It Is Inc in Prescott, Arizona (AZ)

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It Is Inc
Employer Identification Number (EIN)450574737
Name of OrganizationIt Is Inc
In Care of NameLynn Van Der Heyden
Address105 South Cortez, Prescott, AZ 86303-4736
SubsectionCharitable Organization
Ruling Date05/2010
DeductibilityContributions are deductible
FoundationPrivate operating foundation (other)
OrganizationCooperative
Exempt Organization StatusUnconditional Exemption
Tax Period12/2013
Assets$1,000,000 to $4,999,999
Income$500,000 to $999,999
Filing Requirement990 - Not required to file (all other)
Asset Amount$3,865,363
Amount of Income$889,410
Form 990 Revenue Amount$184,303
National Taxonomy of Exempt Entities (NTEE)Arts, Culture and Humanities: Arts, Cultural Organizations - Multipurpose


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Amount of income in 2013: $889,410 (it was $210,923 in 2012)
It Is Inc: 

 $889,410
Other organizations performing similar types of work: 

 $195,015

Assets in 2013: $3,865,363 (it was $3,211,986 in 2012)
This organization: 

 $3,865,363
Other organizations performing similar types of work: 

 $137,152

Expenses in 2013: $246,703
It Is Inc: 

 $246,703
Other organizations performing similar types of work: 

 $181,390

Income to expenses ratio in 2013: 3.6
It Is Inc: 

 3.6
Other organizations performing similar types of work: 

 1.0

Grants share in income in 2013: 93.4%
This organization: 

 93.4%
Other organizations performing similar types of work: 

 49.7%

Financial snapshot ($)

