Kentucky Folk Art Center Inc in Morehead, Kentucky (KY)

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Kentucky Folk Art Center Inc
Employer Identification Number (EIN)611274694
Name of OrganizationKentucky Folk Art Center Inc
In Care of NameM Ray Pace
Address102 W 1st St, Morehead, KY 40351-1723
ActivitiesMuseum, zoo, planetarium, etc.
SubsectionEducational Organization
Ruling Date05/1995
DeductibilityContributions are deductible
FoundationOrganization that normally receives no more than one third of its support from gross investment income and unrelated business income and at the same time more than one third of its support from contributions, fees, and gross receipts related to exempt purposes
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period06/2013
Assets$25,000 to $99,999
Income$100,000 to $499,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$92,322
Amount of Income$136,367
Form 990 Revenue Amount$42,171
National Taxonomy of Exempt Entities (NTEE)Arts, Culture and Humanities: Arts, Cultural Organizations - Multipurpose


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Amount of income in 2013: $136,367 (it was $126,216 in 2012)
This organization: 

 $136,367
Other organizations performing similar types of work: 

 $195,015

Assets in 2013: $92,322 (it was $87,670 in 2012)
This organization: 

 $92,322
Other organizations performing similar types of work: 

 $137,152

Expenses in 2013: $69,285
Kentucky Folk Art Center Inc: 

 $69,285
Other organizations performing similar types of work: 

 $181,390

Income to expenses ratio in 2013: 2.0
This organization: 

 2.0
Other organizations performing similar types of work: 

 1.0

Grants share in income in 2013: 52.7%
This organization: 

 52.7%
Other organizations performing similar types of work: 

 49.7%

Financial snapshot ($)

Revenue for 2013

Support schedule

Revenue, Expenses, and Changes in Net Assets or Fund Balances
201120122013
Total revenue$66,723$78,542$42,171
Contributions, gifts, grants, and similar amounts received$28,743$43,526$22,232
Program service revenue including government fees and contracts$20,670$16,646$15,286
Membership dues and assessments$1,215$885$35
Investment income$0$0$0
Gain/Loss from sale of assets other than inventory$0$0$0
Net income/loss from gaming and fundraising events$323$-7,193$-6,464
Gross income from gaming$0$0$0
Gross income from fundraising events$8,600$1,540$4,510
Less: direct expenses from gaming and fundraising events$8,277$8,733$10,974
Gross profit/loss from sales of inventory$15,772$24,678$11,082
Gross sales of inventory, less returns and allowances$47,194$63,619$94,304
Less: cost of goods sold$31,422$38,941$83,222
Other revenue$0$0$0
Total expenses$48,293$106,801$69,285
Total net assets$115,929$87,670$60,556
Excess/Deficit for the year$18,430$-28,259$-27,114
Net assets or fund balances at beginning of year$97,499$115,929$87,670
Other changes in net assets or fund balances$0$0$0
Net assets or fund balances at end of year$87,670$60,556
Balance Sheets
201120122013
Total assets$115,929$87,670$92,322
Total liabilities$0$0$31,766
Net assets or fund balances$115,929$87,670$60,556
Other Information
201120122013
Did the organization engage in any significant activity not previously reported to the IRS?NoNo
Were any significant changes made to the organizing or governing documents?NoNo
Did the organization have unrelated business gross income of $1,000 or more during the year from business activitiesNoNoNo
Has the organization filed a Form 990-T for the year?NoNo
Did the organization undergo a liquidation, dissolution, termination, or significant disposition of net assets during the year?NoNo
Amount of political expenditures, direct or indirect$0$0
Did the organization file Form 1120-POL for this year?NoNo
Did the organization borrow from, or make any loans to, any officer, director, trustee, or key employee or were any such loans made in a prior year and still outstanding at the end of the tax year covered by this return?NoNo
Total amount involved$0$0
Initiation fees and capital contributions$0$0$0
Gross receipts for public use of club facilities$0$0$0
Did the organization engage in any section 4958 excess benefit transaction during the year, or did it engage in an excess benefit transaction in a prior year that has not been reported on any of its prior Forms 990 or 990-EZ?NoNo
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?NoNo
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$604,145
Subtotal$660,425
Gifts, grants, contributions, and membership fees received$235,478
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$424,947
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$56,280
Amounts received from disqualified persons$56,280
Amounts received from other than disqualified persons that exceed the greater of $5,000 or 1% of the total support$0
Total support$660,434
Public support$660,425
Subtotal$9
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources$9
Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975$0
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
1St Anns Warehouse Inc55 Washington St Ste 458, Brooklyn, NY 11201-1059NY1984-01$5,107,486
2The Wichita Center For The Arts Inc9112 E Central Ave, Wichita, KS 67206-2506KS1935-07$3,431,371
3Museum Of Contemporary Art Santa Barbara Inc653 Paseo Nuevo, Santa Barbara, CA 93101-3392CA1979-02$3,272,599
4The Ark117 N 1st St Ste 40, Ann Arbor, MI 48104-1354MI1984-03$3,164,867
5Seward Redesign Inc2619 East Franklin Ave, Minneapolis, MN 55406-1300MN1975-11$2,038,214
6Appalshopinc91 Madison Ave, Whitesburg, KY 41858-9317KY1976-05$1,998,489
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
13South Texas Institute For The Arts1902 N Shoreline Blvd, Corp Christi, TX 78401-1138TX1957-06$1,525,804
14Utah Arts Festival Foundation Inc230 S 500 W Ste 120, Slc, UT 84101-1244UT1984-07$1,524,782
15Spruill Center For The Arts Inc5339 Chamblee Dunwoody Road, Atlanta, GA 30338-4148GA1978-08$1,276,368
16Sedona Arts Center Inc15 Art Barn Rd, Sedona, AZ 86336-4249AZ1962-02$1,266,634
17Salem Art Association600 Mission St Se, Salem, OR 97302-6203OR1941-11$1,242,752
18World Affairs Council Of Kentucky Souther Indiana200 West Broadway, Louisville, KY 40202-2128KY1986-02$260,357
19Kentucky Folk Art Center Inc102 W 1st St, Morehead, KY 40351-1723KY1995-05$136,367
20Mayfield Graves County Art Guild Inc120 North 8th Street, Mayfield, KY 42066KY1991-02$0
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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