Palos Verdes Art Center in Rllng Hls Est, California (CA)

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Palos Verdes Art Center
Employer Identification Number (EIN)952270012
Name of OrganizationPalos Verdes Art Center
Address550 Deep Valley Dr Ste 261, Rllng Hls Est, CA 90274-7600
ActivitiesOther school related activities
SubsectionEducational Organization
Ruling Date03/1964
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 Period06/2011
Assets$5,000,000 to $9,999,999
Income$1,000,000 to $4,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$8,239,729
Amount of Income$3,539,596
Form 990 Revenue Amount$1,588,751
National Taxonomy of Exempt Entities (NTEE)Arts, Culture and Humanities: Arts Council/Agency


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Amount of income in 2011: $3,539,596
This organization: 

 $3,539,596
Other organizations performing similar types of work: 

 $175,522

Assets in 2011: $8,239,729
Palos Verdes Art Center: 

 $8,239,729
Other organizations performing similar types of work: 

 $212,691

Expenses in 2007: $1,942,310
This organization: 

 $1,942,310
Other organizations performing similar types of work: 

 $216,221

Income to expenses ratio in 2007: 1.3
This organization: 

 1.3
Other organizations performing similar types of work: 

 1.0

Expenses allocated to program services in 2007: 65.6%
This organization: 

 65.6%
Other organizations performing similar types of work: 

 75.6%

Number of employees in 2007: 44
This organization: 

 44
Other organizations performing similar types of work: 

 7

Employees paid over $50,000 in 2007: 11.4%
This organization: 

 11.4%
Other organizations performing similar types of work: 

 6.3%

Grants share in income in 2007: 13.3%
Palos Verdes Art Center: 

 13.3%
Other organizations performing similar types of work: 

 68.0%

Financial snapshot ($)

Revenue for 2007

Assets at end of 2007

Expenses for 2007

Functional Expenses for 2007 ($)

