FORMAN ARTS INITIATIVE INC: Form 990PF, tax year 2022

View the entire original 990 at ProPublica ↗

Organization
FORMAN ARTS INITIATIVE INC (EIN 83-2902185)
Tax period
2022-01-01 to 2022-12-31
Filed
2023-10-03
IRS object ID
202302769349101105
Schema version
2022v5.0
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 ReturnHeader

FieldValueIRS element (for citing)
Return2023-10-03T12:47:22-05:00ReturnTs
Tax Period End2022-12-31TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

FieldValueIRS element (for citing)
Preparer Firm EIN366055558PreparerFirmEIN

Preparer Firm Name PreparerFirmName

FieldValueIRS element (for citing)
Business Name Line1GRANT THORNTON LLPBusinessNameLine1Txt

Preparer US Address PreparerUSAddress

FieldValueIRS element (for citing)
Address Line1757 THIRD AVENUE 3RD FLOORAddressLine1Txt
CityNEW YORKCityNm
State AbbreviationNYStateAbbreviationCd
ZIP100172013ZIPCd
FieldValueIRS element (for citing)
Return Type990PFReturnTypeCd
Tax Period Begin2022-01-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN832902185EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1FORMAN ARTS INITIATIVE INCBusinessNameLine1Txt
FieldValueIRS element (for citing)
Business Name ControlFORMBusinessNameControlTxt
Phone2154951160PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line1201 ROUSE BLVDAddressLine1Txt
CityPHILADELPHIACityNm
State AbbreviationPAStateAbbreviationCd
ZIP19112ZIPCd

Business Officer BusinessOfficerGrp

FieldValueIRS element (for citing)
PersonTHOMAS TRALAPersonNm
Person TitleTREASURER/SECRETARYPersonTitleTxt
Phone2154951160PhoneNum
Signature2023-10-03SignatureDt
Discuss With Paid PreparerYes (1)DiscussWithPaidPreparerInd

Signing Officer SigningOfficerGrp

Person Full Name PersonFullName

FieldValueIRS element (for citing)
Person FirstTHOMASPersonFirstNm
Person LastTRALAPersonLastNm
FieldValueIRS element (for citing)
SSN999009999SSN
FieldValueIRS element (for citing)
IRS Responsible Prty Info CurrYes (1)IRSResponsiblePrtyInfoCurrInd

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonDANIEL ROMANOPreparerPersonNm
PTINP00504182PTIN
Phone2125990100PhoneNum

Additional Filer Information AdditionalFilerInformation

Trusted Customer TrustedCustomerGrp

FieldValueIRS element (for citing)
Trusted Customer3TrustedCustomerCd
Authentication Assurance LevelAAL1AuthenticationAssuranceLevelCd
Identity Assurance LevelIAL1IdentityAssuranceLevelCd
FieldValueIRS element (for citing)
Tax2022TaxYr
Build TS2023-04-26 12:10:37ZBuildTS

Form 990-PF IRS990PF

FieldValueIRS element (for citing)
Name ChangeYes (X)NameChangeInd
Organization501c3 Exempt PFYes (X)Organization501c3ExemptPFInd
FMV Assets EOY$83,337,616FMVAssetsEOYAmt
Method Of Accounting AccrualYes (X)MethodOfAccountingAccrualInd

Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses

FieldValueIRS element (for citing)
Contri Rcvd Rev And Expnss$7,508,000ContriRcvdRevAndExpnssAmt
Interest On Sav Rev And Expnss$224InterestOnSavRevAndExpnssAmt
Interest On Sav Net Invst Incm$224InterestOnSavNetInvstIncmAmt
Interest On Savings Adj Net Incm$224InterestOnSavingsAdjNetIncmAmt
Cap Gain Net Incm Net Invst Incm$0CapGainNetIncmNetInvstIncmAmt
Net ST Capital Gain Adj Net Incm$0NetSTCapitalGainAdjNetIncmAmt
Total Rev And Expnss$7,508,224TotalRevAndExpnssAmt
Total Net Invst Incm$224TotalNetInvstIncmAmt
Total Adj Net Incm$224TotalAdjNetIncmAmt
Comp Ofcr Dir Trst Rev And Expnss$67,934CompOfcrDirTrstRevAndExpnssAmt
Comp Ofcr Dir Trst Net Invst Incm$0CompOfcrDirTrstNetInvstIncmAmt
Comp Ofcr Dir Trst Adj Net Incm$0CompOfcrDirTrstAdjNetIncmAmt
Comp Ofcr Dir Trst Dsbrs Chrtbl$65,934CompOfcrDirTrstDsbrsChrtblAmt
Oth Empl Slrs Wgs Rev And Expnss$44,896OthEmplSlrsWgsRevAndExpnssAmt
Oth Empl Slrs Wgs Net Invst Incm$0OthEmplSlrsWgsNetInvstIncmAmt
Oth Empl Slrs Wgs Adj Net Incm$0OthEmplSlrsWgsAdjNetIncmAmt
Oth Empl Slrs Wgs Dsbrs Chrtbl$43,574OthEmplSlrsWgsDsbrsChrtblAmt
Legal Fees Rev And Expnss$77,507LegalFeesRevAndExpnssAmt
Legal Fees Net Invst Incm$0LegalFeesNetInvstIncmAmt
Legal Fees Adj Net Incm$0LegalFeesAdjNetIncmAmt
Legal Fees Dsbrs Chrtbl$47,577LegalFeesDsbrsChrtblAmt
Accounting Fees Rev And Expnss$14,288AccountingFeesRevAndExpnssAmt
Accounting Fees Net Invst Incm$0AccountingFeesNetInvstIncmAmt
Accounting Fees Adj Net Incm$0AccountingFeesAdjNetIncmAmt
Accounting Fees Chrtbl Prps$14,288AccountingFeesChrtblPrpsAmt
Other Prof Fees Rev And Expnss$223,813OtherProfFeesRevAndExpnssAmt
Other Prof Fees Net Invst Incm$63OtherProfFeesNetInvstIncmAmt
Other Prof Fees Adj Net Incm$0OtherProfFeesAdjNetIncmAmt
Other Prof Fees Dsbrs Chrtbl$173,226OtherProfFeesDsbrsChrtblAmt
Taxes Rev And Expnss$201TaxesRevAndExpnssAmt
Taxes Net Invst Incm$201TaxesNetInvstIncmAmt
Taxes Adj Net Incm$0TaxesAdjNetIncmAmt
Taxes Dsbrs Chrtbl$0TaxesDsbrsChrtblAmt
Trav Conf Meeting Rev And Expnss$19,876TravConfMeetingRevAndExpnssAmt
Trav Conf Meeting Net Invst Incm$1,033TravConfMeetingNetInvstIncmAmt
Trav Conf Meeting Adj Net Incm$0TravConfMeetingAdjNetIncmAmt
Trav Conf Meeting Dsbrs Chrtbl$18,843TravConfMeetingDsbrsChrtblAmt
Other Expenses Rev And Expnss$567,804OtherExpensesRevAndExpnssAmt
Other Expenses Net Invst Incm$13,912OtherExpensesNetInvstIncmAmt
Other Expenses Adj Net Incm$0OtherExpensesAdjNetIncmAmt
Other Expenses Dsbrs Chrtbl$553,893OtherExpensesDsbrsChrtblAmt
Tot Opr Expenses Rev And Expnss$1,016,319TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm$15,209TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Adj Net Incm$0TotOprExpensesAdjNetIncmAmt
Tot Opr Expenses Dsbrs Chrtbl$917,335TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss$530,000ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl$530,000ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss$1,546,319TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm$15,209TotalExpensesNetInvstIncmAmt
Total Expenses Adj Net Incm$0TotalExpensesAdjNetIncmAmt
Total Expenses Dsbrs Chrtbl$1,447,335TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses$5,961,905ExcessRevenueOverExpensesAmt
Net Investment Income$0NetInvestmentIncomeAmt
Adjusted Net Income$224AdjustedNetIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

