Loft Cinema Inc in Tucson, Arizona (AZ)

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Loft Cinema Inc
Employer Identification Number (EIN)460477843
Name of OrganizationLoft Cinema Inc
In Care of NamePeggy Johnson
Address3233 E Speedway Blvd, Tucson, AZ 85716-3933
SubsectionCharitable Organization
Ruling Date10/2002
DeductibilityContributions are deductible
FoundationOrganization which receives a substantial part of its support from a governmental unit or the general public
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period12/2013
Assets$1,000,000 to $4,999,999
Income$1,000,000 to $4,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$2,749,568
Amount of Income$2,282,595
Form 990 Revenue Amount$2,151,937
National Taxonomy of Exempt Entities (NTEE)Arts, Culture and Humanities: Film, Video


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Amount of income in 2013: $2,282,595 (it was $1,913,776 in 2012)
This organization: 

 $2,282,595
Other organizations performing similar types of work: 

 $78,825

Assets in 2013: $2,749,568 (it was $2,569,616 in 2012)
Loft Cinema Inc: 

 $2,749,568
Other organizations performing similar types of work: 

 $21,375

Expenses in 2013: $1,760,049
Loft Cinema Inc: 

 $1,760,049
Other organizations performing similar types of work: 

 $72,967

Income to expenses ratio in 2013: 1.3
This organization: 

 1.3
Other organizations performing similar types of work: 

 1.0

Number of employees in 2013: 44
This organization: 

 44
Other organizations performing similar types of work: 

 1

Grants share in income in 2013: 38.1%
Loft Cinema Inc: 

 38.1%
Other organizations performing similar types of work: 

 88.1%

Financial snapshot ($)