Income-Producing Activities for 2007

Revenue, Expenses, and Changes in Net Assets or Fund Balances
20002001200220032004200520062007
Total revenue$849,907$1,202,181$1,230,307$3,413,846$2,354,669$3,113,354$2,898,706$2,618,086
Contributions, gifts, grants, and similar amounts received$263,240$212,010$154,429$272,128$259,206$306,594$260,663$348,584
Contributions to donor advised funds$0$0
Direct public support$221,179$176,688$122,359$244,823$190,622$253,444$234,363$314,784
Indirect public support$0$0$0$0$0$0$0$0
Government contributions (grants)$42,061$35,322$32,070$27,305$68,584$53,150$26,300$33,800
Program service revenue including government fees and contracts$304,233$236,150$386,084$599,036$835,495$392,232$368,597$635,691
Membership dues and assessments$102,587$103,410$69,360$60,310$58,135$97,705$115,840$121,138
Interest on savings and temporary cash investments$6,509$4,567$2,455$3,046$6,811$13,922$8,416$15,010
Dividends and interest from securities$55,310$31,888$25,683$0$0$0$100,318$153,954
Net rental income or (loss)$0$0$6,760$23,368$5,678$4,072$7,275$4,466
Gross rents$0$0$6,760$23,368$5,678$4,072$7,275$4,466
Less: rental expenses$0$0$0$0$0$0$0$0
Other investment income$0$0$0$0$0$0$0$0
Gain or (loss) from sales of assets other than inventory$0$0$0$0$0$0$-15,030$-125,414
Gross amount from sales of assets other than inventory$0$0$0$0$0$0$495,040$1,479,349
Less: cost or other basis and sales expenses$0$0$0$0$0$0$510,070$1,604,763
Net income or (loss) from special events and activities$91,877$524,700$470,416$2,455,958$1,189,344$2,083,225$1,849,885$1,620,355
Gross revenue$354,515$524,700$470,416$6,366,104$3,000,300$3,827,622$3,698,711$3,374,842
Less: direct expenses other than fundraising expenses$262,638$0$0$3,910,146$1,810,956$1,744,397$1,848,826$1,754,487
Gross profit or (loss) from sales of inventory$22,512$89,456$115,120$0$0$202,136$174,098$0
Gross sales of inventory, less returns and allowances$118,543$217,644$234,083$0$0$202,136$174,098$0
Less: cost of goods sold$96,031$128,188$118,963$0$0$0$0$0
Other revenue$3,639$0$0$0$0$13,468$28,644$-155,698
Total expenses$851,820$1,175,215$1,492,236$1,474,862$1,511,685$2,017,272$2,080,425$1,942,310
Program services$620,744$802,198$1,103,784$1,014,496$1,124,399$1,033,964$1,175,213$1,273,409
Management and general$231,076$371,809$337,221$338,165$387,286$561,597$446,250$592,632
Fundraising$0$1,208$51,231$122,201$0$421,711$458,962$76,269
Payments to affiliates$0$0$0$0$0$0$0$0
Net assets or fund balances at end of year$2,838,524$2,622,124$2,360,195$4,537,856$5,536,614$6,857,061$8,164,724$8,310,829
Excess or (deficit) for the year$-1,913$26,966$-261,929$1,938,984$842,984$1,096,082$818,281$675,776
Net assets or fund balances at beginning of year$3,073,407$2,838,524$2,622,124$2,360,195$4,537,856$5,536,614$6,857,061$8,164,724
Other changes in net assets or fund balances$-232,970$-243,366$0$238,677$155,774$224,365$489,382$-529,671
Statement of Functional Expenses (for 2007)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$1,942,310$1,273,409$592,632$76,269
Grants paid from donor advised funds$0
Other grants and allocations$0
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$175,000$0$175,000$0
Compensation of former officers, directors, key employees, etc.$0$0$0$0
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0$0$0
Salaries and wages of employees not included above$649,224$305,455$284,344$59,425
Pension plan contributions not included above$0$0$0$0
Employee benefits not included above$58,109$21,490$26,420$10,199
Payroll taxes$53,223$28,317$20,760$4,146
Professional fundraising fees$0$0$0$0
Accounting fees$16,806$0$16,806$0
Legal fees$437$437$0$0
Supplies$62,088$54,351$7,737$0
Telephone$8,213$8,213$0$0
Postage and shipping$37,044$28,310$8,734$0
Occupancy$52,152$52,152$0$0
Equipment rental and maintenance$48,723$24,670$24,053$0
Printing and publications$66,810$63,462$2,783$565
Travel$14,055$13,759$186$110
Conferences, conventions, and meetings$0$0$0$0
Interest$0$0$0$0
Depreciation, depletion, etc.$80,810$80,810$0$0
Other expenses not covered above$619,616$591,983$25,809$1,824
Balance Sheets
20002001200220032004200520062007
Total assets$2,964,644$2,729,372$4,463,743$4,644,129$7,021,273$6,942,349$8,267,750$8,554,829
Cash - non-interest-bearing$798$640$677$242,558$119,426$217,787$1,095,265$146,335
Savings and temporary cash investments$231,163$195,854$710,766$371,932$1,148,575$332,116$437,125$540,992
Accounts receivable less allowance for doubtful accounts$0$0$0$805$5,200$0$0$0
Pledges receivable less allowance for doubtful accounts$0$0$0$0$0$0$0$0
Grants receivable$0$0$0$0$0$0$0$0
Receivables from current and former officers, directors, trustees, and key employees$0$0$0$0$0$0$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0
Other notes and loans receivable less allowance for doubtful accounts$0$0$0$0$0$0$0$0
Inventories for sale or use$0$0$0$0$0$0$0$0
Prepaid expenses and deferred charges$1,759$26,580$109,222$3,526$2,496$2,919$8,100$10,603
Investments - publicly-traded securities$0$0
Investments - other securities$2,057,930$1,842,024$1,806,239$3,396,852$3,511,755$3,706,371$4,056,042$5,316,132
Investments - land, buildings, and equipment less accumulated depreciation$0$0$0$0$0$0$0$0
