2023-11-14T12:41:14-06:00 2022-12-31 410746749 CLIFTONLARSONALLEN LLP 6501 AMERICAS PARKWAY NE SUITE 500 ALBUQUERQUE NM 87110 990 2022-01-01 352285824 INTERNATIONAL FOLK ART ALLIANCE INC DBA IFAM INTE 5059927600 620 CERRILLOS ROAD SANTA FE NM 87505 FRANCIS COLEMAN CHAIR 5059927600 2023-11-13 1 FRANCIS COLEMAN XXX-XX-XXXX 1 JESSICA LOCKER CPA P01367046 5058428290 2023-11-13 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z IFAM FRANCIS COLEMAN 620 CERRILLOS ROAD SANTA FE NM 87505 4035502 0 X WWW.FOLKARTMARKET.ORG X 2006 NM ORGANIZATION'S MISSION: CREATE ECONOMIC OPPORTUNITIES FOR AND WITH FOLK ARTISTS WORLDWIDE WHO CELEBRATE AND PRESERVE FOLK ART TRADITIONS. WE ENVISION A WORLD THAT VALUES THE DIGNITY AND HUMANITY OF THE HANDMADE, HONORS TIMELESS CULTURAL TRADITIONS, AND SUPPORTS THE WORK OF FOLK ARTISTS SERVING AS ENTREPRENEURS AND CATALYSTS FOR POSITIVE SOCIAL CHANGE. TO AUGMENT THIS PURSUIT, THE ORGANIZATION PURCHASED THE HEADQUARTERS BUILDING. 31 30 10 1200 0 0 1577337 2951725 744257 976919 31852 37889 16538 16029 2369984 3982562 0 0 0 0 555307 585078 0 0 247648 1110252 1598387 1665559 2183465 704425 1799097 6076906 7523511 225397 136503 5851509 7387008 X CREATE ECONOMIC OPPORTUNITIES FOR AND WITH FOLK ARTISTS WORLDWIDE WHO CELEBRATE AND PRESERVE FOLK ART TRADITIONS. WE ENVISION A WORLD THAT VALUES THE DIGNITY AND HUMANITY OF THE HANDMADE, HONORS TIMELESS CULTURAL TRADITIONS, AND SUPPORTS THE WORK OF FOLK ARTISTS SERVING AS ENTREPRENEURS AND CATALYSTS FOR POSITIVE SOCIAL CHANGE. TO AUGMENT THIS PURSUIT, THE ORGANIZATION MOVED TO A LARGER HEADQUARTERS, INVESTING IN TENANT IMPROVEMENTS AS THE FIRST PHASE OF A CAMPAIGN TO OWN THE BUILDING OUTRIGHT. 0 0 1693972 0 976919 INTERNATIONAL FOLK ART MARKET: PRODUCING INTERNATIONAL FOLK ART MARKETS AS A PROGRAMMATIC OUTCOME OF HIGHLY CURATED ARTIST SELECTION AND ENTREPRENEURISM EDUCATION. IN 2021, IFAA WAS ABLE TO RETURN TO ITS ANNUAL EVENT IN JULY BUT MODIFICATIONS WERE MADE IN ORDER TO COMPLY WITH HEALTH ORDERS FROM THE STATE OF NEW MEXICO. IN 2022, IFAA RETURNED TO MORE NORMAL OPERATIONS WITH FEW HEALTH ORDER- DRIVEN MODIFICATIONS. THE ORGANIZATION WAS STILL IN A FINANCIAL AND OPERATIONAL REBUILDING PHASE THOUGH. 6333 0 THE IFAM COLLECTION AT DALLAS MARKET CENTER: EXPANDING OPPORTUNITIES FOR ARTISANS BY OFFERING ADVANCED ENTREPRENEURISM EDUCATION, INCLUDING SOCIAL ENTERPRISE MODELS AND IN-COUNTRY CURRICULUM DELIVERY, AND SALES VENUES, INCLUDING WHOLESALE AND VIRTUAL CHANNELS. THIS WAS NOT PROVIDED IN 2021 HOWEVER THE MARKET IN THE DALLAS MARKET CENTER RESUMED IN 2022. 24208 0 MENTOR TO MARKET (M2M): TRAINING PROGRAM THAT TEACHES ARTISTS CRITICAL MARKETING AND BUSINESS SKILLS TO HELP THEM IMPROVE THEIR SALES, THUS SUSTAINING THEIR TRADITIONS AND CREATING STRONGER ECONOMY FOR THEMSELVES AND THEIR COMMUNITIES. IN 2021, THESE TRAINING PROGRAMS CONTINUED ONLINE BUT RETURNED TO IN-PERSON TRAINING IN 2022. 21764 0 FOLK ART MATTERS LECTURES: PROMOTING CULTURAL EXCHANGE BY PROVIDING THE GENERAL PUBLIC OPPORTUNITIES TO LEARN ABOUT INTERNATIONAL FOLK ART AS A TRANSMISSION OF METHODS, MATERIALS AND TECHNIQUES PASSED ON THROUGH GENERATIONS. IFAA RETURNED TO A LIMITED SCHEDULE OF LECTURES IN THE 3RD QUARTER OF 2021 AND QUARTERLY LECTURES AND WORKSHOPS IN 2022. LECTURES WERE FREE TO THE PUBLIC AND A SMALL MATERIALS FEE WAS CHARGED FOR WORKSHOPS. 