Revenue for 2013

Assets at the end of 2013

Expenses for 2013

Analysis of Revenue and Expenses (for 2013)
Revenue and expenses per booksNet investment incomeAdjusted net incomeDisbursements for charitable purposes (cash basis only)
Total revenue$889,410$1,709$5,591
Contributions, gifts, grants, etc., received$831,100
Interest on savings and temporary cash investments$1,709
Dividends and interest from securities$0
Gross rents$0
Gross sales price for all assets$0
Gross profit from sales of goods$3,882
Gross sales less returns and allowances$3,882
Less: Cost of goods sold$0
Other income$52,719
Total expenses and disbursements$246,703$0$3,882$115,342
Compensation of officers, directors, trustees, etc.$48,746
Pension plans, employee benefits$0
Legal fees$888
Accounting fees$2,805
Interest$0
Depreciation$70,232
Occupancy$19,413
Travel, conferences, and meetings$0
Printing and publications$0
Total operating and administrative expenses$246,703$0$115,342
Contributions, gifts, grants paid$0
Excess of revenue over expenses and disbursements$642,707
Net investment income$1,709
Adjusted net income$1,709
Balance Sheets
201120122013
Book ValueFair Market ValueBook ValueFair Market ValueBook ValueFair Market Value
Total assets$3,236,345$3,319,300$3,211,986$3,359,142$3,865,363$4,078,990
Cash - non-interest-bearing$42,474$54,565$327,449
Investments-U.S. and state government obligations$0$0$0
Investments-corporate stock$0$0$0
Investments-corporate bonds$0$0$0
Investments-mortgage loans$0$0$0
Investments-other$0$0$0
Other assets$0$0
Total liabilities$853$1,456$12,126
Mortgages and other notes payable$0$0$0
Other liabilities$1,456$12,126
Total liabilities and net assets/fund balances$3,235,492$3,210,530$3,853,237
Capital Gains and Losses for Tax on Investment Income
201120122013
Capital gain net income$0$0$0
Net capital loss$0$0$0
Excise Tax Based on Investment Income
201120122013
Domestic foundations that meet the section 4940(e) requirements (for Reduced Tax on Net Investment Income)NoNoNo
Tax based on investment income$44$39$34
Total credits and payments$150$106$67
Current year estimated tax payments and previous year's overpayment credited to current year$150$106$67
Exempt foreign organizations-tax withheld at source$0$0$0
Tax paid with application for extension of time to file (Form 8868)$0$0$0
Backup withholding erroneously withheld$0$0$0
Any penalty for underpayment of estimated tax$0$0$0
Tax due$0$0
Overpayment$67$33
Amount to be credited to next year's estimated tax$106$67$33
Statements Regarding Activities
201120122013
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did it participate or intervene in any political campaign?NoNoNo
Has the foundation engaged in any activities that have not previously been reported to the IRS?NoNo
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles of incorporation, or bylaws, or other similar instruments?NoYes
Has the foundation filed a tax return on Form 990-T for this year?NoNo
Was there a liquidation, termination, dissolution, or substantial contraction during the year?NoNoNo
Has the foundation furnished a copy of Form 990-PF to the Attorney General (or designate) of each state?YesYes
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3) or 4942(j)(5) for current calendar year or the taxable year beginning in this year?YesYesYes
Did any persons become substantial contributors during the tax year?YesYes
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had advisory privileges?NoNo
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?YesYes
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041NoNo
Statements Regarding Activities for Which Form 4720 May Be Required
201120122013
During the year did the foundation (either directly or indirectly):
Engage in the sale or exchange, or leasing of property with a disqualified person?NoNoNo
Borrow money from, lend money to, or otherwise extend credit to (or accept it from) a disqualified person?NoNoNo
Furnish goods, services, or facilities to (or accept them from) a disqualified person?NoNoNo
Pay compensation to, or pay or reimburse the expenses of, a disqualified person?YesYesYes
Transfer any income or assets to a disqualified person (or make any of either available for the benefit or use of a disqualified person)?NoNoNo
Agree to pay money or property to a government official?NoNoNo
Did any of the acts fail to qualify under the exceptions described in Regulations section 53.4941(d)-3 or in a current notice regarding disaster assistance?NoNo
Did the foundation engage in a prior year in any of the acts, other than excepted acts, that were not corrected before the first day of the tax year beginning in this year?NoNo
At the end of this tax year, did the foundation have any undistributed income for tax year(s) beginning before this year?NoNoNo
Are there any years listed above for which the foundation is not applying the provisions of section 4942(a)(2) (relating to incorrect valuation of assets) to the year's undistributed income?NoNo
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at any time during the year?NoNoNo
Did the foundation have excess business holdings in this year as a result of (1) any purchase by the foundation or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3) the lapse of the 10-, 15-, or 20-year first phase holding period?NoNoNo
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?NoNoNo
Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in this year?NoNo
During the year did the foundation pay or incur any amount to:
Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?NoNoNo
Influence the outcome of any specific public election (see section 4955); or to carry on, directly or indirectly, any voter registration drive?NoNoNo
Provide a grant to an individual for travel, study, or other similar purposes?NoNoNo
Provide a grant to an organization other than a charitable, etc., organization described in section 509(a)(1), (2), or (3), or section 4940(d)(2)?NoNoNo
Provide for any purpose other than religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals?NoNoNo
Did any of the transactions fail to qualify under the exceptions described in Regulations section 53.4945 or in a current notice regarding disaster assistance?NoNo
Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?NoNo
Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?NoNo
Minimum Investment Return
201120122013
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc., purposes$340,966$376,524$566,688
Net value of noncharitable-use assets$370,876$558,188
Minimum investment return$16,793$18,544$27,909
Distributable Amount
201120122013
Distributable amount$0$0$0
Undistributed Income
201120122013
Distributable amount for this year$0$0$0
Undistributed income for this year. This amount must be distributed in the next year$0$0$0
Private Operating Foundations (for 2010 - 2013)
2013201220112010Total
The lesser of the adjusted net income or the minimum investment return$1,709$1,935$2,212$2,693$8,549
Qualifying distributions made directly for active conduct of exempt activities$469,621$118,852$113,009$3,118,953$3,820,435
Value of all assets$1$0$0$0$1
Value of assets qualifying under section 4942(j)(3)(B)(i)$0$0$0$0$0
2/3 of minimum investment return$18,606$12,362$11,195$9,990$52,153
Total support other than gross investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties)$0$0$0$0$0
Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)$0$0$0$0$0
Gross investment income$0$0$0$0$0
Supplementary Information (for 2013)
Grants approved for future payment$0
Analysis of Income-Producing Activities (for 2013)
AmountRelated or exempt function income
Program service revenue
Fees and contracts from government agencies$0$0
Membership dues and assessments$0$0
Interest on savings and temporary cash investments$1,709$0
Dividends and interest from securities$0$0
Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations (for 2013)
Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
Transfers from the reporting foundation to a noncharitable exempt organization of:
CashNo
Other assetsNo
Other transactions:
Sales of assets to a noncharitable exempt organizationNo
Purchases of assets from a noncharitable exempt organizationNo
Rental of facilities, equipment, or other assetsNo
Reimbursement arrangementsNo
Loans or loan guaranteesNo
Performance of services or membership or fundraising solicitationsNo
Sharing of facilities, equipment, mailing lists, other assets, or paid employeesNo
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IdNameAddressStateEstablishedTotal Income
1St Anns Warehouse Inc55 Washington St Ste 458, Brooklyn, NY 11201-1059NY1984-01$5,107,486
2Chandler Cultural Foundation250 N Arizona Ave, Chandler, AZ 85225-4567AZ1989-06$3,730,290
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4Museum Of Contemporary Art Santa Barbara Inc653 Paseo Nuevo, Santa Barbara, CA 93101-3392CA1979-02$3,272,599
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6Seward Redesign Inc2619 East Franklin Ave, Minneapolis, MN 55406-1300MN1975-11$2,038,214
7Sesame Flyers International Inc3510 Church Ave, Brooklyn, NY 11203-2804NY1992-03$1,960,263
8White Bear Center For The Arts4971 Long Ave, White Bear Lk, MN 55110-2629MN1968-05$1,938,548
9Sausalito Art Festival FoundationPO BOX 10, Sausalito, CA 94966-0010CA2001-08$1,854,005
10Westport Arts Center51 Riverside Ave, Westport, CT 06880-4215CT1974-05$1,849,261
11Sangre De Cristo Arts & Conference Center Inc210 N Santa Fe Ave, Pueblo, CO 81003-4133CO1972-09$1,809,763
12Rivers Of Steel Heritage Corporation338 E 9th Ave, Homestead, PA 15120-1774PA1992-05$1,724,969
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18Dry Creek Arts FellowshipPO BOX 23439, Flagstaff, AZ 86002-3439AZ1997-04$56,192
19Tucson Friends Of Traditional Music IncPo Box 40654, Tucson, AZ 85717AZ1986-12$40,330
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Number of organizations performing similar types of work
Alaska4
Alabama5
Arkansas8
Arizona9
California76
Colorado18
Connecticut14
District of Columbia5
Delaware1
Florida33
Georgia11
Hawaii12
Iowa6
Idaho2
Illinois20
Indiana5
Kansas10
Kentucky4
Louisiana11
Massachusetts31
Maryland19
Maine6
Michigan21
Minnesota15
Missouri11
Mississippi2
Montana7
North Carolina27
North Dakota2
Nebraska6
New Hampshire4
New Jersey18
New Mexico4
Nevada2
New York75
Ohio23
Oklahoma4
Oregon11
Pennsylvania38
Rhode Island3
South Carolina5
South Dakota2
Tennessee15
Texas34
Utah8
Virginia24
Vermont10
Washington16
Wisconsin13
West Virginia9
International1
Total720

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