Revenue for 2013

Assets at the end of 2013

Functional expenses for 2013

Support schedule

Checklist
20122013
Is the organization described in section 501(c)(3) or 4947(a)(1) (other than a private foundation)?NoYes
Is the organization required to complete Schedule B, Schedule of Contributors?YesYes
Did the organization engage in direct or indirect political campaign activities on behalf of or in opposition to candidates for public office?NoNo
Did the organization engage in lobbying activities, or have a section 501(h) election in effect during the tax year?NoNo
Is the organization a section 501(c)(4), 501(c)(5), or 501(c)(6) organization that receives membership dues, assessments, or similar amounts as defined in Revenue Procedure 98-19?NoNo
Did the organization maintain any donor advised funds or any similar funds or accounts for which donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts?NoNo
Did the organization receive or hold a conservation easement, including easements to preserve open space, the environment, historic land areas, or historic structures?NoNo
Did the organization maintain collections of works of art, historical treasures, or other similar assets?NoNo
Did the organization report an amount for escrow or custodial account liability; serve as a custodian or provide credit counseling, debt management, credit repair, or debt negotiation services?NoNo
Did the organization, directly or through a related organization, hold assets in temporarily restricted endowments, permanent endowments, or quasi-endowments?NoNo
Did the organization report an amount for land, buildings, and equipment?YesYes
Did the organization report an amount for investments-other securities that is 5% or more of its total assets?NoNo
Did the organization report an amount for investments-program related that is 5% or more of its total assets?NoNo
Did the organization report an amount for other assets that is 5% or more of its total assets?NoNo
Did the organization report an amount for other liabilities?NoNo
Did the organization's separate or consolidated financial statements for the tax year include a footnote that addresses the organization's liability for uncertain tax positions under FIN 48 (ASC 740)?YesYes
Did the organization obtain separate, independent audited financial statements for the tax year?YesYes
Was the organization included in consolidated, independent audited financial statements for the tax year?NoNo
Is the organization a school described in section 170(b)(1)(A)(ii)?NoNo
Did the organization maintain an office, employees, or agents outside of the United States?NoNo
Did the organization have aggregate revenues or expenses of more than $10,000 from grantmaking, fundraising, business, investment, and program service activities outside the United States, or aggregate foreign investments valued at $100,000 or more?NoNo
Did the organization report more than $5,000 of grants or other assistance to or for any foreign organization?NoNo
Did the organization report more than $5,000 of aggregate grants or other assistance to or for foreign individuals?NoNo
Did the organization report a total of more than $15,000 of expenses for professional fundraising services?NoNo
Did the organization report more than $15,000 total of fundraising event gross income and contributions?NoNo
Did the organization report more than $15,000 of gross income from gaming activities?NoNo
Did the organization operate one or more hospital facilities?NoNo
Did the organization attach a copy of its audited financial statements?NoNo
Did the organization report more than $5,000 of grants or other assistance to any domestic organization or domestic government?NoNo
Did the organization report more than $5,000 of grants or other assistance to or for domestic individuals?NoNo
Did the organization answer 'Yes' about compensation of the organization's current and former officers, directors, trustees, key employees, and highest compensated employees?NoNo
Did the organization have a tax-exempt bond issue with an outstanding principal amount of more than $100,000 as of the last day of the year, that was issued after December 31, 2002?NoNo
Did the organization invest any proceeds of tax-exempt bonds beyond a temporary period exception?NoNo
Did the organization maintain an escrow account other than a refunding escrow at any time during the year to defease any tax-exempt bonds?NoNo
Did the organization act as an 'on behalf of' issuer for bonds outstanding at any time during the year?NoNo
Did the organization engage in an excess benefit transaction with a disqualified person during the year?NoNo
Is the organization aware that it engaged in an excess benefit transaction with a disqualified person in a prior year, and that the transaction has not been reported on any of the organization's prior Forms 990 or 990-EZ?NoNo
