Foundation For Arts Initiatives
Organization summary
Type of Nonprofit
Designated as a Organizations for any of the following purposes: religious, educational, charitable, scientific, literary, testing for public safety, fostering national or international amateur sports competition (as long as it doesn't provide athletic facilities or equipment), or the prevention of cruelty to children or animals.
Category: Philanthropy, Voluntarism and Grantmaking Foundations / Private Grantmaking Foundations (NTEE)
Donations to this organization are tax deductible.
Summary charts: organization finances over time
Revenue −$551k (2023)
Expenses $1.95M (2023)
Total Assets $30M (2023)
Total Liabilities $63.3k (2023)
Tax Filings by Year
Form 990 is an information return that most organizations claiming federal tax-exempt status must file yearly with the IRS. Nonprofit Explorer has IRS digitized Form 990 data for filings processed in 2012 and later. If this organization filed an amended return, it may not be reflected below. Duplicate download links may indicate a resubmission or amendment to this organization's original return. Form 990 data is from the IRS.
Fiscal Year Ending Aug.
2023
Extracted Financial Data
Extracted Financial Data from Form 990-PF
| Notable Sources of Revenue | Percent of Total Revenue | |
|---|---|---|
| Contributions Received | $0 | |
| Interest Revenue | $25 | |
| Dividends | $604,595 | |
| Sales of Assets | -$1,155,127 | |
| Other Income | $0 |
| Notable Expenses | Percent of Total Expenses | |
|---|---|---|
| Charitable Disbursements | $1,945,582 |
99.6%
|
| Compensation of Officers* | $233,000 |
11.9%
|
| * Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%. | ||
| Assets/Debt | ||
|---|---|---|
| Total Assets | $30,010,208 | |
| Total Liabilities | $63,258 |
Compensation
| Key Employees and Officers | Compensation | Other |
|---|---|---|
| Joan Weakley (Secretary) | $138,000 | $0 |
| Vasif Kortun (Chairperson, Treasurer & Board Member) | $15,000 | $0 |
| Manuel J Borja Villel (Board Member) | $10,000 | $0 |
Document Links
990-PF
Filed on July 1, 2024Primary tax return for a private foundation's activities, finances, and governance
Fiscal Year Ending Aug.
2022
Extracted Financial Data
Extracted Financial Data from Form 990-PF
| Notable Sources of Revenue | Percent of Total Revenue | |
|---|---|---|
| Contributions Received | $0 | |
| Interest Revenue | $7 |
0.0%
|
| Dividends | $475,540 |
2.9%
|
| Sales of Assets | $15,707,883 |
97.1%
|
| Other Income | $0 |
| Notable Expenses | Percent of Total Expenses | |
|---|---|---|
| Charitable Disbursements | $1,834,372 |
82.8%
|
| Compensation of Officers* | $233,000 |
10.5%
|
| * Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%. | ||
| Assets/Debt | ||
|---|---|---|
| Total Assets | $29,575,352 | |
| Total Liabilities | $218,365 |
Compensation
| Key Employees and Officers | Compensation | Other |
|---|---|---|
| Joan Weakley (Secretary) | $138,000 | $0 |
| Vasif Kortun (Chairperson, Treasurer & Board Member) | $15,000 | $0 |
| Manuel J Borja Villel (Board Member) | $10,000 | $0 |
Document Links
990-PF
Filed on July 7, 2023Primary tax return for a private foundation's activities, finances, and governance
Fiscal Year Ending Aug.
2021
Extracted Financial Data
Extracted Financial Data from Form 990-PF
| Notable Sources of Revenue | Percent of Total Revenue | |
|---|---|---|
| Contributions Received | $0 | |
| Interest Revenue | $6 |
0.0%
|
| Dividends | $434,815 |
20.2%
|
| Sales of Assets | $1,722,573 |
79.8%
|
| Other Income | $0 |
| Notable Expenses | Percent of Total Expenses | |
|---|---|---|
| Charitable Disbursements | $1,544,266 |
83.4%
|
| Compensation of Officers* | $233,000 |
12.6%
|
| * Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%. | ||
| Assets/Debt | ||
|---|---|---|
| Total Assets | $37,377,202 | |
| Total Liabilities | $278,838 |
Compensation
| Key Employees and Officers | Compensation | Other |
|---|---|---|
| Joan Weakley (Secretary) | $138,000 | $0 |
| Vasif Kortun (Chairman, Treasurer & Board Member) | $15,000 | $0 |
| Manuel J Borja Villel (Board Member) | $10,000 | $0 |
Document Links
990-PF
Filed on July 11, 2022Primary tax return for a private foundation's activities, finances, and governance
Fiscal Year Ending Aug.
