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Nonprofiteer
← ALKASW INC

Form 990 for tax year 2023

Filed by ALKASW INC.

Totals

Total revenue
$270,000
Total expenses
$1,033,070
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$270,000
Investment income
$0
Other revenue
$0
Total assets, end of year
$7,540,933
Total liabilities, end of year
$12,412,613
Net assets or fund balances, end of year
-$4,871,680
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$1,033,070

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.

  • 2a · Program service revenue: RENTAL INCOME

    total $270,000 · related or exempt $270,000

Functional expenses

Part IX, the statement of functional expenses.

  • 11c · Fees: accounting

    total $1,800

  • 11g · Fees: other

    total $1,525

  • 16 · Occupancy

    total $74,253

  • 20 · Interest

    total $141,964

  • 22 · Depreciation, depletion and amortization

    total $233,075

  • 23 · Insurance

    total $36,715

  • 24a · Other expenses: ART PREP CONSERVATION &

    total $286,777

  • 24b · Other expenses: SECURITY

    total $216,023

  • 24c · Other expenses: REPAIRS & MAINTENANCE

    total $26,467

  • 24d · Other expenses: TELEPHONE

    total $10,819

  • 24e · All other expenses

    total $3,652

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $85,906 · end of year $59,306

  • 9 · Prepaid expenses and deferred charges

    beginning of year $693 · end of year $2,840

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

    $9,209,847

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

    $1,731,060

  • 10c · Land, buildings and equipment, net

    beginning of year $7,668,413 · end of year $7,478,787

  • 17 · Accounts payable and accrued expenses

    beginning of year $66,273 · end of year $68,212

  • 23 · Secured mortgages and notes payable

    beginning of year $2,008,760 · end of year $1,528,760

  • 25 · Other liabilities

    beginning of year $9,788,589 · end of year $10,815,641

  • 27 · Net assets without donor restrictions

    beginning of year -$4,108,610 · end of year -$4,871,680

Mission and programs · 2023

Mission

THE EXCLUSIVE PURPOSES FOR WHICH THIS CORPORATION IS FORMED ARE TO A) HOLD TITLE TO CERTAIN PROPERTY IN BUFFALO NEW YORK B) COLLECT INCOME FROM THIS PROPERTY, AND C) REMIT THE NET INCOME TO ITS SOLE VOTING MEMBER, THE BUFFALO FINE ARTS ACADEMY (BFAA) A TAX-EXEMPT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE.

Activities or mission (Part I)

TITLE HOLDING COMPANY IN SUPPORT OF ITS SOLE VOTING MEMBER, THE BUFFALO FINE ARTS ACADEMY (BFAA), A TAX-EXEMPT ORGANIZATION UNDER SECTION 501(C)(2) OF THE INTERNAL REVENUE CODE.

  • COLLECTION OF RENTAL INCOME IN ORDER TO MAINTAIN WESTERN NEW YORK'S MOST PROMINENT MODERN AND CONTEMPORARY ART GALLERY, MUSEUM, CULTURAL AND EDUCATIONAL CENTER.

    Expenses $1,033,070 · Revenue $270,000

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

Listed in Part VII

  • Catherine B Foley

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 5 related

  • Alice F Jacobs

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 5 related

  • John R Sanderson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 5 related

  • Melissa Arena CPA

    CFO

    Total calculated
    $176,545
    From this org
    $0
    From related orgs
    $154,808
    Other
    $21,737
    Hours/week
    1 + 35 related

    Schedule J breakdown matched by us

    Base
    $0 + $154,808 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $7,867 related
    Nontaxable benefits
    $0 + $13,870 related
    Filer's total
    $0 + $176,545 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

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

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
18 December 2024
IRS schema version
2023v5.1
Source object
202433539349300238

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