Did the organization report any amount for receivables from or payables to any current or former officers, directors, trustees, key employees, highest compensated employees, or disqualified persons?NoNo
Did the organization provide a grant or other assistance to an officer, director, trustee, key employee, substantial contributor or employee thereof, a grant selection committee member, or to a 35% controlled entity or family member of any of these persons?NoNo
Was the organization a party to a business transaction with one of the following parties
A current or former officer, director, trustee, or key employee?NoNo
A family member of a current or former officer, director, trustee, or key employee?YesYes
An entity of which a current or former officer, director, trustee, or key employee (or a family member thereof) was an officer, director, trustee, or direct or indirect owner?NoNo
Did the organization receive more than $25,000 in non-cash contributions?NoNo
Did the organization receive contributions of art, historical treasures, or other similar assets, or qualified conservation contributions?NoNo
Did the organization liquidate, terminate, or dissolve and cease operations?NoNo
Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets?NoNo
Did the organization own 100% of an entity disregarded as separate from the organization under Regulations sections 301.7701-2 and 301.7701-3?NoNo
Was the organization related to any tax-exempt or taxable entity?NoNo
Did the organization have a controlled entity within the meaning of section 512(b)(13)?NoNo
Did the organization make any transfers to an exempt non-charitable related organization?NoNo
Did the organization conduct more than 5% of its activities through an entity that is not a related organization and that is treated as a partnership for federal income tax purposes?NoNo
Statements Regarding Other IRS Filings and Tax Compliance
201120122013
The number reported in Box 3 of Form 109637
The number of Forms W-2G00
Did the organization comply with backup withholding rules for reportable payments to vendors and reportable gaming (gambling) winnings to prize winners?YesYes
The number of employees reported on Form W-3, Transmittal of Wage and Tax Statements, filed for the calendar year ending with or within the year covered by this return2544
Did the organization file all required federal employment tax returns?YesYes
Did the organization have unrelated business gross income of $1,000 or more during the year?NoYesYes
Has it filed a Form 990-T for this year?NoNo
At any time during the calendar year, did the organization have an interest in, or a signature or other authority over, a financial account in a foreign country (such as a bank account, securities account, or other financial account)?NoNo
Was the organization a party to a prohibited tax shelter transaction at any time during the tax year?NoNo
Did any taxable party notify the organization that it was or is a party to a prohibited tax shelter transaction?NoNo
Did the organization file Form 8886-T?NoNo
Does the organization have annual gross receipts that are normally greater than $100,000, and did the organization solicit any contributions that were not tax deductible as charitable contributions?NoNo
Did the organization include with every solicitation an express statement that such contributions or gifts were not tax deductible?NoNo
Did the organization receive a payment in excess of $75 made partly as a contribution and partly for goods and services provided to the payor?NoNo
Did the organization notify the donor of the value of the goods or services provided?NoNo
Did the organization sell, exchange, or otherwise dispose of tangible personal property for which it was required to file Form 8282?NoNo
Did the organization receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?NoNo
Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract?NoNo
If the organization received a contribution of qualified intellectual property, did the organization file Form 8899 as required?NoNo
If the organization received a contribution of cars, boats, airplanes, or other vehicles, did the organization file a Form 1098-C?YesNo
Did a donor advised fund maintained by the sponsoring organization have excess business holdings at any time during the year?NoNo
Did the sponsoring organization make any taxable distributions under section 4966?NoNo
Did the sponsoring organization make a distribution to a donor, donor advisor, or related person?NoNo
Initiation fees and capital contributions$0$0$0
Gross receipts for public use of club facilities $0$0$0
Gross income from members or shareholders$0$0$0
Gross income from other sources$0$0$0
Is the organization filing Form 990 in lieu of Form 1041?NoNo
The amount of tax-exempt interest received or accrued during the year$0$0
