Visual Art Exchange Inc

Nonprofit profile at a glance

EIN
561287429
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Raleigh, NC, USA
Phone
9193894948
Rating
79
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Art Museums

Official website

Reported finances

Revenue
$273,047
Expenses
$250,228
Assets
$129,330
Liabilities
$14,348

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

Leadership & pay

11 people listed

People named in this filing

  • LaTissa Davis (Director)
  • Gabie Frantz (Director)
  • Pete Harvey (Treasurer)

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 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

VAE produces, funds, and exhibits socially-engaged art through community collaboration.

What it reported doing in 2024

VAE provides direct support to artists chiefly through its largest funding initiative The Snapdragon Fund, a regional regranting program made possible through funding from The Andy Warhol Foundation for the Visual Arts. The fund provides 60,000 of funding for individual artists each year. This funding is split across 3 categories 8 project grants of 5,000 5 research grants of 2,000 and 20 micro grants of 500. VAEs fiscal sponsorship program allows the Organization to support individual artists and unincorporated artists groups through the provision of grant and donation-based fundraising opportunites under the Organizations nonprofit umbrella, as well as assitance in the management of their finances. The Orrganization is responsible for collecting funds restricted to the project and disbursing them in accordance with the projects approved guidelines.

Operating model

Revenue model
Donor-supported. 62% of the money available for current operations came from contributions and gifts.
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. Fundraising costs are high for each dollar raised and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 73
  • Transparency & Controls: 90
  • Accountability: 88
  • Sustainability: 45
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 74.7%; rating input score 75
  • Program expense ratio: 81.5%; rating input score 82
  • Fundraising efficiency: $9.18 raised per $1 spent on fundraising; rating input score 37; 37th 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: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 5 of 7 controls in place; rating input score 71
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • 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: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 8.4%; rating input score 57; 57th percentile among comparable filings
  • Total-asset coverage ratio: 0.52; rating input score 25; 25th percentile among comparable filings
  • Liabilities to assets ratio: 0.11; rating input score 25; 25th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: -0.3% per year; rating input score 0; 29th percentile among comparable filings
  • Revenue growth: 1% per year; rating input score 100; 29th percentile among comparable filings
  • Asset growth: 7.1% per year; rating input score 100; 56th percentile among comparable filings

Details

  • Where the money goes: 74.7% of revenue deployed · 81.5% of spending went to programs
  • Governance: 11 of 11 board members independent · 5 of 7 filing controls reported
  • Programs: 2 filed program accomplishments · $204K in reported program spending
  • Leadership: top reported pay $0 · 11 people listed
  • Consistency: 23 of 23 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: Resolved incoming and outgoing counterparties from filed money flows.
  • 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 — Financial Efficiency: Fundraising efficiency scored 37/100.
  • Review — Accountability: Governance controls: 2 of 7 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 25/100.
  • Review — Sustainability: Operating margin scored 57/100.
  • High — Sustainability: Liabilities to assets ratio scored 25/100.