2024-02-14T12:34:33-06:00 2023-06-30 562195159 STEWARD INGRAM & COOPER PLLC PO BOX 41168 RALEIGH NC 27629 990 2022-07-01 561287429 VISUAL ART EXCHANGE VISU 9198287834 228 FAYETTEVILLE STREET RALEIGH NC 27601 AVA PROCKNOW CO-DIRECTOR 9198287834 2024-01-18 1 AVA PROCKNOW XXX-XX-XXXX 0 BRIAN C BURTON CPA P01202931 9198720866 2024-01-18 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z AVA PROCKNOW 228 FAYETTEVILLE STREET RALEIGH NC 27601 545331 0 X WWW.VAERALEIGH.ORG X 1980 NC VAE PRODUCES, FUNDS, AND EXHIBITS SOCIALLY-ENGAGED ART THROUGH COMMUNITY COLLABORATION. 13 13 6 100 0 0 362473 521618 9565 14350 -1182 395 -67215 -46108 303641 490255 72350 2500 0 0 214373 177774 0 0 24307 162082 215167 448805 395441 -145164 94814 240777 627734 29101 316868 211676 310866 X VAE PRODUCES, FUNDS, AND EXHIBITS SOCIALLY-ENGAGED ART THROUGH COMMUNITY COLLABORATION. 0 0 173660 1000 FUNDING AND FISCAL SPONSORSHIPVAE PROVIDES DIRECT SUPPORT TO ARTISTS CHIEFLY THROUGH ITS LARGEST FUNDING INITIATIVE: THE SNAPDRAGON FUND, A REGIONAL REGRANTING PROGRAM MADE POSSIBLE THROUGH FUNDING FROM THE ANDY WARHOL FOUNDATION FOR THE VISUAL ARTS. THE FUND PROVIDES $60,000 OF FUNDING FOR INDIVIDUAL ARTISTS EACH YEAR. THIS FUNDING IS SPLIT ACROSS 3 CATEGORIES: 8 PROJECT GRANTS OF $5,000, 5 RESEARCH GRANTS OF $2,000, AND 20 MICRO GRANTS OF $500.VAE'S FISCAL SPONSORSHIP PROGRAM ALLOWS THE ORGANIZATION TO SUPPORT INDIVIDUAL ARTISTS AND UNINCORPORATED ARTIST GROUPS THROUGH THE PROVISION OF GRANT AND DONATION-BASED FUNDRAISING OPPORTUNITIES UNDER THE ORGANIZATION'S NONPROFIT UMBRELLA, AS WELL AS ASSISTANCE IN THE MANAGEMENT OF THEIR FINANCES. THE ORGANIZATION IS RESPONSIBLE FOR COLLECTING FUNDS RESTRICTED TO THE PROJECT AND DISBURSING THEM IN ACCORDANCE WITH THE PROJECT'S APPROVED GUIDELINES. 157907 1500 14350 PROJECTS AND EXHIBITIONSVAE ORGANIZES THE BULK OF ITS PROGRAMMING INTO LARGE-SCALE PROJECTS THAT INCLUDE EXHIBITIONS AND COMMUNITY EVENTS. THESE PROJECTS FOCUS ON HIGHLIGHTING THE CREATIVE CONTRIBUTIONS OF PEOPLE WHO ARE OFTEN MARGINALIZED FROM THE CONTEMPORARY ART WORLD AND BUILDING TRUST WITH NEW COMMUNITIES. VAE PRODUCES BETWEEN 6 AND 20 EXHIBITIONS EACH YEAR, DISPLAYING WORKS FROM A GROWING ARRAY OF CONTEMPORARY ARTISTS. IN ADDITION TO THE ORGANIZATION'S MAIN GALLERIES IN THEIR FLAGSHIP LOCATION, THE ORGANIZATION ALSO HOSTS EXHIBITIONS IN A COLLECTION OF COMMUNITY EXHIBITION SPACES ACROSS THE GREATER TRIANGLE. 331567 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 37 0 6 1 0 0 0 0 0 0 0 0 0 0 0 0 X 13 13 0 0 0 0 0 0 0 1 0 0 0 0 1 1 1 1 1 1 1 0 X THE ORGANIZATION 9198287834 228 FAYETTEVILLE STREET RALEIGH NC 27601 SOPHIE MCMILLIAN CHAIR 2.00 X X 0 0 0 LIANI YIRKA SECRETARY 2.00 X X 0 0 0 PETE HARVEY TREASURER 1.00 X X 0 0 0 KINARD BARNETT DIRECTOR 1.00 X 0 0 0 KRISTY GARCIA BRENEMAN DIRECTOR 1.00 X 0 0 0 LATISSA DAVIS DIRECTOR 1.00 X 0 0 0 ILINA EWEN DIRECTOR 1.00 X 0 0 0 GABIE FRANTZ DIRECTOR 1.00 X 0 0 0 SARAH KORDULEWSKI DIRECTOR 1.00 X 0 0 0 SALLY PLYLER DIRECTOR 1.00 X 0 0 0 ERICA PORTER DIRECTOR 1.00 X 0 0 0 KULSUM TASNIF DIRECTOR 1.00 X 0 0 0 CECILIA ZUVIC DIRECTOR 1.00 X 0 0 0 BRANDON CORDREY EXECUTIVE DIRECTOR 40.00 X 4231 0 0 KAYLA COLEMAN EXECUTIVE DIRECTOR 40.00 X 65795 0 0 70026 0 0 0 0 0 0 0 50940 130743 339935 2000 521618 COMMUNITY EXHIBIT VENUE FEES 711300 7350 7350 OTHER SERVICE FEES 711130 4000 4000 RENTAL INCOME 711130 