2018-06-05T12:14:55-05:00 2017-10-31 850211867 ATKINSON & CO LTD PO BOX 25246 ALBUQUERQUE NM 87125 990 2016-11-01 352285824 INTERNATIONAL FOLK ART ALLIANCE INC DBA IFAM INTE 5059927600 620 CERRILLOS ROAD SANTA FE NM 87505 KATHRYN KING COLEMAN CHAIR 5059927600 2018-05-21 1 JESSICA LOCKER CPA P01367046 5058436492 2016 2022-09-23 18:48:47Z X IFAM KATHRYN KING COLEMAN 620 CERRILLOS ROAD SANTA FE NM 87505 4087497 0 X WWW.FOLKARTMARKET.ORG X 2006 NM CREATING ECONOMIC OPPORTUNITIES FOR INTERNATIONAL ARTISAN-ENTREPRENEURS WHO PROMOTE GLOBAL CULTURAL HERITAGE THROUGH MASTER CRAFT AND INCREASE HUMAN WELL-BEING THROUGH THEIR BUSINESS MODELS. TO AUGMENT THIS PURSUIT, THE ORGANIZATION MOVED TO A LARGER HEADQUARTERS, INVESTING IN TENANT IMPROVEMENTS AS THE FIRST PHASE OF A CAMPAIGN TO OWN THE BUILDING OUTRIGHT IN 2020. 25 25 15 1784 0 0 1577318 2108796 1033103 1095344 61087 80501 93271 115077 2764779 3399718 0 0 0 0 1045708 1179774 0 0 275989 1940128 2170183 2985836 3349957 -221057 49761 3163462 3652788 86813 530645 3076649 3122143 X CREATING ECONOMIC OPPORTUNITIES FOR INTERNATIONAL ARTISAN-ENTREPRENEURS WHO PROMOTE GLOBAL CULTURAL HERITAGE THROUGH MASTER CRAFT AND INCREASE HUMAN WELL-BEING THROUGH THEIR BUSINESS MODELS. TO AUGMENT THIS PURSUIT, THE ORGANIZATION MOVED TO A LARGER HEADQUARTERS, INVESTING IN TENANT IMPROVEMENTS AS THE FIRST PHASE OF A CAMPAIGN TO OWN THE BUILDING OUTRIGHT IN 2020. 0 0 1789565 1095344 PRODUCING INTERNATIONAL FOLK ART MARKETS AS A PROGRAMMATIC OUTCOME OF HIGHLY CURATED ARTIST SELECTION AND ENTREPRENEURISM EDUCATION. 369766 PROMOTING CULTURAL EXCHANGE BY PROVIDING THE GENERAL PUBLIC OPPORTUNITIES TO LEARN ABOUT INTERNATIONAL FOLK ART AS A TRANSMISSION OF METHODS, MATERIALS AND TECHNIQUES PASSED ON THROUGH GENERATIONS. 306239 EXPANDING OPPORTUNITIES FOR ARTISANS BY OFFERING ADVANCED ENTREPRENEURSIM EDUCATION, INCLUDING SOCIAL ENTERPRISE MODELS AND IN-COUNTRY CURRICULUM DELIVERY, AND SALES VENUES, INCLUDING WHOLESALE AND VIRTUAL CHANNELS. 386577 TRAINING PROGRAM THAT TEACHES ARTISTS CRITICAL MARKETING AND BUSINESS SKILLS TO HELP THEM IMPROVE THEIR SALES, THUS SUSTAINING THEIR TRADITIONS AND CREATING STRONGER ECONOMY FOR THEMSELVES AND THEIR COMMUNITIES. 386577 2852147 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 47 0 1 15 1 0 0 0 0 0 1 1 0 0 0 0 X 25 25 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 NM TX X X X PATTIE RAVENHEART 5059927611 620 CERRILLOS ROAD SANTA FE NM 87505 KATHRYN KING COLEMAN CHAIR 2.00 X X 0 0 0 EDD STEPP VICE-CHAIR 2.00 X X 0 0 0 RICHARD PORTER TREASURER 2.00 X X 0 0 0 BENITA WEBER VASSALLO SECRETARY 2.00 X X 0 0 0 MARK ALEXANDER DIRECTOR 2.00 X 0 0 0 CATHY ALLEN DIRECTOR 2.00 X 0 0 0 NELLA DOMENICI DIRECTOR 2.00 X 0 0 0 SHEILA ELLIS DIRECTOR 2.00 X 0 0 0 PEGGY GAUSTAD DIRECTOR 2.00 X 0 0 0 BRENDA KILCUP DIRECTOR 2.00 X 0 0 0 JENNIFER KIMBALL DIRECTOR 2.00 X 0 0 0 KAREN LOUD DIRECTOR 2.00 X 0 0 0 LINDA MARCUS DIRECTOR 2.00 X 0 0 0 MANUEL MONTOYA PHD DIRECTOR 2.00 X 0 0 0 JON PATTEN DIRECTOR 2.00 X 0 0 0 KEITH RECKER DIRECTOR 2.00 X 