FORMAN ARTS INITIATIVE INC: Form 990PF, tax year 2023
View the entire original 990 at ProPublica ↗
- Organization
- FORMAN ARTS INITIATIVE INC (EIN 83-2902185)
- Tax period
- 2023-01-01 to 2023-12-31
- Filed
- 2024-11-14
- IRS object ID
- 202443199349103174
- Schema version
- 2023v5.1
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
- Return header
- Form 990-PF
- Schedule B
- Accounting Fees Schedule
- General Explanation Attachment
- Legal Fees Schedule
- Other Assets Schedule
- Other Expenses Schedule
- Other Increases Schedule
- Other Liabilities Schedule
- Other Professional Fees Schedule
- Taxes Schedule
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2024-11-14T12:19:27-06:00 | ReturnTs |
| Tax Period End | 2023-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 991856619 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | GRANT THORNTON ADVISORS LLC | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 757 THIRD AVENUE 3RD FLOOR | AddressLine1Txt |
| City | NEW YORK | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 100172013 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990PF | ReturnTypeCd |
| Tax Period Begin | 2023-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 832902185 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | FORMAN ARTS INITIATIVE INC | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | FORM | BusinessNameControlTxt |
| Phone | 2154951160 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 201 ROUSE BLVD | AddressLine1Txt |
| City | PHILADELPHIA | CityNm |
| State Abbreviation | PA | StateAbbreviationCd |
| ZIP | 19112 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | THOMAS TRALA | PersonNm |
| Person Title | TREASURER/SECRETARY | PersonTitleTxt |
| Phone | 2154951160 | PhoneNum |
| Signature | 2024-11-14 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | 0 | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | DANIEL ROMANO | PreparerPersonNm |
| PTIN | P00504182 | PTIN |
| Phone | 2125990100 | PhoneNum |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2023 | TaxYr |
| Build TS | 2024-10-15 13:58:12Z | BuildTS |
Form 990-PF IRS990PF
| Field | Value | IRS element (for citing) |
|---|---|---|
| Organization501c3 Exempt PF | Yes (X) | Organization501c3ExemptPFInd |
| FMV Assets EOY | $83,544,282 | FMVAssetsEOYAmt |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contri Rcvd Rev And Expnss | $1,715,000 | ContriRcvdRevAndExpnssAmt |
| Interest On Sav Rev And Expnss | $6,575 | InterestOnSavRevAndExpnssAmt |
| Interest On Sav Net Invst Incm | $6,575 | InterestOnSavNetInvstIncmAmt |
| Interest On Savings Adj Net Incm | $6,575 | InterestOnSavingsAdjNetIncmAmt |
| Dividends Rev And Expnss | $308,749 | DividendsRevAndExpnssAmt |
| Dividends Net Invst Incm | $308,749 | DividendsNetInvstIncmAmt |
| Dividends Adj Net Incm | $308,749 | DividendsAdjNetIncmAmt |
| Gross Rents Net Invst Incm | $119,921 | GrossRentsNetInvstIncmAmt |
| Gross Rents Adj Net Incm | $119,921 | GrossRentsAdjNetIncmAmt |
| Net Gain Sale Ast Rev And Expnss | -$3,831,250 | NetGainSaleAstRevAndExpnssAmt |
| Gross Sales Price | $14,168,750 | GrossSalesPriceAmt |
| Cap Gain Net Incm Net Invst Incm | $6,293,750 | CapGainNetIncmNetInvstIncmAmt |
| Net ST Capital Gain Adj Net Incm | $0 | NetSTCapitalGainAdjNetIncmAmt |
| Total Rev And Expnss | -$1,800,926 | TotalRevAndExpnssAmt |
| Total Net Invst Incm | $6,728,995 | TotalNetInvstIncmAmt |
| Total Adj Net Incm | $435,245 | TotalAdjNetIncmAmt |
| Comp Ofcr Dir Trst Rev And Expnss | $113,027 | CompOfcrDirTrstRevAndExpnssAmt |
| Comp Ofcr Dir Trst Net Invst Incm | $0 | CompOfcrDirTrstNetInvstIncmAmt |
| Comp Ofcr Dir Trst Adj Net Incm | $0 | CompOfcrDirTrstAdjNetIncmAmt |
