Asolare Fine Arts Foundation Inc in Lexington, North Carolina (NC)
Table of contents:
| Asolare Fine Arts Foundation Inc | |
| Employer Identification Number (EIN) | 571167962 |
| Name of Organization | Asolare Fine Arts Foundation Inc |
| In Care of Name | Richard D Hancock |
| Address | 687 Callahan Hill Rd, Lexington, NC 27295-9691 |
| Subsection | Educational Organization |
| Ruling Date | 02/2012 |
| Deductibility | Contributions are deductible |
| Foundation | Organization which receives a substantial part of its support from a governmental unit or the general public |
| Organization | Corporation |
| Exempt Organization Status | Unconditional Exemption |
| Tax Period | 12/2013 |
| Assets | $1 to $9,999 |
| Income | $1 to $9,999 |
| Filing Requirement | 990 - Required to file Form 990-N - Income less than $25,000 per year |
| Asset Amount | $7,490 |
| Amount of Income | $1,638 |
| Form 990 Revenue Amount | $1,638 |
| National Taxonomy of Exempt Entities (NTEE) | Arts, Culture and Humanities: Arts Education |
Non-representatives - add comments:
Amount of income in 2013: $1,638 (it was $320 in 2012)
| Asolare Fine Arts Foundation Inc: | $1,638 |
| Other organizations performing similar types of work: | $63,694 |
Assets in 2013: $7,490 (it was $6,962 in 2012)
| Asolare Fine Arts Foundation Inc: | $7,490 |
| Other organizations performing similar types of work: | $22,158 |
Expenses in 2013: $1,110
| This organization: | $1,110 |
| Other organizations performing similar types of work: | $58,738 |
Income to expenses ratio in 2013: 1.5
| This organization: | 1.5 |
| Other organizations performing similar types of work: | 1.1 |
Grants share in income in 2013: 100.0%
| This organization: | 100.0% |
| Other organizations performing similar types of work: | 72.3% |
| Revenue, Expenses, and Changes in Net Assets or Fund Balances | |||||
| 2008 | 2009 | 2011 | 2012 | 2013 | |
|---|---|---|---|---|---|
| Total revenue | $10,550 | $1,260 | $1,385 | $320 | $1,638 |
| Contributions, gifts, grants, and similar amounts received | $10,550 | $1,260 | $1,385 | $320 | $1,638 |
| Program service revenue including government fees and contracts | $0 | $0 | $0 | $0 | $0 |
| Membership dues and assessments | $0 | $0 | $0 | $0 | $0 |
| Investment income | $0 | $0 | $0 | $0 | $0 |
| Gain/Loss from sale of assets other than inventory | $0 | $0 | $0 | $0 | $0 |
| Net income/loss from gaming and fundraising events | $0 | $0 | $0 | $0 | $0 |
| Gross profit/loss from sales of inventory | $0 | $0 | $0 | $0 | $0 |
| Other revenue | $0 | $0 | $0 | $0 | $0 |
| Total expenses | $4,825 | $1,642 | $3,377 | $3,805 | $1,110 |
| Total net assets | $13,362 | $17,723 | $10,447 | $6,962 | $7,490 |
| Excess/Deficit for the year | $5,725 | $-382 | $-1,992 | $-3,485 | $528 |
| Net assets or fund balances at beginning of year | $7,637 | $18,105 | $12,439 | $10,447 | $6,962 |
| Other changes in net assets or fund balances | $0 | $0 | $0 | $0 | $0 |
| Net assets or fund balances at end of year | $6,962 | $7,490 | |||
| Balance Sheets | |||||
| 2008 | 2009 | 2011 | 2012 | 2013 | |
|---|---|---|---|---|---|
| Total assets | $13,362 | $17,723 | $10,447 | $6,962 | $7,490 |
| Total liabilities | $0 | $0 | $0 | $0 | $0 |
| Net assets or fund balances | $13,362 | $17,723 | $10,447 | $6,962 | $7,490 |
| Other Information | |||||
| 2008 | 2009 | 2011 | 2012 | 2013 | |
|---|---|---|---|---|---|
| Did the organization engage in any significant activity not previously reported to the IRS? | No | No | |||
| Were any significant changes made to the organizing or governing documents? | No | No | |||
| Did the organization have unrelated business gross income of $1,000 or more during the year from business activities | No | No | No | No | No |
| Has the organization filed a Form 990-T for the year? | No | No | |||
| Did the organization undergo a liquidation, dissolution, termination, or significant disposition of net assets during the year? | No | No | |||