FieldValueIRS element (for citing)
Cash BOY$48,323CashBOYAmt
Cash EOY$3,762CashEOYAmt
Cash EOYFMV$3,762CashEOYFMVAmt
Invst Land Cost Or Other Basis$2,121,794InvstLandCostOrOtherBasisAmt
Land Bldg Investments EOY$2,121,794LandBldgInvestmentsEOYAmt
Land Bldg Investments EOYFMV$2,121,794LandBldgInvestmentsEOYFMVAmt
Other Assets BOY$83,730,000OtherAssetsBOYAmt
Other Assets EOY$81,212,060OtherAssetsEOYAmt
Other Assets EOYFMV$81,212,060OtherAssetsEOYFMVAmt
Total Assets BOY$83,778,323TotalAssetsBOYAmt
Total Assets EOY$83,337,616TotalAssetsEOYAmt
Total Assets EOYFMV$83,337,616TotalAssetsEOYFMVAmt
Accounts Payable BOY$13,838AccountsPayableBOYAmt
Accounts Payable EOY$63,785AccountsPayableEOYAmt
Mortgages And Notes Payable EOY$3,574,119MortgagesAndNotesPayableEOYAmt
Other Liabilities BOY$53,098OtherLiabilitiesBOYAmt
Other Liabilities EOY$56,420OtherLiabilitiesEOYAmt
Total Liabilities BOY$66,936TotalLiabilitiesBOYAmt
Total Liabilities EOY$3,694,324TotalLiabilitiesEOYAmt
Org Does Not Follow FASB117Yes (X)OrgDoesNotFollowFASB117Ind
Capital Stock BOY$0CapitalStockBOYAmt
Capital Stock EOY$0CapitalStockEOYAmt
Additional Paid In Capital BOY$0AdditionalPaidInCapitalBOYAmt
Additional Paid In Capital EOY$0AdditionalPaidInCapitalEOYAmt
Retained Earning BOY$83,711,387RetainedEarningBOYAmt
Retained Earning EOY$79,643,292RetainedEarningEOYAmt
Tot Net Ast Or Fund Balances BOY$83,711,387TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY$79,643,292TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY$83,778,323TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY$83,337,616TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

FieldValueIRS element (for citing)
Tot Net Ast Or Fund Balances BOY$83,711,387TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses$5,961,905ExcessRevenueOverExpensesAmt
Other Increases$0OtherIncreasesAmt
Subtotal$89,673,292SubtotalAmt
Other Decreases$10,030,000OtherDecreasesAmt
Tot Net Ast Or Fund Balances EOY$79,643,292TotNetAstOrFundBalancesEOYAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

FieldValueIRS element (for citing)
Investment Income Excise Tax$0InvestmentIncomeExciseTaxAmt
Tax Under Section511$0TaxUnderSection511Amt
Subtotal$0SubtotalAmt
Subtitle A Tax$0SubtitleATaxAmt
Tax Based On Investment Income$0TaxBasedOnInvestmentIncomeAmt
Estimated Plus Ovpmt Incm Tx$0EstimatedPlusOvpmtIncmTxAmt
Exempt Frgn Org Tax Wthld At Srce$0ExemptFrgnOrgTaxWthldAtSrceAmt
Extsn Request Income Tax Paid$0ExtsnRequestIncomeTaxPaidAmt
Backup Withholding Withheld$0BackupWithholdingWithheldAmt
Total Payments And Credits$0TotalPaymentsAndCreditsAmt
Es Penalty$0EsPenaltyAmt
Tax Due$0TaxDueAmt