| Comp Ofcr Dir Trst Dsbrs Chrtbl | $113,027 | CompOfcrDirTrstDsbrsChrtblAmt |
| Oth Empl Slrs Wgs Rev And Expnss | $20,735 | OthEmplSlrsWgsRevAndExpnssAmt |
| Oth Empl Slrs Wgs Net Invst Incm | $0 | OthEmplSlrsWgsNetInvstIncmAmt |
| Oth Empl Slrs Wgs Adj Net Incm | $0 | OthEmplSlrsWgsAdjNetIncmAmt |
| Oth Empl Slrs Wgs Dsbrs Chrtbl | $20,735 | OthEmplSlrsWgsDsbrsChrtblAmt |
| Pension Empl Bnft Rev And Expnss | $18,610 | PensionEmplBnftRevAndExpnssAmt |
| Pension Empl Bnft Net Invst Incm | $0 | PensionEmplBnftNetInvstIncmAmt |
| Pension Empl Bnft Adj Net Incm | $0 | PensionEmplBnftAdjNetIncmAmt |
| Pension Empl Bnft Dsbrs Chrtbl | $18,610 | PensionEmplBnftDsbrsChrtblAmt |
| Legal Fees Rev And Expnss | $172,481 | LegalFeesRevAndExpnssAmt |
| Legal Fees Net Invst Incm | $15,666 | LegalFeesNetInvstIncmAmt |
| Legal Fees Adj Net Incm | $0 | LegalFeesAdjNetIncmAmt |
| Legal Fees Dsbrs Chrtbl | $117,467 | LegalFeesDsbrsChrtblAmt |
| Accounting Fees Rev And Expnss | $98,611 | AccountingFeesRevAndExpnssAmt |
| Accounting Fees Net Invst Incm | $0 | AccountingFeesNetInvstIncmAmt |
| Accounting Fees Adj Net Incm | $0 | AccountingFeesAdjNetIncmAmt |
| Accounting Fees Chrtbl Prps | $93,952 | AccountingFeesChrtblPrpsAmt |
| Other Prof Fees Rev And Expnss | $266,250 | OtherProfFeesRevAndExpnssAmt |
| Other Prof Fees Net Invst Incm | $0 | OtherProfFeesNetInvstIncmAmt |
| Other Prof Fees Adj Net Incm | $0 | OtherProfFeesAdjNetIncmAmt |
| Other Prof Fees Dsbrs Chrtbl | $307,535 | OtherProfFeesDsbrsChrtblAmt |
| Interest Rev And Expnss | $1,053,332 | InterestRevAndExpnssAmt |
| Interest Net Invst Incm | $26 | InterestNetInvstIncmAmt |
| Interest Adj Net Incm | $0 | InterestAdjNetIncmAmt |
| Interest Dsbrs Chrtbl | $0 | InterestDsbrsChrtblAmt |
| Taxes Rev And Expnss | $100,000 | TaxesRevAndExpnssAmt |
| Taxes Net Invst Incm | $0 | TaxesNetInvstIncmAmt |
| Taxes Adj Net Incm | $0 | TaxesAdjNetIncmAmt |
| Taxes Dsbrs Chrtbl | $0 | TaxesDsbrsChrtblAmt |
| Occupancy Rev And Expnss | $126,248 | OccupancyRevAndExpnssAmt |
| Occupancy Net Invst Incm | $0 | OccupancyNetInvstIncmAmt |
| Occupancy Adj Net Incm | $0 | OccupancyAdjNetIncmAmt |
| Occupancy Dsbrs Chrtbl | $0 | OccupancyDsbrsChrtblAmt |
| Trav Conf Meeting Rev And Expnss | $6,976 | TravConfMeetingRevAndExpnssAmt |
| Trav Conf Meeting Net Invst Incm | $0 | TravConfMeetingNetInvstIncmAmt |
| Trav Conf Meeting Adj Net Incm | $0 | TravConfMeetingAdjNetIncmAmt |
| Trav Conf Meeting Dsbrs Chrtbl | $6,976 | TravConfMeetingDsbrsChrtblAmt |
| Other Expenses Rev And Expnss | $306,641 | OtherExpensesRevAndExpnssAmt |
| Other Expenses Net Invst Incm | $0 | OtherExpensesNetInvstIncmAmt |
| Other Expenses Adj Net Incm | $0 | OtherExpensesAdjNetIncmAmt |
| Other Expenses Dsbrs Chrtbl | $294,086 | OtherExpensesDsbrsChrtblAmt |
| Tot Opr Expenses Rev And Expnss | $2,282,911 | TotOprExpensesRevAndExpnssAmt |
| Tot Opr Expenses Net Invst Incm | $15,692 | TotOprExpensesNetInvstIncmAmt |
| Tot Opr Expenses Adj Net Incm | $0 | TotOprExpensesAdjNetIncmAmt |
| Tot Opr Expenses Dsbrs Chrtbl | $972,388 | TotOprExpensesDsbrsChrtblAmt |
| Contri Paid Rev And Expnss | $662,000 | ContriPaidRevAndExpnssAmt |
| Contri Paid Dsbrs Chrtbl | $322,000 | ContriPaidDsbrsChrtblAmt |
| Total Expenses Rev And Expnss | $2,944,911 | TotalExpensesRevAndExpnssAmt |
| Total Expenses Net Invst Incm | $15,692 | TotalExpensesNetInvstIncmAmt |
| Total Expenses Adj Net Incm | $0 | TotalExpensesAdjNetIncmAmt |
| Total Expenses Dsbrs Chrtbl | $1,294,388 | TotalExpensesDsbrsChrtblAmt |
| Excess Revenue Over Expenses | -$4,745,837 | ExcessRevenueOverExpensesAmt |
| Net Investment Income | $6,713,303 | NetInvestmentIncomeAmt |
| Adjusted Net Income | $435,245 | AdjustedNetIncomeAmt |