0 0 0 LIZ REES DIRECTOR 2.00 X 0 0 0 JANE REID DIRECTOR 2.00 X 0 0 0 CAROL ROBERTSON LOPEZ DIRECTOR 2.00 X 0 0 0 PETER SPELIOPOULOS DIRECTOR 2.00 X 0 0 0 ROBERT SNOW DIRECTOR 2.00 X 0 0 0 SUZANNE SUGG DIRECTOR 2.00 X 0 0 0 ALEX TSCHURSIN DIRECTOR 2.00 X 0 0 0 MICHAEL VANDER VELDE DIRECTOR 2.00 X 0 0 0 ELIZABETH WASHBURN DIRECTOR 2.00 X 0 0 0 JEFFREY SNELL CHIEF EXECUTIVE OFFICER 40.00 X 200999 0 14638 200999 0 14638 1 0 1 0 WOLF CORP 1216 PARKWAY DRIVE SANTA FE NM 87507 LEASEHOLD IMPROVEMENTS 859424 PAUL THOMPSON & ASSOCIATES PO BOX 6868 SANTA FE NM 87501 MARKET LOGISTICS AND TRANSPORTATION 126425 CLASSIC PARTY RENTALS 8615 ALAMEDA PARK NE ALBUQUERQUE NM 87113 TENT RENTALS 117453 3 26000 2082796 502662 2108796 TICKET SALES 900099 538554 538554 HANDLING FEE 900099 341988 341988 BOOTH REVENUE 900099 213139 213139 BEST OF THE BEST 900099 1663 1663 1095344 88468 88468 253296 261263 -7967 -7967 -7967 368429 341988 26441 26441 173164 84528 88636 88636 3399718 1095344 0 195578 X 215637 140330 34437 40870 835189 602198 107909 125082 64684 40286 12445 11953 64264 40025 12364 11875 10499 7874 840 1785 28438 21329 2275 4834 287095 287095 23990 16809 2965 4216 135146 101359 10812 22975 194224 149724 22142 22358 93110 69832 7449 15829 33125 22910 5266 4949 20352 18206 1106 1040 GENERAL MARKET 947407 947407 ARTISTS 253313 253313 SPECIAL EVENTS 92921 88547 4374 ENTERPRISE EXPENSES 27922 27922 22641 16981 1811 3849 3349957 2852147 221821 275989 538833 694566 409881 208649 402518 313677 185409 201856 3958 25932 962725 76980 13215 885745 1457732 1189300 151916 133063 3163462 3652788 29995 385642 56818 28863 0 116140 86813 530645 X 1525808 1683312 550841 438831 1000000 1000000 3076649 3122143 3163462 3652788 49761 -4267 0 X X 0 1 X 1 0 X 1503512 1393508 1304414 1577318 2108796 7887548 1302393 1312236 1191074 1126374 1268508 6200585 2805905 2705744 2495488 2703692 3377304 14088133 345888 275875 260278 453178 534464 1869683 0 345888 275875 260278 453178 534464 1869683 12218450 2501 61473 90701 61087 88468 304230 2501 61473 90701 61087 88468 304230 2808406 2767217 2586189 2764779 3465772 14392363 0.84900 0.76950 0.02110 0.01480 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1687505 50000 73558 413114 1397949 1617502 53962 61041 45000 1687505 1506834 70038 65630 25000 1617502 1348456 73237 110141 25000 1506834 1305242 51505 -8291 1348456 0.22000 0.72000 0.06000 0 0 792306 35554 756752 170419 41426 128993 885745 UNAMORTIZED RENT 116140 116140 X 3578945 -4267 183494 179227 3399718 0 3399718 3533451 183494 183494 3349957 0 3349957 PART V, LINE 4: THE ORGANIZATION'S ENDOWMENT CONSISTS OF TWO INDIVIDUAL FUNDS ESTABLISHED COLLECTIVELY AS A QUASI-ENDOWMENT FUND AND A DONOR-RESTRICTED FUND. THE ENDOWMENT INCLUDES FUNDS CONTRIBUTED BY NANCE AND RAMON LOPEZ, AND CAROLE AND EDD STEPP, AS WELL AS FUNDS DESIGNATED BY THE BOARD OF DIRECTORS TO FUNCTION AS AN ENDOWMENT. THE ENDOWMENT FUND IS IN ITS SEVENTH YEAR OF EXISTENCE. AS SUCH, ALL MONIES EARNED ARE BEING REINVESTED. PART X, LINE 2: THE ORGANIZATION APPLIES