Is the organization licensed to issue qualified health plans in more than one state?NoNo
The amount of reserves the organization is required to maintain by the states in which the organization is licensed to issue qualified health plans$0$0
The amount of reserves on hand$0$0
Did the organization receive any payments for indoor tanning services during the tax year?NoNo
Has it filed a Form 720 to report these payments?NoNo
Compensation of Officers, Directors, Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors
20122013
Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees
Total reportable compensation from the organization$60,495$60,222
Total reportable compensation from related organizations$0$0
Total estimated amount of other compensation from the organization and related organizations$0$0
Total number of individuals who received more than $100,000 of reportable compensation from the organization00
Total number of independent contractors who received more than $100,000 of compensation from the organization00
Statement of Revenue
201120122013
Total revenue$1,482,713$1,796,754$2,151,937
Contributions, Gifts, Grants and Other Similar Amounts$523,491$803,262$819,959
Program Service Revenue$754,333$775,989$993,606
0$13,980$13,695
0$762,009$948,160
0$0$31,751
All other program service revenue$0$0
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$59$65$80
Income from investment of tax-exempt bond proceeds$0$0$0
Royalties$0$0$0
Net rental income$0$0$0
Net gain/loss from sales of assets other than inventory$0$-1,722$-689
Gross amount from sales of assets other than inventory (Securities / Other)$0 / $0$0 / $8,580$0 / $0
Less: cost or other basis and sales expenses (Securities / Other)$0 / $0$5,000 / $5,302$0 / $689
Gain or (loss) (Securities / Other)$0 / $0$-5,000 / $3,278$0 / $-689
Net income/loss from fundraising events$0$0$0
Net income/loss from gaming activities$0$0$0
Net income/loss from sales of inventory$204,830$219,160$281,883
Gross sales of inventory, less returns and allowances$305,973$325,880$411,852
Less: cost of goods sold$101,143$106,720$129,969
Miscellaneous Revenue$0$0$57,098
0$0$57,098
All other revenue$0$0
Statement of Functional Expenses
201120122013
Total functional expenses$1,421,894$1,536,646$1,760,049
Grants and other assistance to domestic organizations and domestic governments$0$0
Grants and other assistance to domestic individuals$0$0
Grants and other assistance to foreign organizations, foreign governments, and foreign individuals$0$0
Benefits paid to or for members$0$0
Compensation of current officers, directors, trustees, and key employees$58,322$60,495$60,222
Compensation not included above, to disqualified persons$0$0
Other salaries and wages$490,854$477,939$571,501
Pension plan accruals and contributions$0$0
Other employee benefits$18,540$14,768
Payroll taxes$61,888$43,280$50,271
Fees for services (non-employees)
Management$0$0
Legal$0$0
Accounting$10,501$0
Lobbying$0$0
Professional fundraising services$13,400$7,787$0
Investment management fees$0$0
Other$52,516$56,710
Advertising and promotion$18,574$13,825
Office expenses$18,310$14,513
Information technology$0$0
Royalties$0$0
Occupancy$71,627$81,916
Travel$0$0
Payments of travel or entertainment expenses for any federal, state, or local public officials$0$0
Conferences, conventions, and meetings$0$0
Interest$72,012$90,867
Payments to affiliates$0$0
Depreciation, depletion, and amortization$79,444$116,526
Insurance$23,982$32,125
Other expenses$30,052$377,304
Other expenses$36,268$60,454
Other expenses$82,193$38,288
Other expenses$317,063$35,300
Other expenses$116,063$145,459
Balance Sheet
201120122013
Total assets$1,715,117$2,569,616$2,749,568
Cash - non-interest-bearing$57,603$33,399
Savings and temporary cash investments$23,587$150,197
Pledges and grants receivable, net$202,656$284,994
Accounts receivable, net$0$18,742
Loans and other receivables from current and former officers, directors, trustees, key employees, and highest compensated employees$0$0
Loans and other receivables from other disqualified persons, persons described in section 4958(c)(3)(B), and contributing employers and sponsoring organizations of section 501(c)(9) voluntary employees' beneficiary organizations$0$0
Notes and loans receivable, net$0$0
Inventories for sale or use$5,974$7,231
Prepaid expenses and deferred charges$2,075$21,506
Land, buildings, and equipment: cost or other basis$2,263,257$2,220,268
Investments - publicly traded securities$0$0
Investments - other securities$0$0
Investments - program-related$0$0
Intangible assets$13,819$12,586
Other assets$645$645
Total liabilities$1,216,397$1,798,053$1,586,117
Accounts payable and accrued expenses$262,968$160,958
Grants payable$0$0
Deferred revenue$0$0
Tax-exempt bond liabilities$0$0$0
Escrow or custodial account liability$0$0