Form990 PF Balance Sheets Form990PFBalanceSheetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cash BOY | $3,762 | CashBOYAmt |
| Cash EOY | $205,862 | CashEOYAmt |
| Cash EOYFMV | $205,862 | CashEOYFMVAmt |
| Acct Rcvbl | $1,405 | AcctRcvblAmt |
| Acct Rcvbl EOY | $1,405 | AcctRcvblEOYAmt |
| Acct Rcvbl EOYFMV | $1,405 | AcctRcvblEOYFMVAmt |
| Invst Land Cost Or Other Basis | $13,487,015 | InvstLandCostOrOtherBasisAmt |
| Land Bldg Investments BOY | $2,121,794 | LandBldgInvestmentsBOYAmt |
| Land Bldg Investments EOY | $13,487,015 | LandBldgInvestmentsEOYAmt |
| Land Bldg Investments EOYFMV | $13,487,015 | LandBldgInvestmentsEOYFMVAmt |
| Other Assets BOY | $81,212,060 | OtherAssetsBOYAmt |
| Other Assets EOY | $69,850,000 | OtherAssetsEOYAmt |
| Other Assets EOYFMV | $69,850,000 | OtherAssetsEOYFMVAmt |
| Total Assets BOY | $83,337,616 | TotalAssetsBOYAmt |
| Total Assets EOY | $83,544,282 | TotalAssetsEOYAmt |
| Total Assets EOYFMV | $83,544,282 | TotalAssetsEOYFMVAmt |
| Accounts Payable BOY | $63,785 | AccountsPayableBOYAmt |
| Accounts Payable EOY | $130,002 | AccountsPayableEOYAmt |
| Grants Payable EOY | $340,000 | GrantsPayableEOYAmt |
| Mortgages And Notes Payable BOY | $3,574,119 | MortgagesAndNotesPayableBOYAmt |
| Other Liabilities BOY | $56,420 | OtherLiabilitiesBOYAmt |
| Other Liabilities EOY | $226,825 | OtherLiabilitiesEOYAmt |
| Total Liabilities BOY | $3,694,324 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $696,827 | TotalLiabilitiesEOYAmt |
| Org Does Not Follow FASB117 | Yes (X) | OrgDoesNotFollowFASB117Ind |
| Capital Stock BOY | $0 | CapitalStockBOYAmt |
| Capital Stock EOY | $0 | CapitalStockEOYAmt |
| Additional Paid In Capital BOY | $0 | AdditionalPaidInCapitalBOYAmt |
| Additional Paid In Capital EOY | $0 | AdditionalPaidInCapitalEOYAmt |
| Retained Earning BOY | $79,643,292 | RetainedEarningBOYAmt |
| Retained Earning EOY | $82,847,455 | RetainedEarningEOYAmt |
| Tot Net Ast Or Fund Balances BOY | $79,643,292 | TotNetAstOrFundBalancesBOYAmt |
| Tot Net Ast Or Fund Balances EOY | $82,847,455 | TotNetAstOrFundBalancesEOYAmt |
| Total Liabilities Net Ast BOY | $83,337,616 | TotalLiabilitiesNetAstBOYAmt |
| Total Liabilities Net Ast EOY | $83,544,282 | TotalLiabilitiesNetAstEOYAmt |
Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tot Net Ast Or Fund Balances BOY | $79,643,292 | TotNetAstOrFundBalancesBOYAmt |
| Excess Revenue Over Expenses | -$4,745,837 | ExcessRevenueOverExpensesAmt |
| Other Increases | $7,950,000 | OtherIncreasesAmt |
| Subtotal | $82,847,455 | SubtotalAmt |
| Other Decreases | $0 | OtherDecreasesAmt |
| Tot Net Ast Or Fund Balances EOY | $82,847,455 | TotNetAstOrFundBalancesEOYAmt |
Cap Gains Loss Tx Invst Incm Detail CapGainsLossTxInvstIncmDetail
Cap Gains Loss Tx Invst Incm CapGainsLossTxInvstIncmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Property | SALE - ART WORK JOAN MITCHELL 1925-1992 | PropertyDesc |
| How Acquired | D | HowAcquiredCd |
| Acquired | 2018-12-27 | AcquiredDt |
| Sold | 2023-06-16 | SoldDt |
| Gross Sales Price | $14,168,750 | GrossSalesPriceAmt |
| Cost Or Other Basis | $7,875,000 | CostOrOtherBasisAmt |
| Gain Or Loss | $6,293,750 | GainOrLossAmt |
| Gains Minus Excess Or Losses | $6,293,750 | GainsMinusExcessOrLossesAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Capital Gain Net Income | $6,293,750 | CapitalGainNetIncomeAmt |
| Net Short Term Capital Gain Loss | $0 | NetShortTermCapitalGainLossAmt |
Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Income Excise Tax | $93,315 | InvestmentIncomeExciseTaxAmt |
| Tax Under Section511 | $0 | TaxUnderSection511Amt |
| Subtotal | $93,315 | SubtotalAmt |
| Subtitle A Tax | $0 | SubtitleATaxAmt |
| Tax Based On Investment Income | $93,315 | TaxBasedOnInvestmentIncomeAmt |