Statements Regarding Acty StatementsRegardingActyGrp

FieldValueIRS element (for citing)
Legislative Political Acty0LegislativePoliticalActyInd
More Than100 Spent0MoreThan100SpentInd
Form1120 POL Filed0Form1120POLFiledInd
Section4955 Organization Tax$0Section4955OrganizationTaxAmt
Section4955 Managers Tax$0Section4955ManagersTaxAmt
Tax Reimbursed$0TaxReimbursedAmt
Activities Not Previously Rpt0ActivitiesNotPreviouslyRptInd
Changes To Articles Or Bylaws0ChangesToArticlesOrBylawsInd
Unrelated Bus Incm Over Limit0UnrelatedBusIncmOverLimitInd
Organization Dissolved Etc0OrganizationDissolvedEtcInd
Section508e Rqr SatisfiedYes (1)Section508eRqrSatisfiedInd
At Least5000 In AssetsYes (1)AtLeast5000InAssetsInd
Org Report Or Register StatePAOrgReportOrRegisterStateCd
Form990 PF Filed With Atty GenYes (1)Form990PFFiledWithAttyGenInd
Private Operating FoundationYes (1)PrivateOperatingFoundationInd
New Substantial Contributors0NewSubstantialContributorsInd
Own Controlled Entity0OwnControlledEntityInd
Donor Advised Fund0DonorAdvisedFundInd
Comply With Public Insp RqrYes (1)ComplyWithPublicInspRqrInd
Website AddressHTTPS://FORMANARTSINITIATIVE.ORGWebsiteAddressTxt
Individual With BooksMICHAEL C FORMANIndividualWithBooksNm
Phone2154951160PhoneNum

Location Of Books US Address LocationOfBooksUSAddress

FieldValueIRS element (for citing)
Address Line1201 ROUSE BLVDAddressLine1Txt
CityPHILADELPHIACityNm
State AbbreviationPAStateAbbreviationCd
ZIP19112ZIPCd
FieldValueIRS element (for citing)
Foreign Accounts Question0ForeignAccountsQuestionInd

Statements Regarding Acty4720 StatementsRegardingActy4720Grp

FieldValueIRS element (for citing)
Sale Or Exch Disqualified Prsn0SaleOrExchDisqualifiedPrsnInd
Brrw Or Lend Disqualified Prsn0BrrwOrLendDisqualifiedPrsnInd
Furn Goods Disqualified PrsnYes (1)FurnGoodsDisqualifiedPrsnInd
Pay Comp Disqualified PrsnYes (1)PayCompDisqualifiedPrsnInd
Transfer Ast Disqualified Prsn0TransferAstDisqualifiedPrsnInd
Payment To Government Official0PaymentToGovernmentOfficialInd
Acts Fail To Qlfy As Exceptions0ActsFailToQlfyAsExceptionsInd
Uncorrected Prior Acts0UncorrectedPriorActsInd
Undistributed Income PY0UndistributedIncomePYInd
Business Holdings0BusinessHoldingsInd
Jeopardy Investments0JeopardyInvestmentsInd
Uncorrected PY Jeopardy Invst0UncorrectedPYJeopardyInvstInd
Influence Legislation0InfluenceLegislationInd
Influence Election0InfluenceElectionInd
Grants To Individuals0GrantsToIndividualsInd
Grants To Organizations0GrantsToOrganizationsInd
Noncharitable Purpose0NoncharitablePurposeInd
Rcv Fnds To Pay Prsnl Bnft Cntrct0RcvFndsToPayPrsnlBnftCntrctInd
Pay Premiums Prsnl Bnft Cntrct0PayPremiumsPrsnlBnftCntrctInd
Prohibited Tax Shelter Trans0ProhibitedTaxShelterTransInd
Subj To Tax Rmnrtn Ex Prcht Pymt0SubjToTaxRmnrtnExPrchtPymtInd

Officer Dir Trst Key Empl Info OfficerDirTrstKeyEmplInfoGrp

Officer Dir Trst Key Empl OfficerDirTrstKeyEmplGrp (3 entries)

Address Line1USAddress/AddressLine1TxtCityUSAddress/CityNmState AbbreviationUSAddress/StateAbbreviationCdZIPUSAddress/ZIPCdTitleTitleTxtAverage Hrs Per Wk Devoted To PosAverageHrsPerWkDevotedToPosRtCompensationCompensationAmtEmployee Benefit ProgramEmployeeBenefitProgramAmtExpense Account Other AllwncExpenseAccountOtherAllwncAmt
MICHAEL C FORMAN
201 ROUSE BLVDPHILADELPHIAPA19112PRESIDENT1.00$0$0$0
JENNIFER S RICE
201 ROUSE BLVDPHILADELPHIAPA19112VICE PRESIDENT1.00$0$0$0
THOMAS TRALA
201 ROUSE BLVDPHILADELPHIAPA19112TREASURER/SECRETARY10.00$67,934$0$0
FieldValueIRS element (for citing)
Comp Of Hghst Pd Empl Or NONENONECompOfHghstPdEmplOrNONETxt
Other Employee Paid Over50k0OtherEmployeePaidOver50kCnt

