The Madison Art and Innovation Center

What it reported doing in 2024

First, the center will promote deepening of community connections by offering free meeting space for nonprofits and community organizations such as those supporting senior social activities, art councils, local community foundations, community theater groups, food banks, quilting clubs, book clubs, bible study groups, caregiver support groups, economic development authorities, and similar resources and community-building organizations. The center may also provide supportive resources such as free access to technology, the use of equipment and supplies, and other supports to these nonprofit and community organizations. The center will also host community education events and seminars for the public to help promote the understanding of issues important to society. For example, the center may offer educational programs to the public focused on strategies and resources to improve the mental and physical health of individuals and families, courses on digital literacy for seniors, educational seminars for entrepreneurs, or similar programs. Such educational activities may take the form of classes, conferences, seminars, or publications such as brochures and online web content. These educational activities will be free of charge or at a reduced cost intended only to cover the centers expenses. The center may provide supplemental resources such as free co-working space and common use computers, printers, and other equipment. These activities are intended to promote the understanding, recognition, and awareness of issues useful to individuals and families and relevant to the greater community. In addition, the center will provide art- and music-focused space and experiences to the public. These include space for local artists to display their artwork on a rotating basis, highlighting various artists and artistic talent in the local community, and hosting musical performances, concert series, and other performance art. The center will also provide free gathering space for arts education classes with the goal of increasing public access to arts education and enrichment. Finally, the center intends to offer wellness programs to the public as a complement to its community education program and other activities. These may include, for example, partnering with a local organization to provide classes on research-supported mind and body interventions, such as yoga and meditation, to support overall health and wellbeing. These classes will be provided to the public free of charge or at a reduced cost. The center may partner with schools, nonprofit organizations, or community organizations to increase the access of its educational and wellness programs to the community. Revenue generated by the center will be reinvested in improving its facilities and education. If the centers revenue exceeds the needs for the centers own purposes, which is unlikely, the center may consider making a grant to another organization described in code section 501(c)(3) to be used for charitable purposes.

Financial Efficiency

• Mission deployment rate: 0%; rating input score 0
• Program expense ratio: Limited
• Fundraising efficiency: Limited

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: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 90%; rating input score 90; 24th 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: Limited
• Total-asset coverage ratio: Limited
• Liabilities to assets ratio: 0.18; rating input score 21; 21st percentile among comparable filings
• Officer compensation ratio: Limited

Growth

• Program expense growth: Limited
• Revenue growth: 158.4% per year; rating input score 100; 100th percentile among comparable filings
• Asset growth: 147.1% per year; rating input score 100; 100th percentile among comparable filings