2024-05-15T12:29:05-05:00 2023-06-30 043037870 BOLLUS LYNCH LLP 89 SHREWSBURY STREET WORCESTER MA 01604 990 2022-07-01 042105859 THE WORCESTER CENTER FOR CRAFTS INC WORC 5087538183 25 SAGAMORE ROAD WORCESTER MA 01605 KATHLEEN EICHELROTH BOARD TREASURER 5087538183 2024-05-14 1 KATHLEEN EICHELROTH 999009999 0 BARBARA E KING P00005629 5087557107 2024-05-14 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z KATHLEEN EICHELROTH 25 SAGAMORE ROAD WORCESTER MA 01605 1411963 0 X WORCESTERCRAFTCENTER.ORG X 1883 MA TO FOSTER INTEREST, UNDERSTANDING, AND ASSISTANCE TO INDIVIDUALS OF ALL AGES THROUGH EDUCATION IN THE CRAFTS. 12 12 39 100 0 0 318011 422166 482106 582543 -42174 2132 236184 240498 994127 1247339 4264 3044 0 0 763328 401564 0 0 895 53419 445667 821011 850275 173116 397064 2418623 2859280 226747 189575 2191876 2669705 SUSTAINING CRAFT AS A VITAL PART OF OUR COMMUNITY. 0 0 415722 3044 741394 INSTRUCTIONAL - TO FOSTER INTEREST, UNDERSTANDING AND ASSISTANCE TO INDIVIDUALS OF ALL AGES THROUGH EDUCATION IN THE CRAFTS. 132507 81647 CRAFT FAIRS/GALLERY STORE & EVENTS - CRAFT FAIRS ARE HELD ANNUALLY FEATURING FINE CRAFTS BY PROFESSIONAL ARTISTS. THESE FAIRS ARE JURIED EVENTS AND FEATURE WORK SIMILAR TO THE GALLERY EXHIBITS. THE GALLERY STORE SUPPORTS THE CENTER'S MISSION BY PROMOTING ENTREPRENEURIALSHIP. EXHIBITS - THE CRAFT CENTER IN-PART SUPPORTS ITS MISSION BY EXHIBITING STUDENT, FACULTY AND GUEST ARTIST'S WORK IN ITS GALLERY SPACE FROM TIME TO TIME THROUGHOUT THE YEAR. THE EXHIBITS ARE GENERALLY IN MEDIUMS TAUGHT AT THE CRAFT CENTER SUCH AS GLASS, CERAMICS, METALS AND PHOTOGRAPHY. IN MOST CASES, THE CRAFT WORK IS AVAILABLE FOR PURCHASE. 548229 1 1 0 0 0 0 0 0 0 1 1 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 9 0 1 39 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 12 12 1 1 0 0 0 1 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MA X BRIAN RESTREPO 5087538183 25 SAGAMORE ROAD WORCESTER MA 01605 KIM CUTLER DIRECTOR 5.00 X 0 0 0 KATHLEEN M EICHELROTH TREASURER 5.00 X X 0 219175 0 THOMAS M MCNAMARA CLERK 5.00 X X 0 222838 0 MICHAEL LORION DIRECTOR 5.00 X 0 0 0 DR ROBERTA L KYLE DIRECTOR 5.00 X 0 169303 0 SHEILA TETLER CHAIR 5.00 X X 0 0 0 RUSSELL POTTLE DIRECTOR 5.00 X 0 160349 0 JENNIFER IRVINE DIRECTOR 5.00 X 0 0 0 MARYANNE HAMMOND DIRECTOR 5.00 X 0 0 0 KATE MCEVOY DIRECTOR 5.00 X 0 0 0 VICTOR PACHECO DIRECTOR 5.00 X 0 0 0 NADIA MCGOURTHY DIRECTOR 5.00 X 0 0 0 BETSY GREEN-BAKER FORMER CONTROLLER 40.00 X 0 80420 0 ELAINE MCKENNA-YEAW EXECUTIVE DIRECTOR 40.00 X 0 102749 0 BRIAN RESTREPO CONTROLLER 40.00 X 10644 0 0 10644 954834 0 0 0 1 0 0 422166 422166 TUITION & FEES 611710 500896 500896 CRAFT FAIRS 611710 81647 81647 582543 2132 2132 250000 0 250000 250000 250000 155052 164624 -9572 -9572 MISCELLANEOUS INCOME 611710 70 70 70 1247339 