Better Business Bureau Report for
Fund for the Arts, Inc.

Better Business Bureau Report issued June 2015
Better Business Bureau Report expires June 2017


This BBB Accredited charity meets all 20 Standards for Charity Accountability and is a Seal Holder. Find out more...


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Charity Contact Information

Name: Fund for the Arts, Inc.
Address: 623 W. Main Street
  Louisville, KY 40202
Phone: 502-582-0100
Web Address: www.fundforthearts.com
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Better Business Bureau Comments

Year, State Incorporated: 1949, Kentucky
Affiliates: FFTA Properties, Inc.
Stated Purpose: To maximize the impact of the Arts on economic development, education and the quality of life for everyone by generating resources, inspiring excellence, and creating community connections.

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Evaluation Conclusions

              

Fund for the Arts, Inc. meets the 20 Standards for Charity Accountability.
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Programs

              

The Fund for the Arts distributes more than 400 grants in Kentucky and Southern Indiana providing more than 400,000 arts experiences for school children and more than 1,000 events attracting 1 million+ attendees annually. It conducts an annual campaign and participates in various facilitated fundraising initiatives soliciting contributions from individuals, corporations and governmental entities. The Fund also hosts power2give.org, an online crowd-funding platform for Section 501(c)(3) organizations in Kentucky and Southern Indiana to post arts and culture projects for funding. The Fund allocates amounts directly received to not-for-profit arts organizations providing funding to Cultural Partners and more than 200 community organizations and schools across the region. Education programming includes the EVERY CHILD Education Initiative where the goal is for every child in every year of their education to have an "arts experience" and the Teacher's Arts Portal which allows teachers to research field trips, apply for grants, book artists, download guides and complete an "Arts Report Card" via a web-based tool. The Fund also incurs direct program expenses in support of its mission including offering a range of community arts services designed to advocate for and extend the reach of the arts to the whole community; funds annual scholarships for students pursuing a career in the performing and visual arts; maintains a social media presence through Facebook, Twitter and You Tube; offers an ArtsCARD to encourage arts patronage; conducts "NeXt!", a leadership development program for young professionals interested in fostering corporate citizenship through volunteering and serving arts related organizations, and participates in other initiatives important to the success of the Arts community such as the Owsley Brown II Center for Artistic Excellence which includes the W.L. Lyons Brown Theatre, ArtSpace, Fifth Third Conference Center, Hilliard Lyons Hall of Recognition, and the Bank of Louisville Community Room.

For the fiscal year ended June 30, 2014, Fund for the Arts, Inc.'s program expenses were:

  
Campaign Allocations 5,177,657
Community Arts and Regional Allocations 1,053,086
Other Program Expenses 412,310
Total Program Expenses: $6,643,053
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Governance

              

Chief Executive : Christen Boone, President and CEO
Compensation*: 

Chair of the Board: Mr. James R. Allen
Chair's Profession / Business Affiliation: Chairman and CEO, Hilliard Lyons

Board Size: 49

Paid Staff Size: 12

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Fund Raising

              

Method(s) Used:

Methods of fund raising include annual workplace campaigns, direct mail, telephone, invitations to fund raising events, print advertisements, grant proposals, and internet appeals.
Fund raising costs were 10% of related contributions. (Related contributions, which totaled $7,859,561, are donations received as a result of fund raising activities.)
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Tax Status

              

This organization is tax-exempt under section 501(c)(3) of the Internal Revenue Code. It is eligible to receive contributions deductible as charitable donations for federal income tax purposes.
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Financial

              

The following information is based on Fund for the Arts, Inc.'s audited financial statements for the fiscal year ended June 30, 2014.

Ending net assets as reported below include $2,749,931 in unrestricted net assets , $728,226 in temporarily restricted net assets, and $160,000 in permanently restricted net assets.

Unrestricted net assets include $1,808,145 in assets designated for subsequent year's operating expenses and arts and regional allocations, $695,556 invested in property and equipment, and $246,230 in undesignated assets.

Total income and expenses as reported below include $1,275,236 in donor designated contributions. Donor designated contributions are contributions that are designated by the donor to be given to a specific organization. This amount is netted out from revenue and expense amounts in the audit as generally accepted accounting principles require that these contributions pass through as agency transactions net of administrative charges. The Internal Revenue Service allows donor designated contributions to be included in income and expenses for IRS reporting purposes.

Source of Funds  
Current Year Campaign 8,013,201
Investment Income 32,635
Rental Income, Net 30,214
Less Returned Grants -43,012
Less Allowance for Uncollectible Pledges -153,640
Total Income $7,879,398


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Uses of Funds as a % of Total Expenses

Programs: 86%  Fund Raising: 11%  Administrative: 3% 

Total income $7,879,398
Program expenses $6,643,053
Fund raising expenses 822,037
Administrative expenses 241,735
Total expenses $7,706,825
Income in Excess of Expenses 172,573
Beginning net assets 3,465,584
Ending net assets 3,638,157
Total liabilities 4,911,610
Total assets $8,549,767


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