Artspace
Legal name: Artspace Projects Inc
Nonprofit profile at a glance
- EIN
- 411350071
- IRS 990 coverage
- 2012–2024
- Official website data refreshed
- Sep 2026
- Forms available
- Form 990 2024, Form 990-T 2024
- Location
- Minneapolis, MN, USA
- Phone
- (612) 333-9012
- Rating
- 78
- Verdict
- SUPPORTED
- Rating confidence
- Standard
- Sector
- Arts Service Organizations and Activities
Reported finances
- Revenue
- $32,698,123
- Expenses
- $42,238,012
- Assets
- $93,960,270
- Liabilities
- $68,119,710
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
43 people listed
Executive titles in this filing
- L Kelley Lindquist (President)
Highest reported compensation
- L Kelley Lindquist (President): $295,535 total reported compensation
- William Law (Chief Operating Officer): $226,348 total reported compensation
- Greg Handberg until Dec (Sr. VP - Properties): $214,051 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
We provide affordable housing, workforce housing, and sustainable creative space across the nation.
What it reported doing in 2024
Asset & Performance Property Management - Asset Management oversees the Organization's limited partnership holdings to establish and maintain long-term financially and physically stable assets. It works closely with partners, funders, and management companies to ensure stability. Performance Property Management provides services for various projects and is responsible for overseeing daily operations, including financial management, physical conditions, tenant communications, and reporting on project statuses, particularly regarding issues that require owner input and decisions.
Operating model
- Revenue model
- Mixed. Its operating money came from several sources; no one source provided a clear majority.
- Distribution model
- Direct operator. The filing allocates 96% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
- Includes noncash contributions: Reported contributions include donated property or goods.
The verdict
SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. A relatively small share of total spending goes to programs and expenses are high relative to revenue.
Rating breakdown
- Financial Efficiency: 66
- Transparency & Controls: 84
- Accountability: 100
- Sustainability: 29
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 74.7%; rating input score 75
- Program expense ratio: 53.4%; rating input score 53
- Fundraising efficiency: $25.63 raised per $1 spent on fundraising; rating input score 63; 63rd percentile among comparable filings
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
- Pay-setting controls: 2 of 6 controls in place; rating input score 33
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Pass
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Yes; rating input score 100
Accountability
- Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
- Governance controls: 9 of 9 controls in place; rating input score 100
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: Pass
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: -29.2%; rating input score 3; 3rd percentile among comparable filings
- Total-asset coverage ratio: 2.22; rating input score 65; 65th percentile among comparable filings
- Liabilities to assets ratio: 0.72; rating input score 16; 16th percentile among comparable filings
- Officer compensation ratio: 4%; rating input score 60; 60th percentile among comparable filings
Growth
- Program expense growth: 3.9% per year; rating input score 100; 33rd percentile among comparable filings
- Revenue growth: 4.8% per year; rating input score 100; 42nd percentile among comparable filings
- Asset growth: 6.6% per year; rating input score 100; 46th percentile among comparable filings
Details
- What they do: 3 programs and campaigns described on the official site · 2 operating locations identified
- Where the money goes: 74.7% of revenue deployed · 53.4% of spending went to programs
- Governance: 34 of 34 board members independent · 9 of 9 filing controls reported
- Programs: 4 filed program accomplishments · $22.6M in reported program spending
- Leadership: top reported pay $296K · 43 people listed · 2 of 6 pay-setting controls reported
- Highest-paid contractors: 1 contractor listed · $128K reported
- Consistency: 35 of 35 current checks pass
- Schedules: 9 filed schedules · includes major donors, grants, executive pay, and related organizations
- Filing history: 12 filing years from 2012 to 2024
- Contacts: How to reach this organization
- Money network: 16 filed money-flow records
- Related organizations: 91 filed related-organization links
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- Review — Financial Efficiency: Program expense ratio scored 53/100.
- High — Sustainability: Operating margin scored 3/100.
- High — Sustainability: Liabilities to assets ratio scored 16/100.