823041 0 2132 3044 3044 324398 227783 96615 50938 40824 10114 26228 16125 10103 60269 16201 44068 47844 29511 18333 128435 48535 79531 369 80974 75703 4745 526 22265 21172 1093 STUDIO MATERIALS & SUPP 72854 65110 7744 BANK CHARGES 15273 1199 14074 TELEPHONE 5051 5051 POSTAGE & SHIPPING 4713 4713 7989 3022 4967 850275 548229 301151 895 477151 508786 230147 232277 3188 255210 80888 90421 13030 6260 2791846 1921811 825125 870035 788794 896291 300 0 2418623 2859280 137982 82176 88765 107399 226747 189575 X 1855830 2133207 336046 536498 2191876 2669705 2418623 2859280 397064 80765 0 X 0 1 X 1 0 X 208038 153242 291624 318011 422166 1393081 930485 648850 641333 858269 987595 4066532 1138523 802092 932957 1176280 1409761 5459613 50200 7102 76000 7000 6000 146302 57913 5000 30643 110458 227643 431657 108113 12102 106643 117458 233643 577959 4881654 8013 7141 2710 810 2132 20806 8013 7141 2710 810 2132 20806 1146536 809233 935667 1177090 1411893 5480419 0.89070 0.91990 0.00380 0.00450 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 139172 26733 14469 1475 178899 165467 -26045 250 139172 141097 52194 27824 165467 135084 5000 2542 1529 141097 123331 10000 4760 3007 135084 1.00000 0 1 1 117856 117856 2498460 1795309 703151 165186 126502 38684 10344 10344 870035 1814575 80765 321847 164624 567236 1247339 0 1247339 1336746 321847 164624 486471 850275 0 850275 PART V, LINE 4: THE CRAFTS CENTER'S ENDOWMENT CONSISTS OF INDIVIDUAL DONOR RESTRICTED FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. ITS ENDOWMENT INCLUDES DONOR RESTRICTED ENDOWMENT FUNDS. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED OR LEGAL RESTRICTIONS. ENDOWMENT FUNDS INCLUDE INVESTED GIFTS AND CASH AWAITING INVESTMENT. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, THE CRAFTS CENTER CLASSIFIES AS DONOR RESTRICTED NET ASSETS (A) THE ORIGINAL VALUE OF GIFTS DONATED TO THE PERMANENT ENDOWMENT, (B) THE ORIGINAL VALUE OF SUBSEQUENT GIFTS TO THE PERMANENT ENDOWMENT, AND (C) ACCUMULATIONS TO THE PERMANENT ENDOWMENT MADE IN ACCORDANCE WITH THE DIRECTION OF THE APPLICABLE DONOR GIFT INSTRUMENT AT THE TIME THE ACCUMULATION IS ADDED TO THE FUND. THE REMAINING PORTION OF THE DONOR-RESTRICTED ENDOWMENT FUND IS CLASSIFIED AS EXPENDABLE NET ASSETS WITH DONOR RESTRICTIONS UNTIL THOSE AMOUNTS ARE APPROPRIATED FOR EXPENDITURE BY THE CRAFTS CENTER IN A MANNER CONSISTENT WITH THE STANDARD OF PRUDENCE PRESCRIBED BY STATE LAW. IN ACCORDANCE WITH THE UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT, THE CRAFTS CENTER MAY CONSIDER THE FOLLOWING FACTORS IN MAKING A DETERMINATION TO APPROPRIATE OR ACCUMULATE DONOR-RESTRICTED ENDOWMENT FUNDS: THE DURATION AND PRESERVATION OF THE FUND; THE PURPOSES OF THE CRAFTS CENTER AND THE DONOR-RESTRICTED ENDOWMENT FUND; GENERAL ECONOMIC CONDITIONS; THE POSSIBLE