Overview
What is Contemporary Art Foundation Inc?
Contemporary Art Foundation Inc, situated in Raleigh, North Carolina, is a nonprofit organization with a mission to foster the educational, cultural, and economic growth of its local art community. They achieve this by raising funds and resources for this purpose. One of their notable activities includes hosting annual Summer Artist receptions, where art enthusiasts can enjoy food, drinks, music, and direct interactions with artists, gaining insights into their creative inspirations.
What are the reviews and ratings of this charity?
Charity Navigator Rating: One-Star out of Four Stars (50%)
The Contemporary Art Foundation Inc has received a One-Star rating from Charity Navigator, indicating a low level of accountability and financial health. The organization's overall score is 50%, reflecting some strengths, such as a fully independent board and robust practices regarding material diversion of assets. However, significant weaknesses are noted in areas like the lack of a whistleblower policy and inadequate document retention, which can undermine trust and transparency.
The organization maintains a good ratio of liabilities to assets at 28.09%, suggesting financial stability in terms of obligations. However, the program expense ratio is only 51.74%, which indicates that a considerable portion of their expenses may not be directed towards program services, raising concerns about how effectively resources are utilized in fulfilling their mission.
Overall, while the Contemporary Art Foundation Inc has established certain governance strengths, the deficiencies in critical policies and low program expense ratio significantly detract from its rating, highlighting the need for improvements in transparency and efficient resource allocation.
This AI summary has been generated from information found on Charity Navigator.
Is Contemporary Art Foundation Inc legitimate?
Contemporary Art Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Contemporary Art Foundation 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $123,634
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What is the mission statement of Contemporary Art Foundation Inc?
The Contemporary Art Foundation Inc's mission is centered around gathering financial resources and property to facilitate the educational, cultural, and economic growth of the local art community. This organization strives to achieve this goal by promoting various artistic endeavors and initiatives. One of their activities includes hosting summer artist receptions, which provide an opportunity for artists to showcase their work, engage with the public, and share their inspirations.
Who is the CEO of Contemporary Art Foundation Inc?
Lisa Mcgowan is the Ec At Large of Contemporary Art Foundation Inc.
What is the revenue of Contemporary Art Foundation Inc?
Contemporary Art Foundation Inc's revenue in 2022 was $552,436.
Who are the executives of Contemporary Art Foundation Inc and what are their salaries?
Here are 26 key members and their salaries:
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Where can I find the form 990 for Contemporary Art Foundation Inc?
Contemporary Art Foundation Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Contemporary Art Foundation Inc
The Contemporary Art Foundation Inc is committed to raising funds and resources to foster the educational, cultural, and economic growth within Raleigh's art community. Their mission is geared towards promoting artistic development in the region, utilizing financial contributions and properties for this purpose. The organization's activities extend beyond mere fundraising, as evident in their Summer Artist receptions. These events bring together artists and their supporters, offering an engaging atmosphere filled with food, drinks, and music. During these gatherings, artists share the inspiration behind their art, providing a unique insight into their creative process. Through these initiatives, the Contemporary Art Foundation Inc plays a significant role in supporting and empowering the local art community.
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Impact
July, 2024
Contemporary Art Foundation Inc's impact lies in promoting the educational, cultural, and economic development of Raleigh's Art Community through various initiatives. Their summer artist receptions provide a platform for artists to showcase their work, engage with the community, and discuss the inspirations behind their art. By creating these spaces for artistic expression and dialogue, Contemporary Art Foundation Inc fosters a vibrant and thriving arts scene in Raleigh, NC. Their efforts contribute to enhancing the visibility and appreciation of diverse artistic voices, ultimately enriching the cultural fabric of the city.
This information is meant to be a general summary of Contemporary Art Foundation 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 2022.
- Program Service Revenue: $88,130
- Gross Receipts: $552,436
Assets and Liabilities:
- Total Assets: $3,876,404
- Total Liabilities: $1,089,206
- Net Assets: $2,787,198
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Artwork Rental
Revenue
$52,486
Exhibition Fees
Revenue
$35,644
Organization Details
Founding Year
1983
Principal Officer
Lisa Mcgowan
Main Address
409 W Martin St, Raleigh, NC, 276031819
NTEE Category
Code: A510 - Arts
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