Loans and other payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified persons$0$0
Secured mortgages and notes payable to unrelated third parties$1,037,692$1,535,085$1,425,159
Unsecured notes and loans payable to unrelated third parties$0$0$0
Other liabilities (including federal income tax, payables to related third parties, and other liabilities)$0$0
Total net assets or fund balances$498,720$771,563$1,163,451
Unrestricted net assets$552,292$751,006
Temporarily restricted net assets$219,271$412,445
Permanently restricted net assets$0$0
Capital stock or trust principal, or current funds$0$0
Paid-in or capital surplus, or land, building, or equipment fund$0$0
Retained earnings, endowment, accumulated income, or other funds$0$0$0
Reason for Public Charity Status (for 2013)
The organization is not a private foundation because it is:An organization that normally receives: (1) more than 33 1/3 % of its support from contributions, membership fees, and gross receipts from activities related to its exempt functions - subject to certain exceptions, and (2) no more than 33 1/3 % of its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses acquired by the organization after June 30, 1975
Number of organizations supported0
Sum of amounts of support$0
Support Schedule for Organizations Described in Section 509(a)(2) (for 2009 - 2013)
2009 - 2013 Total
Public support$8,548,012
Subtotal$8,696,430
Gifts, grants, contributions, and membership fees received$3,140,767
Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose$5,555,663
Gross receipts from activities that are not an unrelated trade or business under section 513$0
Tax revenues levied for the organization's benefit and either paid to or expended on its behalf$0
The value of services or facilities furnished by a governmental unit to the organization without charge$0
Less$148,418
Amounts received from disqualified persons$148,418
Amounts received from other than disqualified persons that exceed the greater of $5,000 or 1% of the total support$0
Total support$8,719,187
Public support$8,696,430
Subtotal$22,757
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources$282
Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975$22,475
Net income from unrelated business activities, whether or not the business is regularly carried on$0
Other income$0
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Loft Cinema Inc3233 E Speedway Blvd, Tucson, AZ 85716-3933AZ2002-10$2,282,595
2Sedona International Film Festival & WorkshopPO BOX 850, Flagstaff, AZ 86002-0850AZ2004-07$1,476,560
3Phoenix Film Foundation7000 E Mayo Blvd Ste 1059, Phoenix, AZ 85054-6154AZ2001-02$295,054
4Prescott Film FestivalPo Box 2731, Prescott, AZ 86302AZ2012-02$69,280
5Cave Creek Film & Arts Festival37622 N Cave Creek Rd, Cave Creek, AZ 85331AZ2007-11$67,011
6Light In Action Inc1104 El Sonoro Dr, Sierra Vista, AZ 85635AZ2010-04$52,644
7Zaki Gordon Institute For Independent Film Making10 Mingus Mountain Rd, Sedona, AZ 86336-5829AZ2001-02$22,114
8Movie Magicfestival Foundation725 E Fillmore St, Tempe, AZ 85281AZ2000-04$17,210
9A3f Incorporated, Almost Famous Film Festival514 West Coronado Road, Phoenix, AZ 85003-1149AZ2008-12$0
10Arizona Fun In Filmmaking Education & Community Training1632 W Windsor St, Tucson, AZ 85705-3020AZ2003-01$0
11Cinema La Placita Inc2312 E 2nd Street, Tucson, AZ 85719AZ2011-08$0
12Five Talent Films6320 N 86th Street, Scottsdale, AZ 85250AZ2012-09$0
13Flagstaff Mountain Film Festival Inc1602 N Mesa Drive, Flagstaff, AZ 86001AZ2011-07$0
14Independent Film Association Of Southern Arizona, Independent Film Arizona17 E Pennington St, Tucson, AZ 85701AZ2009-09$0
15Moviesmakingadifference Productions Inc1500 N Markdale Unit 15, Mesa, AZ 85201-2444AZ2014-08$0
16Peace Frame Inc334 W Smoke Tree Rd, Gilbert, AZ 85233-6905AZ2012-04$0
17Phoenix Youth FoundationPO BOX 7711, Phoenix, AZ 85011-7711AZ2004-11$0
18Starborne Productions2035 S Elm St Unit 104, Tempe, AZ 85282-2667AZ2013-04$0
19The International Film And Video Producers Society I F V P Inc, Video Clubs Of America3244 N Bryce Rd, Golden Valley, AZ 86413-9204AZ2004-07$0
20VolviendoPo Box 26233, Scottsdale, AZ 85255AZ2012-06$0
Number of organizations performing similar types of work
Alaska1
Alabama6
Arkansas5
Arizona21
California384
Colorado40
Connecticut21
District of Columbia28
Delaware3
Florida68
Georgia27
Hawaii13
Iowa9
Idaho7
Illinois62
Indiana10
Kansas12
Kentucky8
Louisiana9
Massachusetts54
Maryland38
Maine9
Michigan28
Minnesota20
Missouri14
Mississippi7
Montana5
North Carolina26
Nebraska5
New Hampshire6
New Jersey31
New Mexico21
Nevada14
New York174
Ohio16
Oklahoma9
Oregon27
Pennsylvania34
Rhode Island10
South Carolina13
South Dakota2
Tennessee15
Texas68
Utah16
Virginia32
Vermont10
Washington30
Wisconsin11
West Virginia2
Wyoming4
International2
Total1,487

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