EFFECT OF INFLATION AND DEFLATION; THE EXPECTED TOTAL RETURN FROM INCOME AND THE APPRECIATION OF INVESTMENTS; OTHER RESOURCES OF THE CRAFTS CENTER; AND THE INVESTMENT POLICIES OF THE CRAFTS CENTER. THE CRAFTS CENTER HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ITS ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING FOR ITS PROGRAMS WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. UNDER THIS POLICY, AS APPROVED BY THE BOARD, THE ENDOWMENT ASSETS ARE INVESTED WITH THE OBJECTIVE OF ACHIEVING LONG-TERM CAPITAL APPRECIATION WHILE MODERATING THE LEVEL OF INVESTMENT RISK. ACTUAL RETURNS IN ANY GIVEN YEAR MAY VARY. THE CRAFTS CENTER HAS A POLICY OF APPROPRIATING FOR EXPENDITURE EACH YEAR THE ACTUAL EARNINGS OF ITS ENDOWMENT INVESTMENTS. IN ESTABLISHING THIS POLICY, THE CRAFTS CENTER CONSIDERED THE LONG-TERM EXPECTED RETURN ON ITS ENDOWMENT. FROM TIME TO TIME, THE FAIR VALUE OF ASSETS ASSOCIATED WITH INDIVIDUAL DONOR-RESTRICTED ENDOWMENT FUNDS MAY FALL BELOW THE LEVEL THAT THE DONOR-IMPOSED RESTRICTIONS REQUIRE THE CRAFTS CENTER TO RETAIN AS A FUND OF PERPETUAL DURATION. THE CRAFTS CENTER MAY APPROPRIATE FOR EXPENDITURE FROM THESE UNDERWATER ENDOWMENT FUNDS IN ACCORDANCE WITH THE PRUDENT MEASURES PRESCRIBED BY STATE LAW. AS OF JUNE 30, 2023, FUNDS WITH AN ORIGINAL GIFT VALUE OF $148,449 WERE UNDERWATER BY $11,135. AS OF JUNE 30, 2022, FUNDS WITH AN ORIGINAL GIFT VALUE OF $157,127 WERE UNDERWATER BY $24,002. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 164,624. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 164,624. 0 0 0 0 0 0 0 0 0 THOMAS M MCNAMARA CLERK 0 222838 0 0 0 0 0 0 0 0 0 222838 0 0 KATHLEEN M EICHELROTH TREASURER 0 219175 0 0 0 0 0 0 0 0 0 219175 0 0 DR ROBERTA L KYLE DIRECTOR 0 169303 0 0 0 0 0 0 0 0 0 169303 0 0 RUSSELL POTTLE DIRECTOR 0 160349 0 0 0 0 0 0 0 0 0 160349 0 0 PART I, LINE 4 THE SALARIES PAID TO THESE DIRECTORS ARE FOR SERVICES PROVIDED TO WORCESTER STATE UNIVERSITY A RELATED ORGANIZATION AND ARE NOT ASSOCIATED WITH THEIR INVOLVEMENT ON THE BOARD OF THIS ENTITY. FORM 990, PART VI, SECTION A, LINE 1A WORCESTER STATE FOUNDATION IS THE SOLE MEMBER OF THE WORCESTER CENTER FOR CRAFTS. SOME OF THE WORCESTER CENTER FOR CRAFTS' BOARD MEMBERS ARE WORCESTER STATE FOUNDATION BOARD MEMBERS. FORM 990, PART VI, SECTION A, LINE 2 SOME OF THE BOARD MEMBERS ARE WORCESTER STATE UNIVERSITY STAFF AND SOME ARE BOARD MEMBERS OF WORCESTER STATE FOUNDATION. THE EXECUTIVE DIRECTOR AND PROGRAM DIRECTOR ARE ALL PAID BY WORCESTER STATE UNIVERSITY. ANY PAYROLL LISTED FOR BOARD MEMBERS IS FOR THEIR EMPLOYMENT WITH WORCESTER STATE UNIVERSITY AND NOT FOR THEIR SERVICE AS BOARD MEMBERS. FORM 990, PART VI, SECTION A, LINE 3 THE CRAFTS CENTER HAS AN ALLIANCE WITH WORCESTER STATE UNIVERSITY (THE "UNIVERSITY") AND ITS AFFILIATE, WORCESTER