21764 0 1746277 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 25 0 1 10 1 0 0 0 0 0 0 0 0 0 0 0 0 X 31 30 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 NM TX X X X SUSAN BROWN 5059927604 620 CERRILLOS ROAD SANTA FE NM 87505 JENNIFER KIMBALL CHAIR 10.00 X X 0 0 0 HANK COLEMAN VICE CHAIR 5.00 X X 0 0 0 LISA ADELMAN SECRETARY 2.00 X X 0 0 0 NANCY BERN TREASURER 2.00 X X 0 0 0 LISA AHMAD DIRECTOR 1.00 X 0 0 0 AMANDA ALEXANDER DIRECTOR 1.00 X 0 0 0 JUDITH BENKENDORF DIRECTOR 2.00 X 0 0 0 BONNIE BENNETT DIRECTOR 1.00 X 0 0 0 MARTY BRANIFF DIRECTOR 1.00 X 0 0 0 LEIGH ANN BROWN DIRECTOR 5.00 X 0 0 0 ANNE CHOGNARD DIRECTOR 1.00 X 0 0 0 ELAINE COLE DIRECTOR 1.00 X 0 0 0 KAREN DOMENICI DIRECTOR 1.00 X 0 0 0 KAREN DURKOVICH DIRECTOR 1.00 X 0 0 0 ARDITH EICHER DIRECTOR 2.00 X 0 0 0 PHILIP FIMMANO DIRECTOR 1.00 X 0 0 0 JIM GARCIA DIRECTOR 1.00 X 0 0 0 MAGGIE HANSON-MUSE DIRECTOR 1.00 X 0 0 0 SARAH HOROWITZ DIRECTOR 1.00 X 0 0 0 MONIQUE JACOBSON DIRECTOR 1.00 X 0 0 0 GURMEET KAUR DIRECTOR 2.00 X 0 0 0 ANTONIO LOPEZ DIRECTOR 1.00 X 0 0 0 ERIC MINDLING DIRECTOR 1.00 X 0 0 0 MIKE MULLINS DIRECTOR 1.00 X 0 0 0 MAKENZIE MUELLER DIRECTOR 1.00 X 0 0 0 JUDITH PELHAM DIRECTOR 1.00 X 0 0 0 SHOBHAN PORTER DIRECTOR 1.00 X 0 0 0 HELENA RIBE DIRECTOR 1.00 X 0 0 0 SUZANNE SUGG DIRECTOR 5.00 X 0 0 0 KAKI GRUBBS DIRECTOR 1.00 X 0 0 0 MELISSA MANN CEO 40.00 X 160000 0 12731 160000 0 12731 1 0 1 0 0 10245 14987 2926493 105486 2951725 HANDLING FEE 900099 565533 565533 TICKET SALES 900099 251626 251626 BOOTH REVENUE 900099 159760 159760 976919 37889 37889 15141 10245 14421 720 720 17895 38519 -20624 -20624 MISC INCOME 900099 35933 35933 35933 3982562 1012852 0 17985 172731 105397 48612 18722 334975 211188 60390 63397 8966 5660 1581 1725 29245 18355 5686 5204 39161 24433 8340 6388 151 138 7 6 45845 41690 2195 1960 147355 126706 11273 9376 69852 56098 2478 11276 259910 208835 24105 26970 115048 84395 14347 16306 13625 11183 1302 1140 PROGRAM EXPENSES 846091 770159 1778 74154 IN-KIND GOODS 58792 58595 112 85 BANKING 32911 22703 585 9623 MISC. EXPENSE 8807 742 6749 1316 2183465 1746277 189540 247648 3411885 2042793 314186 164785 143418 161353 5967 17317 3956394 684739 973918 3271655 1093846 1640525 133686 225083 6076906 7523511 62517 45496 162880 91007 225397 136503 X 2313464 5568267 3538045 1818741 5851509 7387008 6076906 7523511 1799097 -263598 0 X X 0 1 X 1 0 X 227622 2480452 2124741 1577337 2951725 9361877 53635 1373131 29886 783279 1030747 3270678 281257 3853583 2154627 2360616 3982472 12632555 27650 1536658 1350698 890772 2277041 6082819 0 27650 1536658 1350698 890772 2277041 6082819 6549736 12492 68146 50801 33114 37889 202442 12492 68146 50801 33114 37889 202442 293749 3921729 2205428 2393730 4020361 12834997 0.51030 0.62330 0.01580 0.01850 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1965764 1158845 -225723 2898886 1863517 102247 1965764 1513783 500000 89339 