Forman Arts Initiative Inc

Nonprofit profile at a glance

EIN
832902185
IRS 990-PF coverage
2019–2024
Forms available
Form 990-PF 2024, Form 990-T 2024
Location
Philadelphia, PA, USA
Phone
2154951160
Rating
82
Verdict
STRONG
Rating confidence
Standard
Sector
Art Museums

Reported finances

Revenue
$3,269,723
Expenses
$2,223,228

Source: IRS Form 990-PF. Selected filing: tax year 2024. Amounts in USD.

Overview

Mission

Art Museums

What it reported funding in 2024

The foundation reported 4 grants totaling $394,300. The stated grant purposes included artworks - grant to support arts, culture and creativity in community-based organizations and artists working in partnership with black, indigenous, people of color, other marginalized, and vulnerable communities in the greater philadelphia area, art works drexel co-op - support is intended to establish the forman arts initiative co-op program fund at the lenfest center for cultural partnerships., and support for public works residency program that embeds artists in city government agencies or other similar organizations to propose and implement creative solutions to pressing civic challenges., plus 1 other reported purpose.

Operating model

Revenue model
Investment-supported. 90% of the foundation's positive operating resources came from recurring investment income.
Distribution model
Hybrid. The foundation combined direct charitable work with grants to other organizations or people.
  • Includes asset-sale income: Asset-sale income is shown separately from recurring resources when classifying the revenue model.

The verdict

STRONG - A large share of available resources goes to charitable grants and the filing identifies who received its grants. A relatively small share of spending goes to grants and the filing reports one or more activities that warrant closer review.

Rating breakdown

  • Grant Deployment: 100
  • Cost Efficiency: 21
  • Transparency: 100
  • Compliance: 94
  • Endowment Health: 95

Detailed rating inputs

Grant Deployment

  • Grant deployment ratio: 100%; rating input score 100; 82nd percentile among comparable filings

Cost Efficiency

  • Grant expense ratio: 21%; rating input score 21; 9th percentile among comparable filings

Transparency

  • Grant recipient disclosure: Yes; rating input score 100

Compliance

  • Part VII-B activity disclosures: 17 of 19 controls in place; rating input score 89
    • Property sale or exchange with a disqualified person: Pass
    • Borrowing from or lending to a disqualified person: Pass
    • Goods, services, or facilities involving a disqualified person: Fail
    • Compensation paid to a disqualified person: Fail
    • Assets transferred to a disqualified person: Pass
    • Payment to a government official: Pass
    • Uncorrected prior self-dealing: Pass
    • Prior-year undistributed income: Pass
    • Excess business holdings: Pass
    • Investments that may jeopardize charitable purposes: Pass
    • Uncorrected prior-year jeopardizing investments: Pass
    • Attempt to influence legislation: Pass
    • Attempt to influence an election: Pass
    • Grants to individuals: Pass
    • Grants to organizations: Pass
    • Spending for a noncharitable purpose: Pass
    • Funds received for a personal-benefit contract: Pass
    • Premiums paid on a personal-benefit contract: Pass
    • Prohibited tax-shelter transaction: Pass
  • Filing consistency checks: 10; rating input score 100

Endowment Health

  • Endowment-health comparison: 184.76; rating input score 95; 95th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Grants: 100% of grant recipient detail disclosed
  • Payout: At least 100% grant deployment rate
  • Trustees: Filed trustees detail
  • Self-dealing: 100% of reviewed questions answered “No”
  • Investments: 95th percentile for endowment coverage
  • Consistency: 10 of 10 current checks pass
  • Filing history: 5 filing years from 2019 to 2024
  • Contacts: How to reach this organization
  • Money network: 12 filed money-flow records
  • 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.

  • High — Cost Efficiency: Grant expense ratio scored 21/100.
  • Review — Compliance: Part VII-B activity disclosures: 2 of 19 not reported.