Investments - other$0$0$0$115,718$0$0$1,720,481$0
Land, buildings, and equipment less accumulated depreciation$553,350$548,043$542,910$511,063$713,417$2,683,156$950,737$864,986
Other assets, including program-related investments$119,644$116,231$1,293,929$1,675$1,520,404$0$0$1,675,781
Total liabilities$126,120$107,248$2,103,548$106,273$1,484,659$85,288$103,026$244,000
Accounts payable and accrued expenses$26,556$54,401$27,849$98,813$75,669$82,912$102,832$244,000
Grants payable$0$0$0$0$0$0$0$0
Deferred revenue$99,564$52,847$1,986,475$0$0$0$0$0
Loans from officers, directors, trustees, and key employees$0$0$0$0$0$0$0$0
Tax-exempt bond liabilities$0$0$0$0$0$0$0$0
Mortgages and other notes payable$0$0$89,224$0$4,304$0$194$0
Other liabilities$0$0$0$7,460$1,404,686$2,376$0$0
Total liabilities and net assets/fund balances$2,964,644$2,729,372$4,463,743$4,644,129$7,021,273$6,942,349$8,267,750$8,554,829
Total net assets or fund balances$2,838,524$2,622,124$2,360,195$4,537,856$5,536,614$6,857,061$8,164,724$8,310,829
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
20002001200220032004200520062007
Total revenue$849,907$1,202,181$1,230,307$3,413,846$2,354,669$3,113,354$2,898,706$2,618,086
Total revenue, gains, and other support per audited financial statements$879,575$1,202,181$1,230,307$7,587,589$4,321,399$5,082,116$5,236,914$3,842,902
Other expenses$29,668$0$0$263,597$155,774$1,968,762$2,338,208$1,224,816
Net unrealized gains on investments$-232,970$0$0$238,677$155,774$224,365$489,382$-529,671
Donated services and use of facilities$0$0$0$24,920$0$0$0$0
Recoveries of prior year grants$0$0$0$0$0$0$0$0
Other$262,638$0$0$0$0$1,744,397$1,848,826$1,754,487
Other revenue$0$0$0$-3,910,146$-1,810,956$0$0$0
Investment expenses$0$0$0$0$0$0$0$0
Other$0$0$0$-3,910,146$-1,810,956$0$0$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
20002001200220032004200520062007
Total expenses$851,820$1,175,215$1,492,236$1,474,862$1,511,685$2,017,272$2,080,425$1,942,310
Total expenses and losses per audited financial statements$1,114,458$1,175,215$1,492,236$5,409,928$3,322,641$3,761,669$3,929,251$3,696,797
Other revenue$262,638$0$0$3,935,066$1,810,956$1,744,397$1,848,826$1,754,487
Donated services and use of facilities$0$0$0$24,920$0$0$0$0
Prior year adjustments$0$0$0$0$0$0$0$0
Losses$0$0$0$0$0$0$0$0
Other$262,638$0$0$3,910,146$1,810,956$1,744,397$1,848,826$1,754,487
Other expenses$0$0$0$0$0$0$0$0
Investment expenses$0$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$0$0
Current Officers, Directors, Trustees, and Key Employees
Average hours per week devoted to positionCompensationContributions to employee benefit plans & deferred compensation plansExpense account and other allowances
40$175,000$18,506$0
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings23
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?No
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?No
Does the organization have a written conflict of interest policy?Yes
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?No
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?No
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?No
Did the organization acquire a direct or indirect interest in any applicable insurance contract?No
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?No
Number of employees employed in the pay period that includes March 12, 200644
Analysis of Income-Producing Activities (for 2007)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$0$1,512,673$756,829
Program service revenue
Program service revenue 1000000$000$0$231,938
Program service revenue 2000000$000$0$358,859
Program service revenue 3000000$000$0$44,569
Program service revenue 4000000$000$0$325
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$121,138
Interest on savings and temporary cash investments000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$15,010$0
Dividends and interest from securities000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$153,954$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$0Real property rental income that does not depend on the income or profits derived by the person leasing the property and is excluded by section 512(b)(3)$4,466$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$0Royalty income excluded by section 512(b)(2)$-125,414$0
Net income or (loss) from special events000000$0Income from an activity that is not regularly carried on (section 512(a)(1))$1,620,355$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenue000000$0Income from an activity that is not regularly carried on (section 512(a)(1))$-155,698$0
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2007)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0%$0$0
0%$0$0
0%$0$0
0%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2007)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$82,000$11,633$0
$56,784$9,187$0
$56,784$9,187$0
$54,366$6,363$0
$0$0$0
Total number of other employees paid over $50,0000
Statements About Activities (for 2007)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?No
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?No
Did the organization maintain any donor advised funds?No
