While we are currently an LLC, in the future we plan to convert to a 501c3.
Here is the basic overview:
Year 1 2018:
$1425 in startup Costs (LLC creation, website, signage and supplies)
Year 2 2019:
$150 signage and supplies for Flipside
Amount Spent to create event: $900
Year 3 2020: GOAL is to give away $10,000 in grants
Year 3 2020
Planned Grants: The jury met on March 8th . We received almost $16,000 in grant requests and planned to give out $9500 in Grants (so close to that $10k goal)
Then sadly Flipside 2020 was cancelled. We had not yet given out the grants. (We were waiting to hear what the Flipside LLC decided before doing so.) We will hold the funds for 2021.
We did let the artists whom would have received the funds for 2020 know that if they applied again in 2021 the 2021 Art Jury will know that these artists did not get the grant in 2020 through no fault of their own and that will go into consideration.
$652 The 2020 Taxes were a hard hit this year. Normally we take in the moneys and then give them out so there is no “profit” to be taxed. However, since we took in the donations but didn’t give it out, there was a fee. So Ignition Philter owed $652 for their taxes.
Year 4 2021
Because there is no Flipside for one more year due to Covid precautions, we decided to partner with Art Safari for their 2nd year adventures which will provide front yard/covid-safe art viewing and provide a few grants. We planned to fund up to 10 grants with a max of $250 per piece. In the end we funded 4 pieces, so $1000 was given out using the normal grant cycle. In addition a last chance $100 was given out by the Art Safari organizers.
*Photo by Keith Avery under the creative common license