2024-05-29T09:45:45-05:00 2023-07-31 710650689 HCJ CPAS & ADVISORS PLLC PO BOX 16307 JONESBORO AR 72403 990 2022-08-01 581682412 THE FOUNDATION OF ARTS OF NEA INC FOUN 8709352726 115 EAST MONROE JONESBORO AR 72401 DANA KELLEY CHAIRMAN OF THE BOARD 8709352726 2024-05-14 1 DANA KELLEY 999009999 1 CHERYL DEEN CPA P00155035 8709352871 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z DANA KELLEY 115 EAST MONROE JONESBORO AR 72401 780497 0 X WWW.FOAJONESBORO.ORG X 1986 AR TO ENHANCE THE QUALITY OF LIFE OF OUR COMMUNITY THROUGH THE ARTS. 12 12 44 1550 102617 0 249869 208251 506073 466231 65 65 -5282 93409 750725 767956 0 0 0 0 321901 379771 0 0 2052 416456 400014 738357 779785 12368 -11829 364497 375798 24810 65680 339687 310118 TO ENHANCE THE QUALITY OF LIFE OF OUR COMMUNITY THROUGH THE ARTS. 0 0 308519 466231 PROGRAMS SUCH AS THEATRICAL PRODUCTIONS, MUSIC, AND ART INSTRUCTION ARE OFFERED TO THE REGION TO FOSTER A BETTER APPRECIATION AND UNDERSTANDING OF THE ARTS. 308519 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 27 0 1 44 1 0 0 0 0 0 0 0 0 0 0 0 0 X 12 12 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AR X THE ORGANIZATION 8709352726 115 E MONROE AVE JONESBORO AR 72401 JANEA SPADES BOARD MEMBER 1.00 X 0 0 0 RUSS PIERCE VICE CHAIR 1.00 X X 0 0 0 MARANDA NICHOLS SECRETARY 1.00 X X 3030 0 0 LORENZO BALDERAS BOARD MEMBER 1.00 X 0 0 0 NANCY OWENS BOARD MEMBER 1.00 X 0 0 0 DOUG MAGLOTHIN BOARD MEMBER 1.00 X 0 0 0 ROB SPENCER TREASURER 1.00 X X 0 0 0 DANA KELLEY CHAIRMAN OF BOARD 1.00 X X 0 0 0 LESLE ALLEN BOARD MEMBER 1.00 X 755 0 0 MIKEL C WEWERS FORMER EXECUTIVE DIRECTOR 40.00 X 44239 0 0 REBECCA ORR BOARD MEMBER 1.00 X 0 0 0 HANS HACKER BOARD MEMBER 1.00 X 0 0 0 48024 0 0 0 0 0 0 0 95000 113251 208251 EDUCATIONAL 711190 224702 224702 PRODUCTIONS 711190 180140 180140 SALES/MERCHANDISE 711190 40898 40898 OUTREACH INCOME 711190 15534 15534 FACILTY RENTALS 711190 4957 4957 466231 65 65 3398 12541 -9143 -9143 EMPLOYEE RETENTION CRE 900099 86760 86760 MISCELLANEOUS INCOME 900099 15792 15792 102552 767956 466231 102617 -9143 X 379771 85694 294077 20075 20075 17216 17216 13205 13205 43200 28800 14400 1203 601 301 301 17508 3502 12255 1751 15287 15287 CONTRACT LABOR 65070 45195 19875 PRODUCTION 53218 53218 FACILTIES UPKEEP, TAXES 33662 33662 COST OF SALES 32010 32010 88360 59499 28861 779785 308519 469214 2052 267402 143570 42500 30030 4170 9742 253090 147394 50425 105696 0 86760 364497 375798 24810 31487 0 34193 24810 65680 X 339687 310118 339687 310118 364497 375798 -11829 -17740 0 X X 0 1 X 1 0 X 97379 154181 126788 164869 113251 656468 55000 65000 50000 85000 95000 350000 152379 219181 176788 249869 208251 1006468 1006468 70 65 65 200 5899 4867 102552 113318 1119986 0.89860 0.98870 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2020 AMOUNT: $ 5,899. 2021 AMOUNT: $ 4,867. 2022 AMOUNT: $ 15,792. EMPLOYEE RETENTION CREDIT - 2022 AMOUNT: $ 86,760. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 79149 40014 39135 173941 107380 66561 105696 EMPLOYEE RETENTION CREDIT RECEIVABLE 86760 86760 FINANCE LEASE OBLIGATION 34193 34193 X 967979 187482 187482 780497 -12541 -12541 767956 999198 205222 205222 793976 -14191 -14191 779785 PART X, LINE 2: PART X - FIN 48 FOOTNOTE INCOME TAXES: THE FOUNDATION OF ARTS OF NEA IS EXEMPT FROM FEDERAL INCOME TAX UNDER THE PROVISIONS OF INTERNAL REVENUE CODE SECTION 501(C)(3). THEREFORE, NO PROVISION FOR FEDERAL OR STATE INCOME TAXES HAS BEEN MADE. ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE FOUNDATION OF ARTS OF NEA (THE "FOA") AND RECOGNIZE A TAX LIABILITY (OR ASSET) IF THE FOA HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE INTERNAL REVENUE SERVICE. THE FOUNDATION OF ARTS HAS ANALYZED ALL TAX POSITIONS AND DOES NOT FEEL ANY MEET THE REQUIREMENTS FOR REPORTING UNDER THE STANDARD. THE FOUNDATION OF ARTS IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. THE FOUNDATION OF ARTS BELIEVES IT IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR YEARS PRIOR TO 2019. SCHEDULE D PART XI, LINE 4B AND PART XII, LINE 4B THE DIFFERENCE IN THE RECONCILIATION TO THE INCOME AND EXPENSES PER THE AUDITED FINANICAL STATEMENTS IS DUE TO FUNDRAISING INCOME AND EXPENSE NETTED AS INCOME PER THE TAX RETURN. THE FUNDRAISING INCOME AND EXPENSES ARE SEPARATELY STATED ON THE AUDITED FINANCIAL STATEMENTS. THE ADDITIONAL DIFFERENCE ON THE EXPENSE RECONCILIATION IS DUE TO THE DIFFERENCE IN ACCOUNTING FOR OPERATING LEASES FOR THE AUDITED FINANCIAL STATEMENTS AND THE TAX RETURN. FORM 990, PART VI, SECTION B, LINE 11B FORM 990, PART VI, LINE 11B - ORGANIZATION'S PROCESS TO REVIEW FORM 990 FORM 990 IS REVIEWED BY ORGANIZATION'S CHAIRMAN OF BOARD AND TREASURER FOR APPROVAL BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C FORM 990, PART VI, LINE 12C - ENFORCEMENT OF CONFLICTS POLICY THE FOUNDATION REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY THROUGH DISCUSSION AT REGULAR MONTHLY BOARD MEETINGS. FORM 990, PART VI, SECTION B, LINE 15 FORM 990, PART VI, LINE 15A - COMPENSATION PROCESS FOR TOP OFFICIAL THE EXECUTIVE DIRECTOR'S COMPENSATION IS REVIEWED AND APPROVED BY THE BOARD BASED ON COMPARABLE DATA AND IS DOCUMENTED IN THE MINUTES. FORM 990, PART VI, SECTION C, LINE 19 FORM 990, PART VI, LINE 19 - GOVERNING DOCUMENTS DISCLOSURE EXPLANATION THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC FOR INSPECTION THROUGH ITS EXECUTIVE DIRECTOR. FORM 990, PART IX, LINE 24E OUTREACH: PROGRAM SERVICE EXPENSES 29,847. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 29,847. BANKING & MERCHANT FEES: PROGRAM SERVICE EXPENSES 16,832. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 16,832. MISCELLANEOUS EXPENSES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 16,542. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 16,542. EDUCATIONAL: PROGRAM SERVICE EXPENSES 12,820. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 12,820. DUES/MEMBERSHIPS: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 12,268. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 12,268. CONTINUING EDUCATION: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 51. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 51. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS A COMMITTEE THAT OVERSEES THE AUDIT OF ITS FINANCIAL STATEMENTS. THIS COMMITTEE ALSO OVERSEES THE SELECTION OF THE INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM THE PREVIOUS YEAR.