Locust Projects Inc C/o Witcher & Stewart Pa

Nonprofit profile at a glance

EIN
651134780
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Coral Springs, FL, USA
Phone
3055768570
Rating
71
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Arts, Cultural Organizations - Multipurpose

Official website

Reported finances

Revenue
$1,616,634
Expenses
$1,519,187
Assets
$868,529
Liabilities
$484,942

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

Leadership & pay

33 people listed

Highest reported compensation

  • LORIE MERTES (EXECUTIVE DI): $185,000 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Locust projects is an alternative, not for profit, miami-based exhibition space dedicated to providing contemporary visual artists the freeddom to experiment with new ideas and methods without the pressures of gallery sales or other limitations.

What it reported doing in 2024

Provided intensive art summer camp for high shcool students with an interest in art, design and exploring creative careers to learn from professional artists.

Operating model

Revenue model
Donor-supported. 88% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 100% 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. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 69
  • Transparency & Controls: 65
  • Accountability: 84
  • Sustainability: 38
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 70.6%; rating input score 71
  • Program expense ratio: 75.1%; rating input score 75
  • Fundraising efficiency: $9.72 raised per $1 spent on fundraising; rating input score 37; 37th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 6%; rating input score 53; 53rd percentile among comparable filings
  • Total-asset coverage ratio: 0.57; rating input score 27; 27th percentile among comparable filings
  • Liabilities to assets ratio: 0.56; rating input score 14; 14th percentile among comparable filings
  • Officer compensation ratio: 12.2%; rating input score 30; 30th percentile among comparable filings

Growth

  • Program expense growth: 8% per year; rating input score 100; 55th percentile among comparable filings
  • Revenue growth: 9.9% per year; rating input score 100; 66th percentile among comparable filings
  • Asset growth: 16.9% per year; rating input score 100; 76th percentile among comparable filings

Details

  • Where the money goes: 70.6% of revenue deployed · 75.1% of spending went to programs
  • Governance: 32 of 32 board members independent · 5 of 8 filing controls reported
  • Programs: 4 filed program accomplishments · $1.1M in reported program spending
  • Leadership: top reported pay $185K · 33 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 31 of 31 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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 — Transparency & Controls: Pay-setting controls scored 0/100.
  • Moderate — Financial Efficiency: Fundraising efficiency scored 37/100.
  • Review — Accountability: Governance controls: 2 of 7 not reported.
  • Review — Sustainability: Operating margin scored 53/100.
  • High — Sustainability: Total-asset coverage ratio scored 27/100.
  • High — Sustainability: Liabilities to assets ratio scored 14/100.
  • Moderate — Sustainability: Officer compensation ratio scored 30/100.