THE PROVISIONS OF FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ACCOUNTING STANDARDS CODIFICATION (ASC) 740, ACCOUNTING FOR INCOME TAXES. FASB ASC 740 PROVIDES DETAILED GUIDANCE FOR THE FINANCIAL STATEMENT RECOGNITION, MEASUREMENT, AND DISCLOSURE OF UNCERTAIN TAX POSITIONS IN AN ENTERPRISE'S FINANCIAL STATEMENTS. INCOME TAX POSITIONS MUST MEET A MORE-LIKELY-THAN-NOT RECOGNITION THRESHOLD TO BE RECOGNIZED. THE ORGANIZATION'S POLICY IS TO CLASSIFY INCOME TAX PENALTIES AND INTEREST AS MISCELLANEOUS EXPENSE. DURING THE YEARS ENDED OCTOBER 31, 2017, THE ORGANIZATION RECOGNIZED NO PENALTIES. AS OF OCTOBER 31, 2017, MANAGEMENT DOES NOT BELIEVE THE ORGANIZATION HAS ANY UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE FINANCIAL STATEMENT RECOGNITION, MEASUREMENT, OR DISCLOSURE UNDER FASB ASC 740. MARKET 368429 368429 341988 368429 368429 341988 341988 26441 X X X X X X 0 0 0 0 0 0 0 0 0 JEFFREY SNELL CHIEF EXECUTIVE OFFICER 200999 0 0 0 0 0 8551 0 6087 0 215637 0 0 0 X 8 214346 FMV X 28 37309 FMV X PROMOTIONAL 9 148784 FMV X SUPPLIES 37 102223 FMV 0 1 0 FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED AND APPROVED BY THE EXECUTIVE COMMITTEE AND THE AUDIT COMMITTEE AT A SPECIAL AUDIT REVIEW MEETING. IT IS ALSO PRESENTED TO THE GENERAL BOARD. HOWEVER, THE ENTIRE BOARD OF DIRECTORS IS NOT PROVIDED WITH LIST OF DISQUALIFED PERSONS FROM SCHEDULE A NOR SCHEDULE B, SCHEDULE OF CONTRIBUTORS. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS EVALUATED AS NEW BUSINESS RELATIONSHIPS AND SITUATIONS ARISE. BOARD TRUSTEES SIGN A COMPLIANCE AGREEMENT FORM ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 ORGANIZATION USES THREE DATA SOURCES - LOCAL, REGIONAL AND NATIONAL SALARY SURVEYS OF NON-PROFITS IN RELATED SECTORS OF ARTS, CULTURE AND EDUCATION - TO ARRIVE AT COMPARABLE COMPENSATION LEVELS FOR ITS STAFF. RECOMMENDED SALARIES ARE THEN SHARED BY THE CEO TO THE BOARD'S EXECUTIVE COMMITTEE FOR APPROVAL OR ADJUSTMENT. CEO'S SALARY IS REVIEWED BY EXECUTIVE COMMITTEE ANNUALLY AS PART OF CEO'S EVALUATION PROCESS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART IX, COLUMN B THE ANNUAL EVENT FOR IFAM IS A MARKET FOR ARTISTS FROM VARIOUS COUNTRIES TO SELL THEIR PRODUCT. IFAM SERVES MOSTLY AS AN INTERMEDIARY BETWEEN THE ARTISTS AND THE GENERAL PUBLIC. BECAUSE OF THIS ROLE, IFAM CAREFULLY TRACKS THE SALES OF THE ARTISTS USING A POS SYSTEM AND SALES RECEIPTS AND THEN RECONCILES WITH THE ARTISTS AFTER THE MARKET. PART OF THE REQUIREMENT FOR THE ARTISTS IS TO KEEP TRACK OF THEIR OWN SALES RECEIPTS (THEY ARE GIVEN COPIES THROUGHOUT THE MARKET). ONCE THE SALES INFORMATION IS RECONCILED, IFAM PAYS THE ARTISTS A SIGNIFICANT PORTION OF MARKET SALES, COLLECTING ONLY A MODEST HANDLING FEE. IF THESE ARTIST PAYOUTS WERE INCLUDED IN THE FUNCTIONAL EXPENSES, THE PROGRAM EFFICIENCY WOULD BE 85%. WITH THE ARTIST PAYOUTS EXCLUDED FROM THE FUNCTIONAL EXPENSES, THE PROGRAM EFFICIENCY RATIO IS 75%. FORM 990, PART XII, LINE 2C THE AUDIT COMMITTEE ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.