Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $595,425

• 1f · All other contributions, gifts and grants

  $212,500

• 2a · Program service revenue: ADMISSION FEES

  total $64,997 · related or exempt $64,997

• 2b · Program service revenue: EVENT REVENUE

  total $53,550 · related or exempt $53,550

• 11a · Other revenue: OTHER INCOMME

  total $1,249 · related or exempt $1,249

• 11e · Other revenue, total

  $1,249

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $250 · program services $250

• 7 · Other salaries and wages

  total $106,184 · program services $106,184

• 10 · Payroll taxes

  total $7,991 · program services $7,991

• 11c · Fees: accounting

  total $3,500 · program services $3,500

• 11g · Fees: other

  total $592,010 · program services $592,010

• 12 · Advertising and promotion

  total $59,146 · program services $59,146

• 13 · Office expenses

  total $144,939 · program services $144,939

• 14 · Information technology

  total $6,557 · program services $6,557

• 16 · Occupancy

  total $31,631 · program services $31,631

• 17 · Travel

  total $411 · program services $411

• 22 · Depreciation, depletion and amortization

  total $4,350 · program services $4,350

• 24a · Other expenses: FOOD AND BEVERAGE

  total $53,057 · program services $53,057

• 24b · Other expenses: MISCELLANEOUS

  total $10,244 · program services $10,244

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $378,441 · end of year $229,271

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,917 · end of year $58,914

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

  $161,176

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

  $156,825

• 10c · Land, buildings and equipment, net

  beginning of year $8,701 · end of year $4,351

• 15 · Other assets

  beginning of year $371,412 · end of year $319,721

• 17 · Accounts payable and accrued expenses

  beginning of year $10,159 · end of year $23,040

• 19 · Deferred revenue

  beginning of year $557,490 · end of year $418,000

• 25 · Other liabilities

  beginning of year $0 · end of year $85,720

• 27 · Net assets without donor restrictions

  beginning of year $98,199 · end of year $85,497

• 28 · Net assets with donor restrictions

  beginning of year $95,623 · end of year $0

The filer's explanations (Part III)

PART I, LINE 3

THE ORGANIZATION DOES NOT DIRECTLY HIRE OR COMPENSATE EMPLOYEES. ALL EMPLOYEES ARE EMPLOYEES OF BALTIMORE OFFICE OF PROMOTION & THE ARTS, INC. (BOPA) WHICH IS A RELATED ORGANIZATION EXEMPT UNDER SECTION 501(C)(3). THE ORGANIZATION REIMBURSES BOPA FOR A PORTION OF THE COMPENSATION EXPENSE INCURRED. SALARIES FOR KEY EMPLOYEES AND BOARD MEMBERS THAT ARE ALSO OFFICERS ARE REVIEWED ANNUALLY AND BASED ON BUDGET, MAY RECEIVE A COST-OF-LIVING ADJUSTMENT OR OTHER SALARY INCREASE. THESE PROPOSED ADJUSTMENTS ARE PRESENTED TO THE BOARD AS PART OF THE REVIEW AND APPROVAL PROCESS FOR THE ANNUAL OPERATING BUDGET REVIEWED AT THE JUNE BOARD MEETING.