Overview
What is Worthless Foundation Inc?
Worthless Foundation Inc, located at 7 Knickerbocker Avenue, Brooklyn, New York, is a dedicated nonprofit organization with a focus on the arts and social welfare. Their primary mission is to promote creativity and provide support to emerging artists, regardless of their background. They achieve this by offering space, materials, technical assistance, and resources, enabling these aspiring artists to bring their creative visions to life. The organization, known as Worthless Studios, employs a team of ten individuals who work towards this noble cause. Their activities aim to foster economic development in the art sector, encompassing disciplines such as sculpture, painting, photography, and performance.
Official website here: www.worthlessstudios.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 77%, Three-Star out of Four Star rating.
Worthless Foundation Inc demonstrates a solid commitment to accountability and finance, earning a strong score in these areas, which account for its overall rating. Notably, the organization has a fully independent board, with 87% of its members being independent, and it adheres to best practices in governance, including having a whistleblower policy and documenting board meeting minutes.
However, while the organization excels in governance, its program expense ratio of 57.75% indicates that less than 60% of its expenses are directed towards its programs. This aspect may warrant scrutiny from potential donors who look for higher programmatic spending. Overall, Worthless Foundation Inc shows strong governance and fiscal management but may need to enhance its program investment to improve its effectiveness in fulfilling its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Worthless Foundation Inc legitimate?
Worthless Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Worthless 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: $291,927
Professional Fundraising Fees: $0
Other Salaries and Wages: $125,531
For more financial information, click here
Official website here: www.worthlessstudios.org
What is the mission statement of Worthless Foundation Inc?
The Worthless Foundation Inc's mission is centered around promoting the arts and supporting new, aspiring, or emerging artists. Their goal is to foster social welfare and economic development in the field of art and creative endeavors, encompassing mediums such as sculpture, painting, photography, and performance. The foundation provides essential resources, including space, materials, technical assistance, and other necessary tools, to help aspiring artists from diverse backgrounds actualize their creative visions.
Official website here: www.worthlessstudios.org
Who is the CEO of Worthless Foundation Inc?
Neil Hamamoto is the Founder, President & Creative Dir. of Worthless Foundation Inc.
Official website here: www.worthlessstudios.org
What is the revenue of Worthless Foundation Inc?
Worthless Foundation Inc's revenue in 2022 was $662,563.
Official website here: www.worthlessstudios.org
Who are the executives of Worthless Foundation Inc and what are their salaries?
The average compensation at Worthless Foundation Inc during 2022 was $41,746. There are 10 employees and 7 volunteers at Worthless Foundation Inc.
Here are 9 key members and their salaries:
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- Compensation: $159,651
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- Other: $32,361
- Compensation: $89,118
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- Other: $10,797
Official website here: www.worthlessstudios.org
Where can I find the form 990 for Worthless Foundation Inc?
Worthless Foundation Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.worthlessstudios.org
Learn more at the official website: www.worthlessstudios.org
Mission Statement of Worthless Foundation Inc
The Worthless Foundation Inc, as described, is dedicated to promoting the arts and contributing to social welfare. Its mission is threefold: firstly, it aims to foster economic development in the artistic and creative sectors, encompassing disciplines such as sculpture, painting, photography, and performance. Secondly, the organization seeks to support new, aspiring, or emerging artists by providing them with essential resources, including space, materials, technical assistance, and other necessary tools. Lastly, the Worthless Foundation Inc is committed to helping these artists realize their creative visions, regardless of their backgrounds. In this way, the foundation plays a significant role in nurturing and empowering the artistic community, contributing to a vibrant and diverse cultural landscape.
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Impact
July, 2024
Worthless Foundation Inc has a significant impact on the arts community in Brooklyn, NY. By providing space, materials, technical assistance, and resources for aspiring artists of all backgrounds, the organization plays a crucial role in helping these artists realize their creative visions. Worthless Foundation Inc's mission to promote the arts and encourage economic development in the artistic sector has led to the support of new, aspiring, and emerging artists in various ways, including sculpture, painting, photography, and performance. Through its efforts, Worthless Foundation Inc is actively contributing to the growth and success of the arts community in Brooklyn and beyond.
This information is meant to be a general summary of Worthless 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.
- Investment Income: $69,131
- Program Service Revenue: $52,309
- Gross Receipts: $879,190
Assets and Liabilities:
- Total Assets: $9,141,108
- Total Liabilities: $3,275,684
- Net Assets: $5,865,424
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PROGRAM SERVICE INCOME
Revenue
$52,309
Organization Details
Founding Year
2019
Phone
(917) 576-3999Principal Officer
Neil Hamamoto
Main Address
7 KNICKERBOCKER AVENUE, BROOKLYN, NY, 11237
Website
www.worthlessstudios.orgNTEE Category
Code: A25 - Arts
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