The Art of Cool Project

Nonprofit profile at a glance

EIN
453842298
IRS 990 coverage
2013–2016
Forms available
Form 990 2016, Form 990-EZ 2012, Form 990-N 2011
Location
Durham, NC, USA
Phone
9198066084
Rating confidence
Limited
Sector
Music

Official website

Reported finances

Revenue
$-49,794
Expenses
$21,389
Assets
$-10,550
Liabilities
$158,057

Source: IRS Form 990. Selected filing: tax year 2016. Amounts in USD.

Leadership & pay

10 people listed

Executive titles in this filing

  • CICELY MITCHELL (PRESIDENT)
  • ALBERT STRONG (VICE-PRESIDENT)

People named in this filing

  • FARNUM BROWN (BOARD MEMBER)
  • BRETT CHAMBERS (BOARD MEMBER)
  • JAMES HOWSE (BOARD MEMBER)

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 2016. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

We are a jazz presenting 501(c)(3) non-profit organization located in durham, nc. We are dedicated to presenting and promoting live jazz (and related music) in unique venues throughout the triangle. Our two major programs are art of cool festival and start of cool, a jazz education program. We are the rhythm of the bull city that connects music and art to people.

What it reported doing in 2016

The start of cool (soc) is a jazz education initiative for students in the 3rd-7th grades interested in learning more about the performance and fundamentals of jazz. Two summer jazz camps will be help during summer 2017. The first was held june 26 - july 1, 2017 at global scholars academy and the second will be august 14-16 at the chavis community center. The camps will introduce students to jazz music through workshops, lessons and group instruction.

Operating model

Revenue model
No positive adjusted resources. The filing reports no positive adjusted operating resources.
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

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: 17
  • Transparency & Controls: 92
  • Accountability: 70
  • Sustainability: 14
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: 23.3%; rating input score 23
  • 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: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 2 of 7 controls in place; rating input score 29
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -143%; rating input score 14; 14th percentile among comparable filings
  • Total-asset coverage ratio: -0.49; rating input score 0; 0th percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 0%; rating input score 62; 62nd percentile among comparable filings

Growth

  • Program expense growth: -29.5% per year; rating input score 0; 20th percentile among comparable filings
  • Revenue growth: -36.7% per year; rating input score 0; 15th percentile among comparable filings
  • Asset growth: -96% per year; rating input score 0; 1st percentile among comparable filings

Details

  • Where the money goes: 23.3% of spending went to programs
  • Governance: 10 of 10 board members independent · 2 of 7 filing controls reported
  • Programs: 2 filed program accomplishments · $5K in reported program spending
  • Leadership: top reported pay $0 · 10 people listed
  • Consistency: 21 of 21 current checks pass
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 4 filing years from 2013 to 2016
  • Contacts: How to reach this organization
  • Money network: 15 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: Program expense ratio scored 23/100.
  • High — Accountability: Governance controls: 4 of 6 not reported.
  • High — Sustainability: Operating margin scored 14/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 0/100.
  • High — Growth: Asset growth scored 0/100.