2020
Extracted Financial Data
Extracted Financial Data from Form 990-PF
| Notable Sources of Revenue | Percent of Total Revenue | |
|---|---|---|
| Contributions Received | $0 | |
| Interest Revenue | $5 |
0.0%
|
| Dividends | $449,112 |
15.0%
|
| Sales of Assets | $2,506,730 |
83.8%
|
| Other Income | $37,176 |
1.2%
|
| Notable Expenses | Percent of Total Expenses | |
|---|---|---|
| Charitable Disbursements | $2,085,446 |
92.4%
|
| Compensation of Officers* | $161,750 |
7.2%
|
| * Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%. | ||
| Assets/Debt | ||
|---|---|---|
| Total Assets | $33,005,984 | |
| Total Liabilities | $186,312 |
Compensation
| Key Employees and Officers | Compensation | Other |
|---|---|---|
| Joan Weakley (Secretary) | $138,000 | $0 |
| Vasif Kortun (Chairman, Treasurer & Board Member) | $3,750 | $0 |
| Manuel J Borja Villel (Board Member) | $2,500 | $0 |
Document Links
990-PF
Filed on July 14, 2021Primary tax return for a private foundation's activities, finances, and governance
Fiscal Year Ending Aug.
2019
Extracted Financial Data
Extracted Financial Data from Form 990-PF
| Notable Sources of Revenue | Percent of Total Revenue | |
|---|---|---|
| Contributions Received | $0 | |
| Interest Revenue | $5 |
0.0%
|
| Dividends | $493,903 |
23.6%
|
| Sales of Assets | $1,594,770 |
76.2%
|
| Other Income | $3,703 |
0.2%
|
| Notable Expenses | Percent of Total Expenses | |
|---|---|---|
| Charitable Disbursements | $1,701,324 |
89.6%
|
| Compensation of Officers* | $69,000 |
3.6%
|
| * Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%. | ||
| Assets/Debt | ||
|---|---|---|
| Total Assets | $29,394,051 | |
| Total Liabilities | $190,081 |
Document Links
990-PF
Primary tax return for a private foundation's activities, finances, and governance
Fiscal Year Ending Aug.
2018
No Extracted Financial Data
Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.
Document Links
990-PF
Primary tax return for a private foundation's activities, finances, and governance
Fiscal Year Ending Aug.
2017
No Extracted Financial Data
Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.
Document Links
990-PF
Primary tax return for a private foundation's activities, finances, and governance
Fiscal Year Ending Aug.
2016
No Extracted Financial Data
Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.
Document Links
990-PF
Primary tax return for a private foundation's activities, finances, and governance
Fiscal Year Ending Aug.
2015
Extracted Financial Data
Extracted Financial Data from Form 990-PF
| Notable Sources of Revenue | Percent of Total Revenue | |
|---|---|---|
| Contributions Received | $0 | |
| Interest Revenue | $8 |
0.0%
|
| Dividends | $470,102 |
21.0%
|
| Sales of Assets | $1,769,950 |
79.0%
|
| Other Income | $1,600 |
0.1%
|
| Notable Expenses | Percent of Total Expenses | |
|---|---|---|
| Charitable Disbursements | $868,878 |
84.5%
|
| Compensation of Officers* | $0 | |
| * Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%. | ||
| Assets/Debt | ||
|---|---|---|
| Total Assets | $22,769,848 | |
| Total Liabilities | $116,683 |
Document Links
990-PF
Primary tax return for a private foundation's activities, finances, and governance
Fiscal Year Ending Aug.
2014
Extracted Financial Data
Extracted Financial Data from Form 990-PF
| Notable Sources of Revenue | Percent of Total Revenue | |
|---|---|---|
| Contributions Received | $0 | |
| Interest Revenue | $11 |
0.0%
|
| Dividends | $496,047 |
22.7%
|
| Sales of Assets | $1,677,815 |
76.6%
|
| Other Income | $15,356 |
0.7%
|
| Notable Expenses | Percent of Total Expenses | |
|---|---|---|
| Charitable Disbursements | $933,413 |
82.7%
|
| Compensation of Officers* | $0 | |
| * Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%. | ||
| Assets/Debt | ||
|---|---|---|
| Total Assets | $23,971,695 | |
| Total Liabilities | $113,927 |
Document Links
990-PF
Primary tax return for a private foundation's activities, finances, and governance
Fiscal Year Ending Aug.
