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← LIU SHIMING ART FOUNDATION

Form 990 for tax year 2023

Filed by LIU SHIMING ART FOUNDATION.

What the amendment changed

Compared with the return it replaced , filed 13 November 2024. matched by us Only the Part I totals and the names listed in Part VII are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.

Total revenue
$1,526,828 changed to $1,550,713
Total expenses
$920,600 changed to $981,257
Grants paid
$647,202 changed to $683,974
Program service revenue
$713,890 changed to $847,700
Other revenue
$109,925 changed to $0
Total liabilities, end of year
$818 changed to $53,250
Net assets or fund balances, end of year
$319,792 changed to $267,360
Program services expenses
$903,929 changed to $898,316
Management and general expenses
$16,671 changed to $82,941
Program service expenses (Part III)
$903,929 changed to $898,316

Totals

Total revenue
$1,550,713
Total expenses
$981,257
Contributions and grants received
$703,013
Grants paid
$683,974
Program service revenue
$847,700
Investment income
$0
Other revenue
$0
Total assets, end of year
$320,610
Total liabilities, end of year
$53,250
Net assets or fund balances, end of year
$267,360
Program services expenses (Part IX)
$898,316
Management and general expenses
$82,941
Fundraising expenses
$0
Program service expenses (Part III)
$898,316

Program services were 91.5% 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

    $703,013

  • 2a · Program service revenue: EXHIBITIONS

    total $737,775 · related or exempt $737,775

  • 2b · Program service revenue: PROCEEDS FROM DEACCESS

    total $109,925 · related or exempt $109,925

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $425,310 · program services $425,310

  • 2 · Grants to domestic individuals

    total $35,932 · program services $35,932

  • 3 · Grants to foreign organizations and individuals

    total $222,732 · program services $222,732

  • 7 · Other salaries and wages

    total $122,586 · program services $76,628 · management and general $45,958

  • 11b · Fees: legal

    total $3,500 · management and general $3,500

  • 11c · Fees: accounting

    total $3,399 · program services $3,000 · management and general $399

  • 11f · Fees: investment management

    total $15,000 · management and general $15,000

  • 11g · Fees: other

    total $74,750 · program services $74,750

  • 12 · Advertising and promotion

    total $19,481 · program services $19,481

  • 13 · Office expenses

    total $34,127 · program services $26,923 · management and general $7,204

  • 17 · Travel

    total $20,359 · program services $13,413 · management and general $6,946

  • 22 · Depreciation, depletion and amortization

    total $3,402 · management and general $3,402

  • 24a · Other expenses: MISCELLENEOUS

    total $679 · program services $147 · management and general $532

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $169,823 · end of year $305,231

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

    $20,442

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

    $5,063

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $15,379

  • 17 · Accounts payable and accrued expenses

    end of year $818

  • 25 · Other liabilities

    beginning of year $0 · end of year $52,432

  • 27 · Net assets without donor restrictions

    beginning of year $169,823 · end of year $157,435

  • 28 · Net assets with donor restrictions

    end of year $109,925

Mission and programs · 2023

Mission

THE LIU SHIMING ART FOUNDATION HONORS THE LIFE AND SPIRIT OF CHINESE ARTIST LIU SHIMING (1926-2010) BY SUPPORTING FUTURE GENERATIONS OF ARTISTS AND ART HISTORIANS, AND BY PRESERVING AND PROMOTING THE ARTISTIC LEGACY OF LIU SHIMING THROUGH EXHIBITIONS, RESEARCH, AND PUBLICATIONS.

  • SUPPORTING FUTURE GENERATIONS OF ARTISTS AND ART HISTORIANS:IN 2023, THE FOUNDATION PROVIDED SCHOLARSHIP FUNDING FOR UNDERGRADUATE AND GRADUATE STUDENTS OF STUDIO ARTS OR ART HISTORY AT 16 UNIVERSITIES LOCATED IN SIX STATES AND FIVE COUNTRIES IN AFRICA, ASIA, AND OCEANIA. FUNDING INCLUDED PERMANENT ENDOWMENTS, MULTI-YEAR GRANTS, AND ONE-TIME SCHOLARSHIP AWARDS. IN ADDITION, THE FOUNDATION PROVIDED 10 YOUNG/EMERGING ARTISTS WITH INDIVIDUAL GRANTS.

    Expenses $801,300 · Grants $683,974

  • PRESERVING & PROMOTING ARTISTIC LEGACY OF LIU SHIMING:IN 2023, THE FOUNDATION SUPPORTED FIVE EXHIBITIONS/EVENT ORGANIZED IN PARTNERSHIP WITH THE UNIVERSITY OF GEORGIA, MACAULAY HONORS COLLEGE, UNIVERSITY OF HAWAII, RUTGERS UNIVERSITY, AND QUEEN'S UNIVERSITY IN CANADA. IN ADDITION, THE FOUNDATION COMMISSIONED THE RESEARCH AND WRITING OF A MONOGRAPH ON THE LIFE AND WORK OF LIU SHIMING.

    Expenses $97,016 · Revenue $847,700

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

Listed in Part VII

  • ZHIYONG YANG

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • SI YANG

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • TRACY DANQUNG XU

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • GEOFFREY GLICK

    ACTING PRESIDENT

    Total calculated
    $15,000
    From this org
    $15,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

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

Provenance

Return type
form_990
Tax year
2023
Filed
18 March 2025
IRS schema version
2023v6.0
Source object
202530859349300833

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