Compensation Of Hghst Pd Cntrct CompensationOfHghstPdCntrctGrp (2 entries)

Address Line1USAddress/AddressLine1TxtCityUSAddress/CityNmState AbbreviationUSAddress/StateAbbreviationCdZIPUSAddress/ZIPCdService TypeServiceTypeTxtCompensationCompensationAmt
DVDL DESIGN
1133 BROADWAY STE 1201NEW YORKNY10010CONSULTING/ORG. DEV.$223,750
FB CAPITAL PARTNERS LP
201 ROUSE BLVDPHILADELPHIAPA19112ACCOUNTING$112,830
FieldValueIRS element (for citing)
Contractor Paid Over50k0ContractorPaidOver50kCnt

Summary Of Direct Chrtbl Acty SummaryOfDirectChrtblActyGrp

FieldValueIRS element (for citing)
Description1PROMOTE THE STUDY, EDUCATION, DISPLAY AND ADVANCEMENT OF THE ARTSDescription1Txt
Expenses1$917,334Expenses1Amt

Sum Of Program Related Invst SumOfProgramRelatedInvstGrp

FieldValueIRS element (for citing)
Total$0TotalAmt

Minimum Investment Return MinimumInvestmentReturnGrp

FieldValueIRS element (for citing)
Average Monthly FMV Of Sec$0AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances$156,201AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast$88,408FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets$244,609TotalFMVOfUnusedAssetsAmt
Reduction Claimed$0ReductionClaimedAmt
Acquisition Indebtedness$0AcquisitionIndebtednessAmt
Adjusted Total FMV Of Unused Ast$244,609AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable$3,669CashDeemedCharitableAmt
Net Vl Noncharitable Assets$240,940NetVlNoncharitableAssetsAmt
Minimum Investment Return$12,047MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

FieldValueIRS element (for citing)
Sect4942j3j5 Fndtn And Frgn OrgYes (X)Sect4942j3j5FndtnAndFrgnOrgInd

PF Qualifying Distributions PFQualifyingDistributionsGrp

FieldValueIRS element (for citing)
Expenses And Contributions$1,447,335ExpensesAndContributionsAmt
Program Related Invst Total$0ProgramRelatedInvstTotalAmt
Charitable Assets Acquis Paid$5,200,000CharitableAssetsAcquisPaidAmt
Qualifying Distributions$6,647,335QualifyingDistributionsAmt

Private Operating Foundations PrivateOperatingFoundationsGrp

FieldValueIRS element (for citing)
Private Operating Fndtn Ruling2018-12-20PrivateOperatingFndtnRulingDt
Section4942j3Yes (X)Section4942j3Ind

Lessor Adj Net Incm Min Invst Ret LessorAdjNetIncmMinInvstRetGrp

FieldValueIRS element (for citing)
Current Year$224CurrentYearAmt
Year1$1,607Year1Amt
Year2$33Year2Amt
Year3$0Year3Amt
Total$1,864TotalAmt

Pct85 Lessor Adj Incm Or Min Ret Pct85LessorAdjIncmOrMinRetGrp

FieldValueIRS element (for citing)
Current Year$190CurrentYearAmt
Year1$1,366Year1Amt
Year2$28Year2Amt
Year3$0Year3Amt
Total$1,584TotalAmt

Qualifying Distributions QualifyingDistributionsGrp

FieldValueIRS element (for citing)
Current Year$6,647,335CurrentYearAmt
Year1$1,183,614Year1Amt
Year2$1,132,220Year2Amt
Year3$369,947Year3Amt
Total$9,333,116TotalAmt

Qualifying Distri Not Used Drt QualifyingDistriNotUsedDrtGrp

FieldValueIRS element (for citing)
Current Year$530,000CurrentYearAmt
Year1$770,000Year1Amt
Year2$870,000Year2Amt
Year3$0Year3Amt
Total$2,170,000TotalAmt

