The Art Exchange Visual Art Center Inc

Nonprofit profile at a glance

EIN
364587426
IRS 990 coverage
2017–2017
Forms available
Form 990 2017, Form 990-EZ 2016, Form 990-N 2016
Location
Long Beach, CA, USA
Phone
5624392119
Rating
79
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Visual Arts Organizations

Official website

Reported finances

Revenue
$834,943
Expenses
$871,490
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2017. Amounts in USD.

Leadership & pay

9 people listed

Executive titles in this filing

  • JAY HONG (EXECUTIVE DIRECTOR)

People named in this filing

  • STEVE PAKIZ (BOARD CHAIR)
  • RON NELSON (BOARD CHAIR)
  • MATTHEW RABIN (BOARD COUNSEL)

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 2017. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The mission of the art exchange is to create a best-in-class art facility that will be a vibrant hub for professional artist, support k-12 arts education, and implement cutting edge community arts programs. The art exchange supports working artists and arts education through the development of a world-class visual arts center reflecting the rich cultural heritage of our community. Through these efforts we will be inspiring a future generation of creative, driven, and successful artists while also filling a niche in community and industrial arts programs for long beach.

What it reported doing in 2017

Long beach museum of art foundation, a California nonprofit public benefit corporation, ("the surviving corporation") and the art exchange visual art center inc., the filing organanization, (the "merging corporation") entered into a merger agreement. The art exchange visual art center inc. (aevac) transferred its assets and liabilities to long beach museum of art foundation (lbma) on june 4, 2018.

Operating model

Revenue model
Donor-supported. 94% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 96% of its reported program spending out as grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. The required major-donor schedule is missing or incomplete and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 88
  • Transparency & Controls: 81
  • Accountability: 82
  • Sustainability: 21
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 98.5%; rating input score 98
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 74th percentile among comparable filings
  • Major donor itemization: No; rating input score 0
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 4 of 7 controls in place; rating input score 57
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • 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: -4.4%; rating input score 23; 23rd percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 0; 0th percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 0%; rating input score 84; 84th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 110.3% per year; rating input score 100; 99th percentile among comparable filings
  • Asset growth: -70.4% per year; rating input score 0; 0th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 98.5% of spending went to programs
  • Governance: 9 of 9 board members independent · 4 of 7 filing controls reported
  • Programs: 2 filed program accomplishments · $858K in reported program spending
  • Leadership: top reported pay $0 · 9 people listed
  • Consistency: 23 of 23 current checks pass
  • Schedules: 5 filed schedules · includes major donors and grants
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • 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: Major donor itemization scored 0/100.
  • Review — Accountability: Governance controls: 2 of 6 not reported.
  • High — Sustainability: Operating margin scored 23/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 0/100.