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Nonprofiteer
← MILWAUKEE YOUTH ARTS CENTER FOUNDATION INC

Form 990 for tax year 2023

Filed by MILWAUKEE YOUTH ARTS CENTER FOUNDATION INC.

Totals

Total revenue
$204,687
Total expenses
$327,921
Contributions and grants received
$20,576
Grants paid
$300,000
Program service revenue
$0
Investment income
$184,111
Other revenue
$0
Total assets, end of year
$9,791,077
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$9,791,077
Program services expenses (Part IX)
$303,872
Management and general expenses
$21,339
Fundraising expenses
$2,710
Program service expenses (Part III)
$303,872

Program services were 92.7% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1f · All other contributions, gifts and grants

    $20,576

  • 3 · Investment income

    total $184,111 · excluded $184,111

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $300,000 · program services $300,000

  • 11f · Fees: investment management

    total $6,839 · management and general $6,839

  • 13 · Office expenses

    total $12,332 · management and general $12,332

  • 22 · Depreciation, depletion and amortization

    total $7,744 · program services $3,872 · management and general $1,162 · fundraising $2,710

  • 23 · Insurance

    total $1,006 · management and general $1,006

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $579,230 · end of year $659,992

  • 3 · Pledges and grants receivable

    beginning of year $523,561 · end of year $398,978

  • 7 · Other notes and loans receivable

    beginning of year $6,269,900 · end of year $6,269,900

  • 10a · Land, buildings and equipment: cost or other basis

    $198,634

  • 10b · Land, buildings and equipment: accumulated depreciation

    $9,507

  • 10c · Land, buildings and equipment, net

    beginning of year $183,113 · end of year $189,127

  • 11 · Investments: publicly traded securities

    beginning of year $2,358,507 · end of year $2,248,080

  • 15 · Other assets

    beginning of year $0 · end of year $25,000

  • 27 · Net assets without donor restrictions

    beginning of year $8,407,689 · end of year $8,463,549

  • 28 · Net assets with donor restrictions

    beginning of year $1,506,622 · end of year $1,327,528

Mission and programs · 2023

Mission

THE CORPORATION IS ORGANIZED AND SHALL BE OPERATED EXCLUSIVELY FOR CHARITABLE AND EDUCATIONAL PURPOSES WITHIN THE MEANING OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ("IRC") AND FOR THE BENEFIT OF, TO PERFORM THE FUNCTIONS OF, OR TO CARRY OUT THE PURPOSES OF FIRST STAGE MILWAUKEE, INC. ("FSM"), SO LONG AS FSM IS DESCRIBED IN IRC SECTION 509(A)(1) OR (2), AND MILWAUKEE YOUTH SYMPHONY ORCHESTRA, INC. ("MYSO"), SO LONG AS MYSO IS DESCRIBED IN IRC SECTION 509(A)(1) OR (2); TO ENGAGE IN ACTIVITIES RELATING TO THE AFOREMENTIONED PURPOSES; AND TO INVEST IN, RECEIVE, HOLD, USE AND DISPOSE OF ALL PROPERTY, REAL OR PERSONAL, AS MAY BE NECESSARY OR DESIRABLE TO CARRY INTO EFFECT AFOREMENTIONED PURPOSES.AS PART OF ITS MISSION TO SUPPORT FSM AND MYSO, THE FOUNDATION IS ACTING AS A LEVERAGE LENDER IN A NEW MARKET TAX CREDIT TRANSACTION INVOLVING MILWAUKEE YOUTH ARTS CENTER, INC. AS WELL AS FUNDRAISING AND HOLDING FUNDS WITH DONOR RESTRICTION TO BE USED AS PART OF THE MYAC CAPITAL CAMPAIGN.

Activities or mission (Part I)

THE CORPORATION IS ORGANIZED AND SHALL BE OPERATED EXCLUSIVELY FOR CHARITABLE AND EDUCATIONAL PURPOSES AND FOR THE BENEFIT OF, TO PERFORM THE FUNCTIONS OF, OR TO CARRY OUT THE PURPOSES OF FIRST STAGE MILWAUKEE, INC. AND MILWAUKEE YOUTH SYMPHONY ORCHESTRA, INC.

  • OUR PRINCIPAL PROGRAM IS TO PROVIDE CHARITABLE AND EDUCATIONAL SUPPORT TO FIRST STAGE MILWAUKEE, INC. AND MILWAUKEE YOUTH SYMPHONY ORCHESTRA, INC. THROUGH THE MILWAUKEE YOUTH ARTS CENTER VIA THE TERMS OF A CONTRIBUTION AGREEMENT BETWEEN THE PARTIES.

    Expenses $303,872 · Grants $300,000

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Jack Nelson

    CHAIR

    Total calculated
    $0
    Hours/week
    0.25

  • Karen Guy

    VICE-CHAIR

    Total calculated
    $0
    Hours/week
    0.5

  • Mark Goldstein

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.5

  • Chad Tessmer

    EXECUTIVE DIRECTOR

    Total calculated
    $122,416
    From this org
    $0
    From related orgs
    $122,416
    Other
    $0
    Hours/week
    10 + 40 related

  • Qingqiu Li

    TREASURER

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2023
Filed
11 May 2025
IRS schema version
2023v6.0
Source object
202531329349304633

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