3000 3000 14350 395 395 8968 50940 55076 -46108 -46108 490255 14350 0 -45713 X 2500 2500 71969 51098 8636 12235 77857 58146 16761 2950 16672 12156 2826 1690 11276 8222 1911 1143 11270 10143 676 451 60473 57527 1769 1177 535 521 8 6 996 924 43 29 87604 78942 5198 3464 2056 1850 124 82 6129 5531 359 239 EVENT EXPENSES 18267 17329 563 375 OTHER OPERATING EXPENSE 15258 14421 501 336 PRINTING & POSTAGE 11845 11588 154 103 BANK & CREDIT CARD FEES 393 362 18 13 341 307 20 14 395441 331567 39567 24307 103014 62366 84212 59607 31845 194596 5077 2110 132 14813 6910 9959 7903 6538 301152 240777 627734 12601 15150 16500 0 301718 29101 316868 X 125014 16322 86662 294544 211676 310866 240777 627734 X 94814 4376 X 0 1 X 0 0 X 511729 631508 640497 362473 521618 2667825 511729 631508 640497 362473 521618 2667825 549613 2118212 97 106 76 63 395 737 2668562 261371 0.79380 0.89970 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 14813 6910 7903 7903 SECURITY DEPOSIT 6538 OPERATING LEASE ASSET 294614 301152 OPERATING LEASE LIABILITY 301718 301718 X 545331 55076 55076 490255 0 490255 450517 55076 55076 395441 0 395441 PART X, LINE 2: IN THE NORMAL COURSE OF BUSINESS, THE ORGANIZATION IS SUBJECT TO EXAMINATION BY VARIOUS TAXING AUTHORITIES. ALTHROUGH THE OUTCOME OF TAX AUDITS IS ALWAYS UNCERTAIN, MANAGEMENT BELIVES THAT THERE ARE NO SIGNIFICANT UNRECOGNIZED TAX LIABILITIES AT JUNE 30, 2023. PART XI, LINE 2D - OTHER ADJUSTMENTS: DIRECT FUNDRAISING EXPENSES 55,076. PART XII, LINE 2D - OTHER ADJUSTMENTS: DIRECT FUNDRAISING EXPENSES 55,076. ART AUCTION & GALA 59908 50940 8968 10275 24623 20178 59908 50940 8968 10275 24623 20178 55076 -46108 FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION CONSIDERS COMMITTEE MEETINGS TO BE INFORMAL AND NO COMMITTEE CAN ACT WITHOUT THE APPROVAL OF THE FULL BOARD, THEREFORE, NO MEETING MINUTES HAVE BEEN TAKEN. FORM 990, PART VI, SECTION B, LINE 11B PRIOR TO FILING, FORM 990 WILL ONLY BE REVIEWED BY THE BOARD OF DIRECTOR'S EXECUTIVE COMMITTEE, THE EXECUTIVE DIRECTOR, AND DIRECTOR OF OPERATIONS. FORM 990, PART VI, SECTION B, LINE 12C THE EXECUTIVE DIRECTOR AND BOARD OF DIRECTORS REVIEW THE POLICY ANNUALLY. ALL DIRECTORS SIGN A STATEMENT ACKNOWLEDGING THE POLICY EACH YEAR. ALL NEW DIRECTORS REVIEW AND SIGN THE ACKNOWLEDGEMENT IN THE MONTH THEY JOIN THE BOARD. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE CONDUCTS THE REVIEW OF THE EXECUTIVE DIRECTOR. THEY REVIEW OVERALL JOB PERFORMANCE, PERFORMANCE OF THE ORGANIZATION, AND THE UPCOMING YEAR'S BUDGET IN DETERMINING COMPENSATION. FORM 990, PART VI, SECTION C, LINE 18 THE ORGANIZTION'S 990 FORMS AND FORM 1023 ARE AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S AUDITED FINANCIAL STATEMENTS, GOVERNING DOCUMENTS, AND CONFLICT OF INTEREST POLICY ARE AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST. FORM 990, PART IX, LINE 11G INTERN CONTRACT LABOR: PROGRAM SERVICE EXPENSES 7,088. MANAGEMENT AND GENERAL EXPENSES 473. FUNDRAISING EXPENSES 315. TOTAL EXPENSES 7,876. CONTRACTED ARTISTS: PROGRAM SERVICE EXPENSES 25,822. MANAGEMENT AND GENERAL EXPENSES 1,059. FUNDRAISING EXPENSES 706. TOTAL EXPENSES 27,587. OTHER CONTRACTED SERVICES: PROGRAM SERVICE EXPENSES 24,617. MANAGEMENT AND GENERAL EXPENSES 237. FUNDRAISING EXPENSES 156. TOTAL EXPENSES 25,010. FORM 990, PART XI, LINE 9: CUMULATIVE ADJUSTMENT FOR THE ADOPTION OF ASC 842 4,376.