Topaz Arts Inc

Nonprofit profile at a glance

EIN
134137551
IRS 990 coverage
2012–2024
Forms available
Form 990 2024, Form 990-EZ 2020
Location
Woodside, NY, USA
Phone
7185050440
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Education N.E.C.

Official website

Reported finances

Revenue
$294,094
Expenses
$320,170
Assets
$480,459
Liabilities
$882,670

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

Leadership & pay

5 people listed

Executive titles in this filing

  • TODD B RICHMOND (PRESIDENT)
  • PAZ TANJUAQUIO (VICE PRESIDENT/TREASURER)

Highest reported compensation

  • TODD B RICHMOND (PRESIDENT): $92,734 total reported compensation
  • PAZ TANJUAQUIO (VICE PRESIDENT/TREASURER): $92,734 total reported compensation

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

Overview

Mission

Topaz arts fosters the creative process, encouraging new works of diverse artists and provides public programs for contemporary performing and visual arts. Maintaining a 2,500 sq. Fe. Multidisciplinary arts center in woodside, queens which includes a dance rehearsal studio and gallery, topaz arts provides affordable space, technical support, residencies and presentation opportunities, enabling artists to realize their projects and the process shared with audiences.

What it reported doing in 2024

Topaz arts: artist services is an ongoing program which serves the nyc artist community with affordable space for dance rehearsals, technical support, and showings - enabling artists to realize their projects for public presentations.topaz arts' visual arts program hosts exhibitions focusing on new work by professional artists, from the established to the under-recognized, our program allows for experimentation, visibility and access to diverse audiences.topaz arts partnerships program is a series of residencies & performances organized in partnership with other leading arts institutions and artists in presenting contemporary works and cultivating innovative new works in dance, visual arts, literary and collaborative arts.topaz arts productions explores the collaborations of founding artists in multidisciplinary works with choreography and performance by paz tanjuaquio, with visual works and music by todd richmond.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 84
  • Transparency & Controls: 92
  • Accountability: 51
  • Sustainability: 27
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 92.1%; rating input score 92
  • Program expense ratio: 84.5%; rating input score 84
  • Fundraising efficiency: $14.1 raised per $1 spent on fundraising; rating input score 48; 48th percentile among comparable filings

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: 60%; rating input score 60; 17th percentile among comparable filings
  • Governance controls: 3 of 8 controls in place; rating input score 38
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -8.9%; rating input score 24; 24th percentile among comparable filings
  • Total-asset coverage ratio: 1.5; rating input score 52; 52nd percentile among comparable filings
  • Liabilities to assets ratio: 1.84; rating input score 2; 2nd percentile among comparable filings
  • Officer compensation ratio: 57.9%; rating input score 3; 3rd percentile among comparable filings

Growth

  • Program expense growth: 2.5% per year; rating input score 100; 42nd percentile among comparable filings
  • Revenue growth: 8.5% per year; rating input score 100; 67th percentile among comparable filings
  • Asset growth: 5% per year; rating input score 100; 47th percentile among comparable filings

Details

  • Where the money goes: 92.1% of revenue deployed · 84.5% of spending went to programs
  • Governance: 3 of 5 board members independent · 3 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $271K in reported program spending
  • Leadership: top reported pay $93K · 5 people listed
  • Consistency: 24 of 24 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 7 filing years from 2012 to 2024
  • Contacts: How to reach this organization
  • Money network: 4 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.

  • Moderate — Accountability: Governance controls: 5 of 8 not reported.
  • Moderate — Financial Efficiency: Fundraising efficiency scored 48/100.
  • High — Sustainability: Operating margin scored 24/100.
  • Review — Sustainability: Total-asset coverage ratio scored 52/100.
  • High — Sustainability: Liabilities to assets ratio scored 2/100.
  • High — Sustainability: Officer compensation ratio scored 3/100.