| Estimated Plus Ovpmt Incm Tx | $100,000 | EstimatedPlusOvpmtIncmTxAmt |
| Exempt Frgn Org Tax Wthld At Srce | $0 | ExemptFrgnOrgTaxWthldAtSrceAmt |
| Extsn Request Income Tax Paid | $10,000 | ExtsnRequestIncomeTaxPaidAmt |
| Backup Withholding Withheld | $0 | BackupWithholdingWithheldAmt |
| Total Payments And Credits | $110,000 | TotalPaymentsAndCreditsAmt |
| Es Penalty | $0 | EsPenaltyAmt |
| Overpayment | $16,685 | OverpaymentAmt |
| Applied To ES Tax | $16,685 | AppliedToESTaxAmt |
| Refund | $0 | RefundAmt |
Statements Regarding Acty StatementsRegardingActyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Legislative Political Acty | 0 | LegislativePoliticalActyInd |
| More Than100 Spent | 0 | MoreThan100SpentInd |
| Form1120 POL Filed | 0 | Form1120POLFiledInd |
| Section4955 Organization Tax | $0 | Section4955OrganizationTaxAmt |
| Section4955 Managers Tax | $0 | Section4955ManagersTaxAmt |
| Tax Reimbursed | $0 | TaxReimbursedAmt |
| Activities Not Previously Rpt | 0 | ActivitiesNotPreviouslyRptInd |
| Changes To Articles Or Bylaws | 0 | ChangesToArticlesOrBylawsInd |
| Unrelated Bus Incm Over Limit | Yes (1) | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | Yes (1) | Form990TFiledInd |
| Organization Dissolved Etc | 0 | OrganizationDissolvedEtcInd |
| Section508e Rqr Satisfied | Yes (1) | Section508eRqrSatisfiedInd |
| At Least5000 In Assets | Yes (1) | AtLeast5000InAssetsInd |
| Org Report Or Register State | PA | OrgReportOrRegisterStateCd |
| Form990 PF Filed With Atty Gen | Yes (1) | Form990PFFiledWithAttyGenInd |
| Private Operating Foundation | Yes (1) | PrivateOperatingFoundationInd |
| New Substantial Contributors | 0 | NewSubstantialContributorsInd |
| Own Controlled Entity | 0 | OwnControlledEntityInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Comply With Public Insp Rqr | Yes (1) | ComplyWithPublicInspRqrInd |
| Website Address | HTTPS://FORMANARTSINITIATIVE.ORG | WebsiteAddressTxt |
| Individual With Books | MICHAEL C FORMAN | IndividualWithBooksNm |
| Phone | 2154951160 | PhoneNum |
Location Of Books US Address LocationOfBooksUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 201 ROUSE BLVD | AddressLine1Txt |
| City | PHILADELPHIA | CityNm |
| State Abbreviation | PA | StateAbbreviationCd |
| ZIP | 19112 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Foreign Accounts Question | 0 | ForeignAccountsQuestionInd |
Statements Regarding Acty4720 StatementsRegardingActy4720Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Sale Or Exch Disqualified Prsn | 0 | SaleOrExchDisqualifiedPrsnInd |
| Brrw Or Lend Disqualified Prsn | 0 | BrrwOrLendDisqualifiedPrsnInd |
| Furn Goods Disqualified Prsn | Yes (1) | FurnGoodsDisqualifiedPrsnInd |
| Pay Comp Disqualified Prsn | Yes (1) | PayCompDisqualifiedPrsnInd |
| Transfer Ast Disqualified Prsn | 0 | TransferAstDisqualifiedPrsnInd |
| Payment To Government Official | 0 | PaymentToGovernmentOfficialInd |
| Acts Fail To Qlfy As Exceptions | 0 | ActsFailToQlfyAsExceptionsInd |
| Uncorrected Prior Acts | 0 | UncorrectedPriorActsInd |
| Undistributed Income PY | 0 | UndistributedIncomePYInd |
| Business Holdings | 0 | BusinessHoldingsInd |
| Jeopardy Investments | 0 | JeopardyInvestmentsInd |
| Uncorrected PY Jeopardy Invst | 0 | UncorrectedPYJeopardyInvstInd |
| Influence Legislation | 0 | InfluenceLegislationInd |
| Influence Election | 0 | InfluenceElectionInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Grants To Organizations | 0 | GrantsToOrganizationsInd |
| Noncharitable Purpose | 0 | NoncharitablePurposeInd |
| Rcv Fnds To Pay Prsnl Bnft Cntrct | 0 | RcvFndsToPayPrsnlBnftCntrctInd |
| Pay Premiums Prsnl Bnft Cntrct | 0 | PayPremiumsPrsnlBnftCntrctInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