Qualifying Distri Made Drt QualifyingDistriMadeDrtGrp

FieldValueIRS element (for citing)
Current Year$6,117,335CurrentYearAmt
Year1$413,614Year1Amt
Year2$262,220Year2Amt
Year3$369,947Year3Amt
Total$7,163,116TotalAmt

Total Assets TotalAssetsGrp

FieldValueIRS element (for citing)
Current Year$83,337,617CurrentYearAmt
Year1$83,778,323Year1Amt
Year2$83,649,211Year2Amt
Year3$55,786,110Year3Amt
Total$306,551,261TotalAmt

Total Assets Sect4942j3 Bi TotalAssetsSect4942j3BiGrp

FieldValueIRS element (for citing)
Current Year$78,900,000CurrentYearAmt
Year1$83,730,000Year1Amt
Year2$83,630,000Year2Amt
Year3$51,780,000Year3Amt
Total$298,040,000TotalAmt

Two Thirds Minimum Invst Ret TwoThirdsMinimumInvstRetGrp

FieldValueIRS element (for citing)
Current Year$8,031CurrentYearAmt
Year1$1,071Year1Amt
Year2$770Year2Amt
Year3$0Year3Amt
Total$9,872TotalAmt

Total Support TotalSupportGrp

FieldValueIRS element (for citing)
Total$0TotalAmt

Public Support Type PublicSupportType

FieldValueIRS element (for citing)
Total$0TotalAmt

Largest Support From EO LargestSupportFromEOGrp

FieldValueIRS element (for citing)
Total$0TotalAmt

Gross Investment Income GrossInvestmentIncomeGrp

FieldValueIRS element (for citing)
Total$0TotalAmt

Supplementary Information SupplementaryInformationGrp

FieldValueIRS element (for citing)
Contributing ManagerMICHAEL C FORMANContributingManagerNm
Contributing ManagerJENNIFER S RICEContributingManagerNm
Only Contri To PreselectedYes (X)OnlyContriToPreselectedInd

Grant Or Contribution Pd Dur Yr GrantOrContributionPdDurYrGrp (2 entries)

Address Line1RecipientUSAddress/AddressLine1TxtCityRecipientUSAddress/CityNmState AbbreviationRecipientUSAddress/StateAbbreviationCdZIPRecipientUSAddress/ZIPCdRecipient Foundation StatusRecipientFoundationStatusTxtGrant Or Contribution PurposeGrantOrContributionPurposeTxtAmtAmt
DREXEL UNIVERSITY
3201 ARCH STREET NO 400PHILADELPHIAPA19104PCSUPPORT 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 2410PHILADELPHIAPA19103PCARTWORKS (YR2) - 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.$455,000
FieldValueIRS element (for citing)
Total Grant Or Contri Pd Dur Yr$530,000TotalGrantOrContriPdDurYrAmt
Total Grant Or Contri Apprv Fut$0TotalGrantOrContriApprvFutAmt

Analysis Income Producing Acty AnalysisIncomeProducingActyGrp

Int On Sav And Temp Cash Invst IntOnSavAndTempCashInvstGrp

FieldValueIRS element (for citing)
Exclusion14ExclusionCd
Exclusion$224ExclusionAmt

Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp

FieldValueIRS element (for citing)
Unrelated Business Taxbl Incm$0UnrelatedBusinessTaxblIncmAmt
Exclusion$224ExclusionAmt
Related Or Exempt Function Incm$0RelatedOrExemptFunctionIncmAmt
FieldValueIRS element (for citing)
Total Income Producing Acty$224TotalIncomeProducingActyAmt

