The Polaris Art Foundation
Nonprofit profile at a glance
- EIN
- 815299782
- IRS 990-EZ coverage
- 2024–2024
- Forms available
- Form 990-EZ 2024, Form 990-N 2023
- Location
- San Juan, PR, USA
- Phone
- 3235287885
- Rating
- 75
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Historical Societies, Related Historical Activities
Reported finances
- Revenue
- $75,965
- Expenses
- $62,872
- Assets
- $75,965
- Liabilities
- $62,872
Source: IRS Form 990-EZ. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
2 people listed
Executive titles in this filing
- JOSHUA HONG (CEO)
People named in this filing
- JOSHUA HONG (CEO)
- MEE YOUNG YUN (CFO, SECRETA)
Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.
Source: IRS Form 990-EZ. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
At the polaris art foundation, we believe that art and creativity have the power to illuminate minds, transform communities, and shape a better world. Our mission is to nurture and support the creative spirit through collaboration, education and mentorship, guiding aspiring artists and dostering a vibrant, inclusive art community.
What it reported doing in 2024
Collaborate with musicians, artists, and engineers to create an interactive art car installation that serves as a platform for artistic expression and community engagement. This program empowers both established and emerging artists by offering opportunities to showcase their work in public spaces, fostering connections between artists and audiences. By facilitating collaborative projects, we aim to make art more accessible, allowing diverse audiences to engage with creativity in immersive ways and promoting personal growth and a deeper appreciation for the arts.
Operating model
- Revenue model
- Donor-supported. 95% of the money available for current operations came from contributions and gifts.
- Distribution model
- Direct operator. The filing allocates 97% 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 - A large share of available resources goes toward mission work and the filed numbers largely add up. Total assets are small relative to annual expenses; liquid coverage is unknown and liabilities are high compared with assets.
Rating breakdown
- Financial Efficiency: 78
- Transparency & Controls: 82
- Sustainability: 56
- Growth: NotEnoughData
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 72.1%; rating input score 72
- Program expense ratio: 87.1%; rating input score 87
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 52nd percentile among comparable filings
- Major donor itemization: Limited
Sustainability
- Operating margin: 17.2%; rating input score 70; 70th percentile among comparable filings
- Total-asset coverage ratio: 1.21; rating input score 52; 52nd percentile among comparable filings
- Liabilities to assets ratio: 0.83; rating input score 6; 6th percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 56; 56th percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: Limited
- Asset growth: Limited
Details
- Where the money goes: 72.1% of revenue deployed · 87.1% of spending went to programs
- Governance: Filed governance answers
- Accomplishments: 3 filed program accomplishments · $55K in reported program spending
- Leadership: top reported pay $0 · 2 people listed
- Consistency: 8 of 8 current checks pass
- Schedules: 2 filed schedules
- Contacts: How to reach this organization
- 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 — Sustainability: Total-asset coverage ratio scored 52/100.
- High — Sustainability: Liabilities to assets ratio scored 6/100.
- Review — Sustainability: Officer compensation ratio scored 56/100.