Painting Space 122 Inc

Nonprofit profile at a glance

EIN
133325038
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
New York, NY, USA
Phone
3478352578
Rating
44
Verdict
MIXED
Rating confidence
Moderate
Sector
Visual Arts Organizations

Official website

Reported finances

Revenue
$187,913
Expenses
$194,832
Assets
$28,684
Liabilities
$20,654

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

Leadership & pay

3 people listed

Executive titles in this filing

  • MARYJANE MONTALTO (VICE-PRESIDENT)
  • VINCENT CINIGLIO (PRESIDENT)

People named in this filing

  • MARYJANE MONTALTO (VICE-PRESIDENT)
  • RENEE MAGNANTI (TREASURER)
  • VINCENT CINIGLIO (PRESIDENT)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

To foster and develop the arts

What it reported doing in 2024

To foster and develop the arts by sponsoring public art exhibitions of, & providing rotating studio space for, unknown but promising artists selected after public advertising by an indpendent jury of known art professionals

Operating model

Revenue model
Earned-program. 100% of the money available for current operations came from fees and other program revenue.
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.

The verdict

MIXED - The filed numbers largely add up and program spending has grown recently. A relatively small share of available resources goes toward mission work and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 22
  • Transparency & Controls: 90
  • Accountability: 12
  • Sustainability: 26
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 24.9%; rating input score 25
  • Program expense ratio: 24.1%; rating input score 24
  • Fundraising efficiency: $0.11 raised per $1 spent on fundraising; rating input score 3; 3rd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: Limited
  • Governance controls: 2 of 7 controls in place; rating input score 29
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -3.7%; rating input score 31; 31st percentile among comparable filings
  • Total-asset coverage ratio: 0.15; rating input score 9; 9th percentile among comparable filings
  • Liabilities to assets ratio: 0.72; rating input score 8; 8th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: 25.3% per year; rating input score 100; 88th percentile among comparable filings
  • Revenue growth: 12% per year; rating input score 100; 77th percentile among comparable filings
  • Asset growth: 4.1% per year; rating input score 100; 43rd percentile among comparable filings

Details

  • Where the money goes: 24.9% of revenue deployed · 24.1% of spending went to programs
  • Governance: 2 of 7 filing controls reported
  • Programs: 2 filed program accomplishments · $47K in reported program spending
  • Leadership: top reported pay $0 · 3 people listed
  • Consistency: 22 of 22 current checks pass
  • Schedules: 4 filed schedules
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • 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 — Financial Efficiency: Mission deployment rate scored 25/100.
  • High — Accountability: Governance controls: 4 of 6 not reported.
  • High — Financial Efficiency: Program expense ratio scored 24/100.
  • High — Financial Efficiency: Fundraising efficiency scored 3/100.
  • Moderate — Sustainability: Operating margin scored 31/100.
  • High — Sustainability: Total-asset coverage ratio scored 9/100.
  • High — Sustainability: Liabilities to assets ratio scored 8/100.