Trnsfr Trans Rln Nonchrtbl EO TrnsfrTransRlnNonchrtblEOGrp

FieldValueIRS element (for citing)
Trnsfr Of Cash To Nonchrtbl EO0TrnsfrOfCashToNonchrtblEOInd
Trnsfr Other Asset Nonchrtbl EO0TrnsfrOtherAssetNonchrtblEOInd
Sales Or Exchanges Of Assets0SalesOrExchangesOfAssetsInd
Purchase Of Assets Nonchrtbl EO0PurchaseOfAssetsNonchrtblEOInd
Rental Of Facilities Oth Assets0RentalOfFacilitiesOthAssetsInd
Reimbursement Arrangements0ReimbursementArrangementsInd
Loans Or Loan Guarantees0LoansOrLoanGuaranteesInd
Performance Of Services Etc0PerformanceOfServicesEtcInd
Sharing Of Facilities Etc0SharingOfFacilitiesEtcInd
Relationships Nonchrtbl EO0RelationshipsNonchrtblEOInd

Schedule B IRS990ScheduleB

FieldValueIRS element (for citing)
Organization501c3 Exempt PFYes (X)Organization501c3ExemptPFInd
General RuleYes (X)GeneralRuleInd

Contributor Information ContributorInformationGrp (2 entries)

ContributorContributorNumAddress Line1ContributorUSAddress/AddressLine1TxtCityContributorUSAddress/CityNmState AbbreviationContributorUSAddress/StateAbbreviationCdZIPContributorUSAddress/ZIPCdTotal ContributionsTotalContributionsAmtPerson ContributionPersonContributionInd
MICHAEL C FORMAN
1C/O 201 ROUSE BLVD STE 675PHILADELPHIAPA19112$575,000Yes (X)
FORMAN FAMILY FOUNDATION
2C/O 201 ROUSE BLVD STE 675PHILADELPHIAPA19112$6,932,500Yes (X)

Accounting Fees Schedule AccountingFeesSchedule

Accounting Fees Detail AccountingFeesDetail

FieldValueIRS element (for citing)
CategoryGRANT THORNTON LLPCategoryTxt
Amt$14,288Amt
Net Investment Income$0NetInvestmentIncomeAmt
Adjusted Net Income$0AdjustedNetIncomeAmt
Disbursements Charitable Prps$14,288DisbursementsCharitablePrpsAmt

General Explanation Attachment GeneralExplanationAttachment

General Explanation GeneralExplanationGrp

FieldValueIRS element (for citing)
Form And Line ReferenceFORM 990-PF, PART XI - QUALIFYING DISTRIBUTIONSFormAndLineReferenceDesc
Medium ExplanationPURSUANT 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 2022, THE FORMAN FAMILY FOUNDATION ("FFF") MADE A CASH GRANT OF $6,932,5000 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 (2 entries)

CategoryCategoryTxtLegal FeesLegalFeesAmtNet Investment IncomeNetInvestmentIncomeAmtAdjusted Net IncomeAdjustedNetIncomeAmtDisbursements Charitable PrpsDisbursementsCharitablePrpsAmt
COZEN O'CONNOR$53,521$0$0$47,577
BENNETT & SAMIOS LLP$23,986$0$0$0

Other Assets Schedule OtherAssetsSchedule

Other Assets Schedule OtherAssetsScheduleGrp (27 entries)