Officer Dir Trst Key Empl Info OfficerDirTrstKeyEmplInfoGrp
Officer Dir Trst Key Empl OfficerDirTrstKeyEmplGrp (3 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | TitleTitleTxt | Average Hrs Per Wk Devoted To PosAverageHrsPerWkDevotedToPosRt | CompensationCompensationAmt | Employee Benefit ProgramEmployeeBenefitProgramAmt | Expense Account Other AllwncExpenseAccountOtherAllwncAmt |
|---|---|---|---|---|---|---|---|---|
| MICHAEL C FORMAN | ||||||||
| 201 ROUSE BLVD | PHILADELPHIA | PA | 19112 | PRESIDENT | 1.00 | $0 | $0 | $0 |
| JENNIFER S RICE | ||||||||
| 201 ROUSE BLVD | PHILADELPHIA | PA | 19112 | VICE PRESIDENT | 1.00 | $0 | $0 | $0 |
| THOMAS TRALA | ||||||||
| 201 ROUSE BLVD | PHILADELPHIA | PA | 19112 | TREASURER/SECRETARY | 10.00 | $113,027 | $0 | $0 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Comp Of Hghst Pd Empl Or NONE | NONE | CompOfHghstPdEmplOrNONETxt |
| Other Employee Paid Over50k | 0 | OtherEmployeePaidOver50kCnt |
Compensation Of Hghst Pd Cntrct CompensationOfHghstPdCntrctGrp (4 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | Service TypeServiceTypeTxt | CompensationCompensationAmt |
|---|---|---|---|---|---|
| DVDL DESIGN | |||||
| 1133 BROADWAY STE 1201 | NEW YORK | NY | 10010 | CONSULTING/ORG. DEV. | $266,250 |
| FB CAPITAL PARTNERS LP | |||||
| 201 ROUSE BLVD | PHILADELPHIA | PA | 19112 | ACCOUNTING | $170,405 |
| ISAACSON MILLER INC | |||||
| 1800 K ST NW | WASHINGTON | DC | 20006 | EXECUTIVE SEARCH FIRM | $112,208 |
| BLUE MEDIUM INC | |||||
| 526 W 26TH ST 708 | NEW YORK | NY | 10001 | ADVERTISING AND MARKETING | $86,769 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contractor Paid Over50k | 0 | ContractorPaidOver50kCnt |
Summary Of Direct Chrtbl Acty SummaryOfDirectChrtblActyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description1 | PROMOTE THE STUDY, EDUCATION, DISPLAY AND ADVANCEMENT OF THE ARTS | Description1Txt |
| Expenses1 | $972,388 | Expenses1Amt |
Sum Of Program Related Invst SumOfProgramRelatedInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Minimum Investment Return MinimumInvestmentReturnGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Average Monthly FMV Of Sec | $0 | AverageMonthlyFMVOfSecAmt |
| Average Monthly Cash Balances | $8,033,359 | AverageMonthlyCashBalancesAmt |
| FMV All Other Noncharitable Ast | $12,796,649 | FMVAllOtherNoncharitableAstAmt |
| Total FMV Of Unused Assets | $20,830,008 | TotalFMVOfUnusedAssetsAmt |
| Reduction Claimed | $0 | ReductionClaimedAmt |
| Acquisition Indebtedness | $0 | AcquisitionIndebtednessAmt |
| Adjusted Total FMV Of Unused Ast | $20,830,008 | AdjustedTotalFMVOfUnusedAstAmt |
| Cash Deemed Charitable | $312,450 | CashDeemedCharitableAmt |
| Net Vl Noncharitable Assets | $20,517,558 | NetVlNoncharitableAssetsAmt |
| Minimum Investment Return | $1,025,878 | MinimumInvestmentReturnAmt |
Distributable Amount DistributableAmountGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Sect4942j3j5 Fndtn And Frgn Org | Yes (X) | Sect4942j3j5FndtnAndFrgnOrgInd |
PF Qualifying Distributions PFQualifyingDistributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Expenses And Contributions | $1,294,388 | ExpensesAndContributionsAmt |
| Program Related Invst Total | $0 | ProgramRelatedInvstTotalAmt |
| Charitable Assets Acquis Paid | $1,000,000 | CharitableAssetsAcquisPaidAmt |
| Qualifying Distributions | $2,294,388 | QualifyingDistributionsAmt |
Private Operating Foundations PrivateOperatingFoundationsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Private Operating Fndtn Ruling | 2018-12-20 | PrivateOperatingFndtnRulingDt |
| Section4942j3 | Yes (X) | Section4942j3Ind |
