SOURCE Studio Inc

Nonprofit profile at a glance

EIN
822238179
IRS 990 coverage
2019–2024
Forms available
Form 990 2024, Form 990-EZ 2018, Form 990-N 2017
Location
Burnsville, NC, USA
Phone
8653100532
Rating
77
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Single Organization Support

Official website

Reported finances

Revenue
$313,729
Expenses
$222,239
Assets
$391,245
Liabilities
$4,377

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

Leadership & pay

7 people listed

Executive titles in this filing

  • Amanda Wiles (Executive Director)

Highest reported compensation

  • Amanda Wiles (Executive Director): $80,672 total reported compensation

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

Overview

Mission

S.O.U.R.C.E is an artist-centered and action-oriented studio focused on artistic approaches that connect people while addressing human challenges in bold, beautiful and poetic ways.

What it reported doing in 2024

The R&D and Project Fellowships support deeper collaboration with artists and engages diverse communities in artist-guided creative inquiry and practice.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
Distribution model
Hybrid. The nonprofit split its reported program spending across 76% for direct work, and 24% for grants.

The verdict

SUPPORTED - The filed numbers largely add up and a large share of total spending goes to programs. 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: 64
  • Transparency & Controls: 88
  • Accountability: 84
  • Sustainability: 61
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 53.9%; rating input score 54
  • Program expense ratio: 76.1%; rating input score 76
  • Fundraising efficiency: $72.25 raised per $1 spent on fundraising; rating input score 82; 82nd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 91.7%; rating input score 92; 19th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 92.6%; rating input score 93; 53rd 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: Pass
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • 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: 29.2%; rating input score 82; 82nd percentile among comparable filings
  • Total-asset coverage ratio: 1.76; rating input score 56; 56th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 45; 45th percentile among comparable filings
  • Officer compensation ratio: 36.3%; rating input score 8; 8th percentile among comparable filings

Growth

  • Program expense growth: 7.5% per year; rating input score 100; 63rd percentile among comparable filings
  • Revenue growth: 3.2% per year; rating input score 100; 42nd percentile among comparable filings
  • Asset growth: 15.8% per year; rating input score 100; 79th percentile among comparable filings

Details

  • Where the money goes: 53.9% of revenue deployed · 76.1% of spending went to programs
  • Governance: 6 of 6 board members independent · 5 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $169K in reported program spending
  • Leadership: top reported pay $81K · 7 people listed
  • Consistency: 25 of 26 current checks pass · 1 finding to review
  • Schedules: 4 filed schedules · includes major donors and grants
  • Filing history: 5 filing years from 2019 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.

  • Review — Financial Efficiency: Mission deployment rate scored 54/100.
  • Review — Accountability: Governance controls: 2 of 7 not reported.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Review — Sustainability: Total-asset coverage ratio scored 56/100.
  • High — Sustainability: Officer compensation ratio scored 8/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 45/100.