DescDescBOY Book ValueBOYBookValueAmtEOY Book ValueEOYBookValueAmtEOYFMVEOYFMVAmt
JOHN MITCHELL, UNTITLED$18,000,000$16,000,000$16,000,000
BRICE MARDEN PAINTING$12,500,000$8,500,000$8,500,000
AD REINHARDT PAINTING$6,000,000$4,500,000$4,500,000
KEVIN BEASLEY - SLAB III$80,000$150,000$150,000
HURVIN ANDERSON - UNTITLED$1,500,000$2,750,000$2,750,000
GEORG BASELITZ - TRAUERSEECHWA$3,000,000$2,500,000$2,500,000
JOE BRADLEY - CUMBERLAND 2018$1,400,000$750,000$750,000
SAM GILLIAM - CAY$1,200,000$1,000,000$1,000,000
SAM GILLIAM - BRUSH II$700,000$600,000$600,000
GLENN LIGON - DEBRIS FIELD$600,000$850,000$850,000
KERRY JAMES MARSHALL - TERRY$5,000,000$5,000,000$5,000,000
SEAN SCULLY 0 WALL OF LIGHT$1,800,000$1,650,000$1,650,000
RICHARD SERRA-LARGE REVERSAL 6$600,000$300,000$300,000
RICHARD SERRA-LARGE REVERSAL 9$600,000$300,000$300,000
LEE UFAN - DIALOGUE, 2016$400,000$800,000$800,000
JACK WHITTEN - EL NINO$2,500,000$2,750,000$2,750,000
JUDD$11,600,000$10,000,000$10,000,000
CECILY BROWN - WHERE EVERY SEASON SHINES SHIPWRECK$2,500,000$4,500,000$4,500,000
JACK WHITTEN: SPECIAL CHECKING, 1974,$3,000,000$2,750,000$2,750,000
JACK WHITTEN "ANCIENT MEMORIES", 1987$2,500,000$1,500,000$1,500,000
JASPER JOHNS - "UNTITLED" SIGNED AND DATED IN INK$750,000$800,000$800,000
JASPER JOHNS - "UNTITLED" SIGNED AND DATED IN GRAPHITE$500,000$200,000$200,000
KIEFER- GESANG DER GEISTER UBER DEN WASSERN$3,000,000$1,500,000$1,500,000
GERHARD RICHTER - ABSTRAKTES BILD$4,000,000$4,250,000$4,250,000
ALMA THOMAS - REFLECTIONS$0$5,000,000$5,000,000
DEPOSIT ON BUILDING$0$525,000$525,000
RESTRICTED CASH$0$1,787,060$1,787,060

Other Decreases Schedule OtherDecreasesSchedule

Other Decreases Detail OtherDecreasesDetail

FieldValueIRS element (for citing)
DescUNREALIZED GAIN/LOSS ART ADJUSTMENTDesc
Amt$10,030,000Amt

Other Expenses Schedule OtherExpensesSchedule

Other Expenses Schedule OtherExpensesScheduleGrp (10 entries)

DescDescRevenue And Expenses Per BooksRevenueAndExpensesPerBooksAmtNet Investment IncomeNetInvestmentIncomeAmtAdjusted Net IncomeAdjustedNetIncomeAmtDisbursements Charitable PrpsDisbursementsCharitablePrpsAmt
ART COMMISSION$260,000$0$0$260,000
ADVERTISING & MARKETING$124,313$0$0$124,313
ART COLLECTIONS INSURANCE$112,342$0$0$112,343
ART TRANSPORTATION$23,963$0$0$23,963
PROPERTY INSURANCE$13,912$13,912$0$0
ART - OTHER$9,440$0$0$9,440
ART APPRAISAL$7,300$0$0$7,300
ART STORAGE$6,639$0$0$6,639
FAI STORIES$5,500$0$0$5,500
OFFICE SUPPLIES & SOFTWARE$4,395$0$0$4,395

Other Liabilities Schedule OtherLiabilitiesSchedule

Other Liabilities Detail OtherLiabilitiesDetail

FieldValueIRS element (for citing)
DescDUE TO FB CAPITAL PARTNERS LPDesc
BOY Book Value$53,098BOYBookValueAmt
EOY Book Value$56,420EOYBookValueAmt

Other Professional Fees Schedule OtherProfessionalFeesSchedule

Other Professional Fees Detail OtherProfessionalFeesDetail (3 entries)

CategoryCategoryTxtAmtAmtNet Investment IncomeNetInvestmentIncomeAmtAdjusted Net IncomeAdjustedNetIncomeAmtDisbursements Charitable PrpsDisbursementsCharitablePrpsAmt
DVDL DESIGN$218,750$0$0$168,226
PHILADELPHIA VOLUNTEER LAWYERS FOR THE ARTS$5,000$0$0$5,000
INVESTMENT REPORTING$63$63$0$0

Taxes Schedule TaxesSchedule

Taxes Detail TaxesDetail

FieldValueIRS element (for citing)
CategoryPROPERTY TAXESCategoryTxt
Amt$201Amt
Net Investment Income$201NetInvestmentIncomeAmt
Adjusted Net Income$0AdjustedNetIncomeAmt
Disbursements Charitable Prps$0DisbursementsCharitablePrpsAmt

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