2013
Extracted Financial Data
Extracted Financial Data from Form 990-PF
| Notable Sources of Revenue | Percent of Total Revenue | |
|---|---|---|
| Contributions Received | $0 | |
| Interest Revenue | $10 |
0.0%
|
| Dividends | $526,776 |
59.8%
|
| Sales of Assets | $341,762 |
38.8%
|
| Other Income | $12,627 |
1.4%
|
| Notable Expenses | Percent of Total Expenses | |
|---|---|---|
| Charitable Disbursements | $1,148,256 |
> 100%
|
| Compensation of Officers* | $0 | |
| * Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%. | ||
| Assets/Debt | ||
|---|---|---|
| Total Assets | $20,868,437 | |
| Total Liabilities | $94,648 |
Document Links
990-PF
Primary tax return for a private foundation's activities, finances, and governance
Fiscal Year Ending Aug.
2012
Extracted Financial Data
Extracted Financial Data from Form 990-PF
| Notable Sources of Revenue | Percent of Total Revenue | |
|---|---|---|
| Contributions Received | $0 | |
| Interest Revenue | $16 |
0.0%
|
| Dividends | $474,064 |
46.1%
|
| Sales of Assets | $554,356 |
53.9%
|
| Other Income | $0 |
| Notable Expenses | Percent of Total Expenses | |
|---|---|---|
| Charitable Disbursements | $649,959 |
70.5%
|
| Compensation of Officers* | $0 | |
| * Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%. | ||
| Assets/Debt | ||
|---|---|---|
| Total Assets | $19,486,492 | |
| Total Liabilities | $236,673 |
Document Links
990-PF
Primary tax return for a private foundation's activities, finances, and governance
Fiscal Year Ending Aug.
2011
Extracted Financial Data
Extracted Financial Data from Form 990-PF
| Notable Sources of Revenue | Percent of Total Revenue | |
|---|---|---|
| Contributions Received | $0 | |
| Interest Revenue | $16 |
0.0%
|
| Dividends | $487,273 |
34.4%
|
| Sales of Assets | $927,826 |
65.5%
|
| Other Income | $672 |
0.0%
|
| Notable Expenses | Percent of Total Expenses | |
|---|---|---|
| Charitable Disbursements | $760,199 |
95.1%
|
| Compensation of Officers* | $0 | |
| * Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%. | ||
| Assets/Debt | ||
|---|---|---|
| Total Assets | $18,176,040 | |
| Total Liabilities | $116,596 |
Document Links
990-PF
Primary tax return for a private foundation's activities, finances, and governance
Fiscal Year Ending Aug.
2010
No Extracted Financial Data
Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.
Document Links
990-PF
Primary tax return for a private foundation's activities, finances, and governance
Fiscal Year Ending Aug.
2009
No Extracted Financial Data
Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.
Document Links
990-PF
Primary tax return for a private foundation's activities, finances, and governance
Fiscal Year Ending Aug.
2008
No Extracted Financial Data
Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.
Document Links
990-PF
Primary tax return for a private foundation's activities, finances, and governance
Fiscal Year Ending Aug.
2007
No Extracted Financial Data
Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.
Document Links
990-PF
Primary tax return for a private foundation's activities, finances, and governance
Fiscal Year Ending Aug.
2006
No Extracted Financial Data
Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.
Document Links
990-PF
Primary tax return for a private foundation's activities, finances, and governance
Fiscal Year Ending Aug.
2005
No Extracted Financial Data
Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.
Document Links
990-PF
Primary tax return for a private foundation's activities, finances, and governance
Fiscal Year Ending Aug.
2004
No Extracted Financial Data
Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.
Document Links
990-PF
Primary tax return for a private foundation's activities, finances, and governance
Fiscal Year Ending Aug.
2003
No Extracted Financial Data
Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.
Document Links
990-PF
Primary tax return for a private foundation's activities, finances, and governance
Fiscal Year Ending Aug.
2002
No Extracted Financial Data
Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.
Document Links
990
Primary tax return for a nonprofit’s activities, finances, and governance
Fiscal Year Ending Aug.
2001
No Extracted Financial Data
Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.
Document Links
990
Primary tax return for a nonprofit’s activities, finances, and governance
Fiscal Year Ending Aug.
2000
No Extracted Financial Data
Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.
Document Links
990
Primary tax return for a nonprofit’s activities, finances, and governance
About This Data
Nonprofit Explorer includes summary data for nonprofit tax returns and full Form 990 documents, in both PDF and digital formats.
The summary data contains information processed by the IRS during the 2012-2019 calendar years; this generally consists of filings for the 2011-2018 fiscal years, but may include older records. This data release includes only a subset of what can be found in the full Form 990s.
In addition to the raw summary data, we link to PDFs and digital copies of full Form 990 documents wherever possible. This consists of separate releases by the IRS of Form 990 documents processed by the agency, which we update regularly.
We also link to copies of audits nonprofit organizations that spent $750,000 or more in Federal grant money in a single fiscal year since 2016. These audits are copied from the Federal Audit Clearinghouse.