STATE FOUNDATION (THE "FOUNDATION"). THE CRAFTS CENTER AND THE UNIVERSITY OFFER VENUES FOR TEACHING AND LEARNING IN THE ARTS, NEW EXHIBITION SPACE, SAFE, WELL-EQUIPPED STUDIOS FOR COMMUNITY-BASED PROGRAMS AS WELL AS UNDERGRADUATE VISUAL AND PERFORMING ART CLASSES. UNDER THE ALLIANCE, THE UNIVERSITY AND THE FOUNDATION PROVIDE VARIOUS FORMS OF SUPPORT. THE CRAFTS CENTER AND THE UNIVERSITY ENTERED INTO A SERVICE AGREEMENT ALLOWING THE UNIVERSITY TO USE THE FACILITIES FOR AN ANNUAL FEE OF $250,000 THROUGH JUNE 30, 2024. SERVICE AGREEMENT FEE REVENUE WAS $250,000 FOR THE YEARS ENDING JUNE 30, 2023 AND 2022. FURTHER, THE UNIVERSITY PROVIDED SUPPORT INCLUDING PERSONNEL, EQUIPMENT, REPAIRS AND MAINTENANCE AND OTHER OPERATING EXPENSES. THE VALUE OF THIS SUPPORT, ESTIMATED TO BE $321,847 AND $354,493 IN 2023 AND 2022, RESPECTIVELY, HAS BEEN RECORDED AS A CONTRIBUTION OF NONFINANCIAL ASSETS IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE UNIVERSITY ALSO PROVIDES PAYROLL PROCESSING SUPPORT TO THE CRAFTS CENTER. PAYABLES DUE TO THE UNIVERSITY IN RELATION TO THIS SERVICE WERE $7,344 AND $84,343 AS OF JUNE 30, 2023 AND 2022, RESPECTIVELY. DUE TO THE NATURE OF THE RELATIONSHIP BETWEEN THE CRAFTS CENTER AND THE FOUNDATION, THE FOUNDATION IS REQUIRED TO PRESENT CONSOLIDATED FINANCIAL STATEMENTS WITH THE CRAFTS CENTER. THE CONSOLIDATED FINANCIAL STATEMENTS OF THE FOUNDATION HAVE BEEN ISSUED AS THE FINANCIAL STATEMENTS OF THE PRIMARY REPORTING ENTITY. FORM 990, PART VI, SECTION A, LINE 7A WORCESTER STATE FOUNDATION IS THE SOLE MEMBER OF THE WORCESTER CENTER FOR CRAFTS. SOME OF THE WORCESTER CENTER FOR CRAFTS' BOARD MEMBERS ARE WORCESTER STATE FOUNDATION BOARD MEMBERS. FORM 990, PART VI, SECTION B, LINE 11B THE 990 WILL BE REVIEWED BY THE CONTROLLER, EXECUTIVE DIRECTOR AND BOARD TREASURER PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS AND OFFICERS ARE REQUIRED TO NOTIFY THE BOARD OF ANY CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD AND/OR MANAGEMENT DETERMINE FMV FOR THESE POSITIONS BASED ON PUBLIC AND STATE (WORCESTER STATE UNIVERSITY) DATA AVAILABLE TO PROVIDE AN APPROPRIATE SALARY RANGE FOR EACH POSITION. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS ARE AVAILABLE UPON REQUEST TO THE EXECUTIVE DIRECTOR OR DIRECTOR OF FINANCE AND ANNUAL REPORTING WITH THE ATTORNEY GENERAL. WORCESTER STATE UNIVERSITY 486 CHANDLER STREET WORCESTER MA 01602 042760551 PUBLIC INSTITUTION OF HIGHER LEARNING MA SECTION 115 LINE 2 0 WORCESTER STATE FOUNDATION 486 CHANDLER STREET WORCESTER MA 01602 223248067 FUNDRAISING AND FINANCIAL AID FOR THE BENEFIT OF WORCESTER STATE UNIVERS MA 501 (C) (3) LINE 5 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 1 0 WORCESTER STATE UNIVERSITY J 250000 WORCESTER STATE UNIVERSITY O 321847 WORCESTER STATE FOUNDATION R 896291