| Amount of political expenditures, direct or indirect | $0 | $0 | |||
| Did the organization file Form 1120-POL for this year? | No | No | |||
| 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? | No | No | |||
| Total amount involved | $0 | $0 | |||
| Initiation fees and capital contributions | $0 | $0 | $0 | $0 | $0 |
| Gross receipts for public use of club facilities | $0 | $0 | $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? | No | No | |||
| At any time during the tax year, was the organization a party to a prohibited tax shelter transaction? | No | No | |||
| 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 supported | 0 |
| Sum of amounts of support | $0 |
| Support Schedule for Organizations Described in Section 509(a)(2) (for 2009 - 2013) | |
| 2009 - 2013 Total | |
|---|---|
| Public support | $5,268 |
| Subtotal | $5,268 |
| Gifts, grants, contributions, and membership fees received | $5,268 |
| 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 | $0 |
| 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 | $0 |
| Amounts received from disqualified persons | $0 |
| Amounts received from other than disqualified persons that exceed the greater of $5,000 or 1% of the total support | $0 |
| Total support | $5,268 |
| Public support | $5,268 |
| Subtotal | $0 |
| Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources | $0 |
| 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 | |||||
| Id | Name | Address | State | Established | Total Income |
|---|---|---|---|---|---|
| 1 | Orange Street Pottery | 216 Oakleaf Drive, Wilmington, NC 28403 | NC | 2007-10 | $93,862 |
| 2 | Institute Of Art Therapy Inc, Art Therapy Institute | 762 Ninth Street Po Box 631, Durham, NC 27705 | NC | 2009-09 | $84,001 |
| 3 | Community Suzuki Music School | 124 Woollyworm Dr, Pittsboro, NC 27312-8795 | NC | 2010-10 | $77,985 |
| 4 | Hickory Music Factory Inc, Hickory Music Factory | PO BOX 2712, Hickory, NC 28603-2712 | NC | 2012-05 | $72,162 |
| 5 | Valley River Arts Guild Inc | 33 Valley River Ave, Murphy, NC 28906 | NC | 2014-05 | $17,979 |
| 6 | Beanstalk Community Theatre | Po Box 1068, Boone, NC 28607 | NC | 2014-10 | $12,515 |
| 7 | Southeast Center For Arts Integration | 2310 Stansbury Rd, Chapel Hill, NC 27516 | NC | 2011-04 | $6,537 |
| 8 | Asolare Fine Arts Foundation Inc | 687 Callahan Hill Rd, Lexington, NC 27295-9691 | NC | 2012-02 | $1,638 |
| 9 | Guerrilla Artists Group | 425 E Statesville Ave Ste 105, Mooresville, NC 28115-2533 | NC | 2012-06 | $1,456 |
| 10 | Laboratories For Learning | 280 S Mangum Street, Durham, NC 27701-3672 | NC | 2002-09 | $150 |
| 11 | Aaron Shearer Foundation | Po Box 21029, Winston Salem, NC 27120 | NC | 2009-09 | $0 |
| 12 | Alamance Orange Multicultural Association Inc | 4647 Mebane Oaks Road, Mebane, NC 27302 | NC | 2010-09 | $0 |
| 13 | Appalachian Pastel Society, Aps | 99 Orvis Stone Circle, Candler, NC 28715 | NC | 2011-06 | $0 |
| 14 | Artistic Productions Inc | Po Box 10891, Goldsboro, NC 27532 | NC | 2000-11 | $0 |
| 15 | Artreach 4 Kids Inc | 620 W Lane St Ste 102, Raleigh, NC 27603-1441 | NC | 2012-12 | $0 |
| 16 | Asheville Darkroom | 109 Roberts Street Suite 2a, Asheville, NC 28801 | NC | 2014-06 | $0 |
| 17 | Asheville Standard Press Inc | 177 Maple St, Sylva, NC 28779-5473 | NC | 2006-06 | $0 |
| 18 | Association Of Tarditional Hooking Artists | 4401 Bellwood Ln, Charlotte, NC 28270 | NC | 2004-11 | $0 |
| 19 | Association Of Traditional Hooking Artists | 206 Calderon Dr, Chapel Hill, NC 27516 | NC | 2004-11 | $0 |
| 20 | Brushes For Vincent Inc | 374 Industrial Park Dr, Boone, NC 28607 | NC | 2014-04 | $0 |
| Number of organizations performing similar types of work | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Total | 2,818 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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