Project for Empty Space Inc

Nonprofit profile at a glance

EIN
465377697
IRS 990 coverage
2018–2024
Forms available
Form 990 2024, Form 990-EZ 2019, Form 990-N 2014
Location
Newark, NJ, USA
Phone
3013518397
Rating
79
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Visual Arts Organizations

Official website

Reported finances

Revenue
$1,681,951
Expenses
$1,969,369
Assets
$2,695,655
Liabilities
$2,610,128

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

Leadership & pay

11 people listed

Executive titles in this filing

  • JASMINE WAHI (CO-DIRECTOR/PRESIDENT)

Highest reported compensation

  • JASMINE WAHI (CO-DIRECTOR/PRESIDENT): $145,000 total reported compensation
  • REBECCA JAMPOL (CO-DIRECTOR/MEMBER): $143,177 total reported compensation
  • AMY GOLDRICH (MEMBER): $1,800 total reported compensation

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

Overview

Mission

To create socially engaging, multidisciplinary art exhibitions and programming that encourage social dialogue, education, and systematic change for cultural tolerance.

What it reported doing in 2024

Hosted numerous exhibitions in addition to promoting the galeerys mission throughtout the newark community. Organization received grant income during the year from the nea and the warhol foundation and has begun to develop its grant-writing prowess with the expectation of obtaining further grants in future years. The organization also disbursed grants to 40 individuals during the year and has grown its profile significantly during 2020.

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 98% 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

SUPPORTED - The filed numbers largely add up and a large share of available resources goes toward mission work. Fundraising costs are high for each dollar raised and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 70
  • Transparency & Controls: 94
  • Accountability: 84
  • Sustainability: 24
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 80.2%; rating input score 80
  • Program expense ratio: 68.3%; rating input score 68
  • Fundraising efficiency: $6.2 raised per $1 spent on fundraising; rating input score 23; 23rd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 76th percentile among comparable filings
  • 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: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -17.1%; rating input score 11; 11th percentile among comparable filings
  • Total-asset coverage ratio: 1.37; rating input score 53; 53rd percentile among comparable filings
  • Liabilities to assets ratio: 0.97; rating input score 6; 6th percentile among comparable filings
  • Officer compensation ratio: 14.7%; rating input score 24; 24th percentile among comparable filings

Growth

  • Program expense growth: 30.4% per year; rating input score 100; 90th percentile among comparable filings
  • Revenue growth: 32% per year; rating input score 100; 93rd percentile among comparable filings
  • Asset growth: 43.2% per year; rating input score 100; 95th percentile among comparable filings

Details

  • Where the money goes: 80.2% of revenue deployed · 68.3% of spending went to programs
  • Governance: 11 of 11 board members independent · 5 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $1.3M in reported program spending
  • Leadership: top reported pay $145K · 11 people listed
  • Consistency: 37 of 37 current checks pass
  • Schedules: 7 filed schedules · includes major donors and grants
  • Filing history: 6 filing years from 2018 to 2024
  • Contacts: How to reach this organization
  • Money network: 6 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 — Financial Efficiency: Fundraising efficiency scored 23/100.
  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • High — Sustainability: Operating margin scored 11/100.
  • Review — Sustainability: Total-asset coverage ratio scored 53/100.
  • High — Sustainability: Liabilities to assets ratio scored 6/100.
  • High — Sustainability: Officer compensation ratio scored 24/100.