239605 1863517 1544068 111421 141706 1513783 1568969 -4901 20000 1544068 0.48000 0.52000 0.00000 0 0 1015545 1015545 1384455 23666 1360789 1098228 272511 825717 458166 388562 69604 3271655 LEASE LIABILITY 91007 91007 X 4007613 -263598 288649 25051 3982562 0 3982562 2472114 288649 288649 2183465 0 2183465 PART V, LINE 4: THE ORGANIZATION'S ENDOWMENT CONSISTS OF TWO INDIVIDUAL FUNDS ESTABLISHED COLLECTIVELY AS A QUASI-ENDOWMENT FUND AND A DONOR-RESTRICTED FUND. THE ENDOWMENT INCLUDES FUNDS CONTRIBUTED BY NANCE AND RAMON LOPEZ, AND CAROLE AND EDD STEPP, AS WELL AS FUNDS DESIGNATED BY THE BOARD OF DIRECTORS TO FUNCTION AS AN ENDOWMENT. THE ENDOWMENT FUND IS IN ITS TWELFTH YEAR OF EXISTENCE. AS SUCH, ALL MONIES EARNED ARE BEING REINVESTED. PART X, LINE 2: THE ORGANIZATION APPLIES THE PROVISIONS OF FINANCIAL ACCOUNTING STANDARDS BOARD (FASB)ACCOUNTING STANDARDS CODIFICATION (ASC) 740, INCOME TAXES. FASB ASC 740 PROVIDES DETAILED GUIDANCE FOR THE FINANCIAL STATEMENT RECOGNITION, MEASUREMENT, AND DISCLOSURE OF UNCERTAIN TAX POSITIONS IN AN ORGANIZATION'S FINANCIAL STATEMENTS. INCOME TAX POSITIONS MUST MEET A MORE-LIKELY-THAN-NOT RECOGNITION THRESHOLD TO BE RECOGNIZED. THE ORGANIZATION'S POLICY IS TO CLASSIFY INCOME TAX PENALTIES AND INTEREST AS MISCELLANEOUS EXPENSE. DURING THE YEARS ENDED DECEMBER 31, 2022, AND 2021, THE ORGANIZATION RECOGNIZED NO INCOME TAX PENALTIES OR INTEREST. AS OF DECEMBER 31, 2022, AND 2021, MANAGEMENT DOES NOT BELIEVE THE ORGANIZATION HAS ANY UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE FINANCIAL STATEMENT RECOGNITION, MEASUREMENT, OR DISCLOSURE UNDER FASB ASC 740. HOLIDAY AUCTION 25386 10245 15141 14421 25386 10245 15141 14421 14421 720 X X X X 0 0 0 0 0 0 0 0 0 MELISSA MANN CEO 160000 0 0 0 0 0 4800 0 7931 0 172731 0 0 0 PART I, LINE 3 WE USE REGIONAL COMPENSATION DATA; AN AD HOC COMMITTEE MADE UP OF MEMBERS OF THE BOARD REVIEW COMPENSATION AND EVALUATE THE CEO. X 6 46694 FAIR MARKET VALUE X AUCTION ITEMS 257 58792 SELLING PRICE & COMP 0 1 0 FORM 990, PART VI, SECTION A, LINE 1A ALL EXECUTIVE COMMITTEE MEMBERS ARE ALSO MEMBERS OF THE OVERALL BOARD. MEMBERS INCLUDE: CHAIR, VICE CHAIR, TREASURER, SECRETARY, AND 4 NON-TITLED MEMBERS AT LARGE. THE ARE GIVEN CHECK SIGNING AUTHORITY. FORM 990, PART VI, SECTION B, LINE 11B THE AUDIT COMMITTEE REVIEWS THE 990 AND RECOMMENDS APPROVAL TO THE FINANCE COMMITTEE, EXECUTIVE COMMITTEE, AND FULL BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS EVALUATED AS NEW BUSINESS RELATIONSHIPS AND SITUATIONS ARISE. BOARD TRUSTEES SIGN A COMPLIANCE AGREEMENT FORM ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 ORGANIZATION USES THREE DATA SOURCES - LOCAL, REGIONAL AND NATIONAL SALARY SURVEYS OF NON-PROFITS IN RELATED SECTORS OF ARTS, CULTURE AND EDUCATION - TO ARRIVE AT COMPARABLE COMPENSATION LEVELS FOR ITS STAFF. CEO'S SALARY IS REVIEWED BY EXECUTIVE COMMITTEE ANNUALLY AS PART OF CEO'S EVALUATION PROCESS. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2022 FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XII, LINE 2C THE AUDIT COMMITTEE ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.