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

Better Business Bureau Report issued June 2017
Better Business Bureau Report expires June 2019


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.org
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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 600 grants in Kentucky and Southern Indiana supporting 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. Through June 30, 2016, The Fund also hosted 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. As of July 1, 2017, ArtsMatch, a new grants pool again utilizing an online crowd-funding platform was launched to fund strategic priorities around education, access and innovation. The Fund grants 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 Fund's website provides teachers with information on curriculum-based arts experiences available through local arts organizations. Through the website, teachers can also apply for grants and report on the educational impact of the arts experiences at their schools. 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, 2016, Fund for the Arts, Inc.'s program expenses were:

  
Program Grants 6,388,008
Direct Program Expenses 737,950
Total Program Expenses: $7,125,958
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Governance

              

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

Chair of the Board: Mr. Tom T. Noland, Jr.
Chair's Profession / Business Affiliation: Senior Vice President, Corporate Communications, Humana Inc.

Board Size: 56

Paid Staff Size: 14

*Compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.
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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 13% of related contributions. (Related contributions, which totaled $8,445,909, 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, 2016.

Ending net assets as reported below include $2,394,669 in unrestricted net assets, $1,516,915 in temporarily restricted net assets, and $160,000 in permanently restricted net assets.

Unrestricted net assets include $1,558,910 in assets designated for subsequent year's operating expenses and arts and regional allocations, $639,529 invested in property and equipment, and $196,230 in undesignated assets.

Total income and expenses as reported below include $1,047,482 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 8,260,013
Fundriasing Events, net 260,794
Investment Income 43,268
Rental Income, Net 29,644
Miscellaneous Program Revenue 12,750
Less Future Camp/Other -74,898
Returned Grant -96,878
Less Allowance for Uncollectible Pledges -192,928
Total Income $8,241,765


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Uses of Funds as a % of Total Expenses

Programs: 83%  Fund Raising: 13%  Administrative: 4% 

Total income $8,241,765
Program expenses $7,125,958
Fund raising expenses 1,104,784
Administrative expenses 304,117
Total expenses $8,534,859
Expenses in Excess of Income (293,094)
Beginning net assets 4,364,678
Ending net assets 4,071,584
Total liabilities 4,909,866
Total assets $8,981,450


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An organization may change its practices at any time without notice. A copy of this report has been shared with the organization prior to publication. It is not intended to recommend or deprecate, and is furnished solely to assist you in exercising your own judgment. If the report is about a charity and states the charity meets or does not meet the BBB Standards for Charity Accountability, it reflects the results of an evaluation of information and materials provided voluntarily by the charity. The name Better Business Bureau is a registered service mark of the Council of Better Business Bureaus, Inc.

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