Arts
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