Lessor Adj Net Incm Min Invst Ret LessorAdjNetIncmMinInvstRetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Year | $435,245 | CurrentYearAmt |
| Year1 | $224 | Year1Amt |
| Year2 | $1,607 | Year2Amt |
| Year3 | $33 | Year3Amt |
| Total | $437,109 | TotalAmt |
Pct85 Lessor Adj Incm Or Min Ret Pct85LessorAdjIncmOrMinRetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Year | $369,958 | CurrentYearAmt |
| Year1 | $190 | Year1Amt |
| Year2 | $1,366 | Year2Amt |
| Year3 | $28 | Year3Amt |
| Total | $371,543 | TotalAmt |
Qualifying Distributions QualifyingDistributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Year | $2,294,388 | CurrentYearAmt |
| Year1 | $6,647,335 | Year1Amt |
| Year2 | $1,183,614 | Year2Amt |
| Year3 | $1,132,220 | Year3Amt |
| Total | $11,257,557 | TotalAmt |
Qualifying Distri Not Used Drt QualifyingDistriNotUsedDrtGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Year | $322,000 | CurrentYearAmt |
| Year1 | $530,000 | Year1Amt |
| Year2 | $770,000 | Year2Amt |
| Year3 | $870,000 | Year3Amt |
| Total | $2,492,000 | TotalAmt |
Qualifying Distri Made Drt QualifyingDistriMadeDrtGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Year | $1,972,388 | CurrentYearAmt |
| Year1 | $6,117,335 | Year1Amt |
| Year2 | $413,614 | Year2Amt |
| Year3 | $262,220 | Year3Amt |
| Total | $8,765,557 | TotalAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Year | $83,544,282 | CurrentYearAmt |
| Year1 | $83,337,617 | Year1Amt |
| Year2 | $83,778,323 | Year2Amt |
| Year3 | $83,649,211 | Year3Amt |
| Total | $334,309,433 | TotalAmt |
Total Assets Sect4942j3 Bi TotalAssetsSect4942j3BiGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Year | $69,851,405 | CurrentYearAmt |
| Year1 | $78,900,000 | Year1Amt |
| Year2 | $83,730,000 | Year2Amt |
| Year3 | $83,630,000 | Year3Amt |
| Total | $316,111,405 | TotalAmt |
Two Thirds Minimum Invst Ret TwoThirdsMinimumInvstRetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Year | $683,919 | CurrentYearAmt |
| Year1 | $8,031 | Year1Amt |
| Year2 | $1,071 | Year2Amt |
| Year3 | $770 | Year3Amt |
| Total | $693,791 | TotalAmt |
Total Support TotalSupportGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Public Support Type PublicSupportType
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Largest Support From EO LargestSupportFromEOGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Gross Investment Income GrossInvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Supplementary Information SupplementaryInformationGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contributing Manager | MICHAEL C FORMAN | ContributingManagerNm |
| Contributing Manager | JENNIFER S RICE | ContributingManagerNm |
| Only Contri To Preselected | Yes (X) | OnlyContriToPreselectedInd |
Grant Or Contribution Pd Dur Yr GrantOrContributionPdDurYrGrp (4 entries)
| Address Line1RecipientUSAddress/AddressLine1Txt | CityRecipientUSAddress/CityNm | State AbbreviationRecipientUSAddress/StateAbbreviationCd | ZIPRecipientUSAddress/ZIPCd | Recipient Foundation StatusRecipientFoundationStatusTxt | Grant Or Contribution PurposeGrantOrContributionPurposeTxt | AmtAmt |
|---|---|---|---|---|---|---|
| DREXEL UNIVERSITY | ||||||
| 3201 ARCH STREET NO 400 | PHILADELPHIA | PA | 19104 | PC | SUPPORT IS INTENDED TO ESTABLISH THE FORMAN ARTS INITIATIVE CO-OP PROGRAM FUND AT THE LENFEST CENTER FOR CULTURAL PARTNERSHIPS. THE PROGRAM IS INTENDED TO RUN FOR 5 YEARS. | $75,000 |
| PHILADELPHIA FOUNDATION | ||||||
| 1835 MARKET STREET NO 2410 | PHILADELPHIA | PA | 19103 | PC | ARTWORKS (YR4) - GRANT TO SUPPORT ARTS, CULTURE & CREATIVITY IN COMMUNITY-BASED ORGANIZATIONS & ARTISTS WORKING IN PARTNERSHIP WITH BLACK, INDIGENOUS, PEOPLE OF COLOR, OTHER MARGINALIZED, & VULNERABLE COMMUNITIES IN THE GREATER PHILA AREA. | $215,000 |
