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Nonprofiteer
← WESTERN AVENUE COMMUNITY FOR THE ARTS INC

Form 990 for tax year 2023

Filed by WESTERN AVENUE COMMUNITY FOR THE ARTS INC.

Totals

Total revenue
$3,021,422
Total expenses
$2,478,025
Contributions and grants received
$690,464
Grants paid
$0
Program service revenue
$0
Investment income
$13,200
Other revenue
$2,317,758
Total assets, end of year
$21,860,236
Total liabilities, end of year
$18,303,631
Net assets or fund balances, end of year
$3,556,605
Program services expenses (Part IX)
$2,346,449
Management and general expenses
$110,265
Fundraising expenses
$21,311
Program service expenses (Part III)
$2,346,449

Program services were 94.7% 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.

  • 1d · Related organizations

    $57,000

  • 1e · Government grants (contributions)

    $629,390

  • 1f · All other contributions, gifts and grants

    $4,074

  • 3 · Investment income

    total $13,200 · excluded $13,200

  • 6a · Gross rents

    real property $2,293,998

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $2,293,998

  • 6d · Net rental income or loss

    total $2,293,998 · related or exempt $2,293,998

  • 11a · Other revenue: OTHER INCOME

    total $23,760 · related or exempt $23,760

  • 11e · Other revenue, total

    $23,760

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $92,925 · program services $77,764 · management and general $10,459 · fundraising $4,702

  • 7 · Other salaries and wages

    total $159,546 · program services $95,115 · management and general $47,822 · fundraising $16,609

  • 11c · Fees: accounting

    total $28,654 · management and general $28,654

  • 11g · Fees: other

    total $100,427 · program services $95,988 · management and general $4,439

  • 13 · Office expenses

    total $13,858 · management and general $13,858

  • 16 · Occupancy

    total $470,321 · program services $470,321

  • 20 · Interest

    total $848,496 · program services $848,496

  • 22 · Depreciation, depletion and amortization

    total $561,163 · program services $561,163

  • 23 · Insurance

    total $170,556 · program services $165,523 · management and general $5,033

  • 24a · Other expenses: COMMUNITY OUTREACH

    total $32,079 · program services $32,079

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $472,931 · end of year $630,233

  • 2 · Savings and temporary cash investments

    beginning of year $781,925 · end of year $440,581

  • 4 · Accounts receivable

    beginning of year $6,645 · end of year $34,404

  • 9 · Prepaid expenses and deferred charges

    beginning of year $44,392 · end of year $22,024

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

    $21,762,515

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

    $1,254,611

  • 10c · Land, buildings and equipment, net

    beginning of year $20,359,431 · end of year $20,507,904

  • 15 · Other assets

    beginning of year $227,922 · end of year $225,090

  • 17 · Accounts payable and accrued expenses

    beginning of year $153,896 · end of year $109,923

  • 19 · Deferred revenue

    beginning of year $344,793 · end of year $79,923

  • 23 · Secured mortgages and notes payable

    beginning of year $18,117,659 · end of year $17,855,592

  • 25 · Other liabilities

    beginning of year $263,690 · end of year $258,193

  • 27 · Net assets without donor restrictions

    beginning of year $3,013,208 · end of year $3,556,605

Mission and programs · 2023

Mission

THE CORPORATION'S PRIMARY PURPOSE IS TO CREATE THRIVING ECOSYSTEMS THAT SUPPORT THE ARTS, CULTURE AND COMMUNITIES THROUGH THE DEVELOPMENT AND STEWARDSHIP OF PROGRAMS, SERVICES AND ADVOCACY WITH A FOCUS ON AFFORDABLE ARTIST WORK, LIVE/WORK AND COMMUNITY SPACES AND OTHER MAKER SPACES WHERE WORK CAN BE CREATED, REHEARSED, AND PRESENTED.

  • IN MARCH 2022, WACA PURCHASED WESTERN AVENUE STUDIOS AND LOFTS IN LOWELL MASSACHUSETTS, A MIXED-USE CONDOMINIUM PROPERTY WHICH IS PRIMARILY COMPRISED OF 250 WORK-ONLY ARTIST STUDIO SPACES IN THREE BUILDINGS AND 50 LIVE/WORK STUDIOS IN A FOURTH BUILDING. WACA'S INTEREST IN THE CONDOMINIUM IS FOUR UNITS OF A FIVE-UNIT PROPERTY, REPRESENTING AN UNDIVIDED 92% COMBINED PERCENTAGE INTEREST OF THE ENTIRETY OF THE PROPERTY.WACA IS AN EXAMPLE CREATIVE CAMPUS INITIATIVE WITH A MISSION TO CREATE THRIVING ECOSYSTEMS THAT SUPPORT THE ARTS, CULTURE AND COMMUNITIES THROUGH THE DEVELOPMENT AND STEWARDSHIP OF PROGRAMS, SERVICES AND ADVOCACY WITH A FOCUS ON AFFORDABLE ARTIST WORK, LIVE/WORK AND COMMUNITY SPACES AND OTHER MAKER SPACES WHERE WORK CAN BE CREATED, REHEARSED, AND PRESENTED.

    Expenses $2,346,449 · Revenue $2,317,758

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

Listed in Part VII

  • James Grace

    VICE PRESIDENT

    Total calculated
    $186,969
    From this org
    $15,000
    From related orgs
    $164,615
    Other
    $7,354
    Hours/week
    3 + 37 related

    Schedule J breakdown matched by us

    Base
    $15,000 + $149,615 related
    Bonus
    $0 + $15,000 related
    Other
    $0
    Deferred
    $0 + $7,354 related
    Nontaxable benefits
    $0
    Filer's total
    $15,000 + $171,969 related

  • Hope Greene

    EXECUTIVE DIRECTOR

    Total calculated
    $72,340
    From this org
    $69,548
    From related orgs
    $0
    Other
    $2,792
    Hours/week
    40

  • Cheryl Tougias

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • James Buza

    TREASURER

    Total calculated
    $0
    Hours/week
    1 + 1.5 related

  • Awilda Irizarry

    CLERK

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Joanne Kaliontzis

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Lisa Nickerson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations 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
23 January 2025
IRS schema version
2023v6.0
Source object
202500249349301400

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