Did the organization make any taxable distributions under section 4966?No
Did the organization make a distribution to a donor, donor advisor, or related person?No
Enter the total number of donor advised funds owned at the end of the tax year$0
Enter the aggregate value of assets held in all donor advised funds owned at the end of the tax year$0
Enter the total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts$0
Enter the aggregate value of assets held in all funds or accounts included above at the end of the tax year$0
Reason for Non-Private Foundation Status
The organization is not a private foundation because it isOrganization that normally receives: less than 1/3 of its support from gross investment income and unrelated taxable business income and more than 1/3 of its support from contribution, membership fees
Support Schedule
19992000200120022003200420052006
Total$883,480$849,828$1,202,181$1,349,270$7,323,187$4,161,230$4,862,951$4,484,084
Gifts, grants, and contributions received$182,580$263,240$212,010$154,429$272,128$259,206$306,594$260,663
Membership fees received$96,050$102,587$103,410$69,360$60,310$58,135$97,705$115,840
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$320,120$326,745$325,606$1,090,583$6,964,335$3,831,400$4,427,190$4,067,308
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$66,667$61,740$36,455$34,898$26,414$12,489$17,994$11,609
Net income from unrelated business activities not included above$0$0$0$0$0$0$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0$0$0$0$0$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0$0$0$0$0$0$0
Other income$218,063$95,516$524,700$0$0$0$13,468$28,664
Lobbying Expenditures by Electing Public Charities (for 2007)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Scottsdale Cultural Council7380 E 2nd St, Scottsdale, AZ 85251-5604AZ1988-05$12,519,452
2Arts United Of Greater Fort Wayne300 East Main Street, Fort Wayne, IN 46802-1919IN1958-09$9,207,733
3Fort Worth Art Association Endowment Trust, Moncrief Marsland B Ttee3200 Darnell St, Fort Worth, TX 76107-2872TX1994-07$6,879,978
4Arts Memphis575 S Mendenhall Rd, Memphis, TN 38117-4215TN1967-09$4,912,274
5Palos Verdes Art Center550 Deep Valley Dr Ste 261, Rllng Hls Est, CA 90274-7600CA1964-03$3,539,596
6Arts Council Of Indianapolis Inc924 N Pennsylvania St, Indianapolis, IN 46204-1021IN1988-02$3,108,907
7Arts Partnership Of Greater Spartanburg Inc200 E Saint John St, Spartanburg, SC 29306-5124SC1994-02$2,124,350
8Central Valley Center For The Arts Inc1000 I St, Modesto, CA 95354-2381CA1999-08$1,363,959
9Darien Arts Center Inc2 Renshaw Rd, Darien, CT 06820-5344CT1976-03$774,987
10Colquitt Miller Arts Council IncPO BOX 154, Colquitt, GA 39837-0154GA1991-09$608,066
11Cultural Resources Council Of Syracuse & Onondaga County Inc411 Montgomery St, Syracuse, NY 13202-2930NY1961-10$574,101
12Arts Council Of The Conejo Valley403 W Hillcrest Dr, Thousand Oaks, CA 91360-4223CA1969-08$568,843
13Brazosport Fine Arts Council Inc400 College Dr, Clute, TX 77531-4778TX1974-03$445,737
14North Valley Arts CouncilPO BOX 12204, Grand Forks, ND 58208-2204ND1986-09$274,263
15Los Banos Arts Council IncPO BOX 127, Los Banos, CA 93635-0127CA1999-02$79,580
16Arts Council Silicon Valley4 N 2nd St Ste 500, San Jose, CA 95113-1324CA1983-10$3,454,810
17La Quinta Arts Foundation78150 Calle Tampico Ste 215, La Quinta, CA 92253-2907CA1983-10$2,037,937
18Public Corporation For The Arts Of The City Of Long Beach, Dba Arts Council For Long Beach350 Elm Ave, Long Beach, CA 90802-2415CA1977-03$958,808
19Alliance For The Arts2100 E Thousand Oaks Blvd E, Thousand Oaks, CA 91362-2996CA1986-06$945,873
201stact Silicon Valley38 W Santa Clara St, San Jose, CA 95113-1806CA1999-01$935,077
21Cultural Council Of Santa Cruz County1101 Pacific Ave Ste 320, Santa Cruz, CA 95060-7510CA1979-12$887,796
22Carmel Art AssociationPO BOX 2271, Carmel, CA 93921-2271CA1935-09$666,709
23Arts Council For Monterey CountyPO BOX 7495, Carmel, CA 93921-7495CA1982-07$608,544
24Arts Orange County3730 S Susan St, Santa Ana, CA 92704-6984CA1995-08$603,451
25Riverside Arts Council3rd Floor, Riverside, CA 92501CA1978-08$599,058
26Orange County Fine Arts Inc3851 S Bear St Ste B-15, Santa Ana, CA 92704-8102CA1968-03$175,522
27Del Norte Association For CulturalPO BOX 1480, Crescent City, CA 95531-1480CA1982-07$83,590
28Catalina Art AssociationPO BOX 235, Avalon, CA 90704-0235CA1974-03$61,712
29California Cultural AssemblyPO BOX 163133, Sacramento, CA 95816-9133CA1981-10$42,305
30Lindsay Cultural Arts CouncilPo Box 223, Lindsay, CA 93247CA1999-08$0
Number of organizations performing similar types of work
Alaska3
Alabama4
Arkansas5
Arizona6
California21
Colorado10
Connecticut4
District of Columbia1
Florida10
Georgia5
Hawaii1
Idaho2
Illinois3
Indiana5
Kansas4
Kentucky3
Louisiana6
Massachusetts2
Maryland2
Maine1
Michigan8
Minnesota4
Missouri5
Mississippi3
Montana1
North Carolina5
North Dakota1
Nebraska2
New Hampshire4
New Jersey3
New Mexico4
Nevada1
New York18
Ohio5
Oklahoma1
Oregon4
Pennsylvania10
South Carolina6
South Dakota2
Tennessee6
Texas13
Utah2
Virginia5
Vermont1
Washington4
Wisconsin3
International1
Total220

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