| PHILADELPHIA MURAL ARTS ADVOCATES | ||||||
| 1729 MT VERNON STREET | PHILADELPHIA | PA | 19130 | PC | SUPPORT FOR PUBLIC WORKS RESIDENCY PROGRAM THAT EMBEDS ARTISTS IN CITY GOVERNMENT AGENCIES OR OTHER SIMILAR ORGANIZATIONS TO PROPOSE AND IMPLEMENT CREATIVE SOLUTIONS TO PRESSING CIVIC CHALLENGES. | $30,000 |
| BLACKSTAR PROJECTS INC | ||||||
| 1901 SOUTH 9TH STREET 414 | PHILADELPHIA | PA | 19148 | PC | GENERAL SUPPORT | $2,000 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Grant Or Contri Pd Dur Yr | $322,000 | TotalGrantOrContriPdDurYrAmt |
| Total Grant Or Contri Apprv Fut | $0 | TotalGrantOrContriApprvFutAmt |
Analysis Income Producing Acty AnalysisIncomeProducingActyGrp
Int On Sav And Temp Cash Invst IntOnSavAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Exclusion | 14 | ExclusionCd |
| Exclusion | $6,575 | ExclusionAmt |
Dividends And Interest From Sec Dtl DividendsAndInterestFromSecDtl
| Field | Value | IRS element (for citing) |
|---|---|---|
| Exclusion | 14 | ExclusionCd |
| Exclusion | $308,749 | ExclusionAmt |
Gain Sales Ast Oth Than Invntry GainSalesAstOthThanInvntryGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Exclusion | 18 | ExclusionCd |
| Exclusion | -$3,831,250 | ExclusionAmt |
Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Unrelated Business Taxbl Incm | $0 | UnrelatedBusinessTaxblIncmAmt |
| Exclusion | -$3,515,926 | ExclusionAmt |
| Related Or Exempt Function Incm | $0 | RelatedOrExemptFunctionIncmAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Income Producing Acty | -$3,515,926 | TotalIncomeProducingActyAmt |
Trnsfr Trans Rln Nonchrtbl EO TrnsfrTransRlnNonchrtblEOGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Trnsfr Of Cash To Nonchrtbl EO | 0 | TrnsfrOfCashToNonchrtblEOInd |
| Trnsfr Other Asset Nonchrtbl EO | 0 | TrnsfrOtherAssetNonchrtblEOInd |
| Sales Or Exchanges Of Assets | 0 | SalesOrExchangesOfAssetsInd |
| Purchase Of Assets Nonchrtbl EO | 0 | PurchaseOfAssetsNonchrtblEOInd |
| Rental Of Facilities Oth Assets | 0 | RentalOfFacilitiesOthAssetsInd |
| Reimbursement Arrangements | 0 | ReimbursementArrangementsInd |
| Loans Or Loan Guarantees | 0 | LoansOrLoanGuaranteesInd |
| Performance Of Services Etc | 0 | PerformanceOfServicesEtcInd |
| Sharing Of Facilities Etc | 0 | SharingOfFacilitiesEtcInd |
| Relationships Nonchrtbl EO | 0 | RelationshipsNonchrtblEOInd |
Schedule B IRS990ScheduleB
| Field | Value | IRS element (for citing) |
|---|---|---|
| Organization501c3 Exempt PF | Yes (X) | Organization501c3ExemptPFInd |
| General Rule | Yes (X) | GeneralRuleInd |
Contributor Information ContributorInformationGrp (2 entries)
| ContributorContributorNum | Address Line1ContributorUSAddress/AddressLine1Txt | CityContributorUSAddress/CityNm | State AbbreviationContributorUSAddress/StateAbbreviationCd | ZIPContributorUSAddress/ZIPCd | Total ContributionsTotalContributionsAmt | Person ContributionPersonContributionInd |
|---|---|---|---|---|---|---|
| NATIONAL PHILANTHROPIC TRUST | ||||||
| 1 | 165 TOWNSHIP LINE ROAD SUITE 1200 | JENKINTOWN | PA | 19046 | $1,000,000 | Yes (X) |
| FORMAN FAMILY FOUNDATION | ||||||
| 2 | C/O 201 ROUSE BLVD STE 675 | PHILADELPHIA | PA | 19112 | $715,000 | Yes (X) |
Accounting Fees Schedule AccountingFeesSchedule
Accounting Fees Detail AccountingFeesDetail (2 entries)
| CategoryCategoryTxt | AmtAmt | Net Investment IncomeNetInvestmentIncomeAmt | Adjusted Net IncomeAdjustedNetIncomeAmt | Disbursements Charitable PrpsDisbursementsCharitablePrpsAmt |
|---|---|---|---|---|
| ACCOUNTING FEES | $57,377 | $0 | $0 | $57,378 |
| TAX PREPARATION | $41,234 | $0 | $0 | $36,574 |
General Explanation Attachment GeneralExplanationAttachment
General Explanation GeneralExplanationGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | FORM 990-PF, PART XI - QUALIFYING DISTRIBUTIONS | FormAndLineReferenceDesc |
| Medium Explanation | PURSUANT TO IRS TREASURY REGULATION SECTION 53.4942(A)(3)(C)(I), THE FORMAN ARTS INITIATIVE ("FAI") IS PROVIDING THE FOLLOWING DISCLOSURE WITH RESPECT TO THE QUALIFYING DISTRIBUTIONS REPORTED ON PART XI LINE 4 OF THE FORM 990-PF.DURING 2023, THE FORMAN FAMILY FOUNDATION ("FFF") MADE A CASH GRANT OF $715,000 TO FORMAN ARTS INITIATIVE ("FAI") ; EXPENDITURES INCURRED BY FAI WITH THESE FUNDS HAVE BEEN INCLUDED IN FAI'S CALCULATION OF QUALIFYING DISTRIBUTIONS AND SHALL BE TREATED AS QUALIFYING DISTRIBUTIONS ON THE TAX RETURN OF FAI. THIS IS PERMITTED UNDER 53.4942(A)(3)(C)(1) BECAUSE:1. NOT LATER THAN ONE YEAR AFTER THE END OF THE TAX YEAR IN WHICH FAI RECEIVED FUNDING FROM FFF, IT MADE DISTRIBUTIONS EQUAL TO THE FULL AMOUNT OF THE CONTRIBUTION; THE DISTRIBUTIONS CONSTITUTE A QUALIFYING DISTRIBUTION THAT IS TREATED AS BEING MADE OUT OF CORPUS, AND2. FAI HAS PROVIDED ADEQUATE RECORDS TO FFF THAT IT HAS ACTUALLY PAID OUT THE GRANTED FUNDS TO QUALIFYING EXPENDITURES. | MediumExplanationTxt |
Legal Fees Schedule LegalFeesSchedule
Legal Fees LegalFeesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Category | LEGAL FEES | CategoryTxt |
| Legal Fees | $172,481 | LegalFeesAmt |
| Net Investment Income | $15,666 | NetInvestmentIncomeAmt |
| Adjusted Net Income | $0 | AdjustedNetIncomeAmt |
| Disbursements Charitable Prps | $117,467 | DisbursementsCharitablePrpsAmt |
Other Assets Schedule OtherAssetsSchedule
Other Assets Schedule OtherAssetsScheduleGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | ARTWORK | Desc |
| BOY Book Value | $81,212,060 | BOYBookValueAmt |
| EOY Book Value | $69,850,000 | EOYBookValueAmt |
| EOYFMV | $69,850,000 | EOYFMVAmt |
Other Expenses Schedule OtherExpensesSchedule
Other Expenses Schedule OtherExpensesScheduleGrp (5 entries)
| DescDesc | Revenue And Expenses Per BooksRevenueAndExpensesPerBooksAmt | Net Investment IncomeNetInvestmentIncomeAmt | Adjusted Net IncomeAdjustedNetIncomeAmt | Disbursements Charitable PrpsDisbursementsCharitablePrpsAmt |
|---|---|---|---|---|
| ADVERTISING & MARKETING | $133,767 | $0 | $0 | $130,769 |
| ART - OTHER | $116,105 | $0 | $0 | $107,887 |
| ART COLLECTIONS INSURANCE | $30,623 | $0 | $0 | $29,577 |
| ART COMMISSION | $22,576 | $0 | $0 | $22,283 |
| ART APPRAISAL | $3,570 | $0 | $0 | $3,570 |
Other Increases Schedule OtherIncreasesSchedule
Other Increases Detail OtherIncreasesDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | UNREALIZED GAIN/LOSS ART ADJUSTMENT | Desc |
| Amt | $7,950,000 | Amt |
Other Liabilities Schedule OtherLiabilitiesSchedule
Other Liabilities Detail OtherLiabilitiesDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | DUE TO FB CAPITAL PARTNERS LP | Desc |
| BOY Book Value | $56,420 | BOYBookValueAmt |
| EOY Book Value | $226,825 | EOYBookValueAmt |
Other Professional Fees Schedule OtherProfessionalFeesSchedule
Other Professional Fees Detail OtherProfessionalFeesDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Category | DVDL DESIGN | CategoryTxt |
| Amt | $266,250 | Amt |
| Net Investment Income | $0 | NetInvestmentIncomeAmt |
| Adjusted Net Income | $0 | AdjustedNetIncomeAmt |
| Disbursements Charitable Prps | $307,535 | DisbursementsCharitablePrpsAmt |
Taxes Schedule TaxesSchedule
Taxes Detail TaxesDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Category | EXCISE TAX | CategoryTxt |
| Amt | $100,000 | Amt |
| Net Investment Income | $0 | NetInvestmentIncomeAmt |
| Adjusted Net Income | $0 | AdjustedNetIncomeAmt |
| Disbursements Charitable Prps | $0 | DisbursementsCharitablePrpsAmt |