Nonprofit · EIN 83-2902185
FORMAN ARTS INITIATIVE INC
Tax-exempt · PHILADELPHIA, PA 19104
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990-PF | $3,269,723 | $2,223,228 | $1,046,495 | $86,416,547 | $442,597 | $85,973,950 |
| December 31, 2023 | 990-PF | -$1,800,926 | $2,944,911 | -$4,745,837 | $83,544,282 | $696,827 | $82,847,455 |
Financial details: 990-PF for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $0
- Dividends
- $28,013
- Interest
- $176,353
- Net gain from sales of assets
- $3,041,815
- Other income
- $23,542
Expenses
- Grants and similar amounts paid
- $467,732
- Compensation of officers, directors and key employees
- $394,189
- Salaries, compensation and benefits (total)
- $93,194
- Disbursements for charitable purposes
- $1,756,543
- Excise tax on investment income
- $97,027
Balance sheet and other
- Total assets, start of year
- $83,544,282
- Total assets, end of year
- $86,416,547
- Total liabilities, end of year
- $442,597
- Net assets, end of year
- $85,973,950
- Fair market value of assets
- $79,041,547
- Qualifying distributions
- $1,756,543
- Net investment income
- $6,980,369
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990-PF for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| ADJOA JONES DE ALMEIDA 201 ROUSE BLVD, PHILADELPHIA, PA 19112 | EXECUTIVE DIRECTOR | 40 | $257,544 | $16,469 |
| THOMAS TRALA 201 ROUSE BLVD, PHILADELPHIA, PA 19112 | TREASURER/SECRETARY/CFO | 10 | $121,176 | $0 |
| SUNANDA GHOSH 201 ROUSE BLVD, PHILADELPHIA, PA 19112 | ASSOCIATE EXECUTIVE Highest-paid employee | 40 | $113,067 | $8,959 |
| WILLIAM MARCELLUS ARMSTRONG 201 ROUSE BLVD, PHILADELPHIA, PA 19112 | PROGRAM MANAGER Highest-paid employee | 40 | $77,329 | $8,955 |
| MICHAEL C FORMAN 201 ROUSE BLVD, PHILADELPHIA, PA 19112 | PRESIDENT | 1 | $0 | $0 |
| JENNIFER S RICE 201 ROUSE BLVD, PHILADELPHIA, PA 19112 | VICE PRESIDENT | 1 | $0 | $0 |
| JAIME FRANKURT 201 ROUSE BLVD, PHILADELPHIA, PA 19112 | BOARD OF DIRECTOR | 1 | $0 | $0 |
| LUKE NIKAS 201 ROUSE BLVD, PHILADELPHIA, PA 19112 | BOARD OF DIRECTOR | 1 | $0 | $0 |
| WILLIAM R HITE JR 201 ROUSE BLVD, PHILADELPHIA, PA 19112 | BOARD OF DIRECTOR | 1 | $0 | $0 |
| RASHID JOHNSON 201 ROUSE BLVD, PHILADELPHIA, PA 19112 | BOARD OF DIRECTOR | 1 | $0 | $0 |
| WENDELL PRITCHETT 201 ROUSE BLVD, PHILADELPHIA, PA 19112 | BOARD OF DIRECTOR | 1 | $0 | $0 |
| JUDILEE REED 201 ROUSE BLVD, PHILADELPHIA, PA 19112 | BOARD OF DIRECTOR | 1 | $0 | $0 |
990-PF for the year ended December 31, 2023: 3 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| THOMAS TRALA 201 ROUSE BLVD, PHILADELPHIA, PA 19112 | TREASURER/SECRETARY | 10 | $113,027 |
| MICHAEL C FORMAN 201 ROUSE BLVD, PHILADELPHIA, PA 19112 | PRESIDENT | 1 | $0 |
| JENNIFER S RICE 201 ROUSE BLVD, PHILADELPHIA, PA 19112 | VICE PRESIDENT | 1 | $0 |
Address and contacts
- Address (IRS master file)
- 3025 JOHN F KENNEDY BLVD OFC 5, PHILADELPHIA, PA 19104-6442
- In care of
- % MICHAEL C FORMAN
- Signed the 990-PF
- THOMAS TRALA, TREASURER/SECRETARY
- Phone
- (215) 495-1160
- Return prepared by
- GRANT THORNTON ADVISORS LLC
What it must file and when
IRS records say it files Form 990-PF. Private foundations file every year. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990-PF on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990-PF on file |
IRS record
- EIN
- 83-2902185
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Private operating foundation
- Donations deductible (Pub 78)
- Private operating foundation, 50% limit
- Exempt since
- 2024
- Accounting year ends
- December
- Files
- Form 990-PF
- Category (NTEE)
- Arts, culture and humanities (A51)
- Assets (IRS master file)
- $86,416,547
- Income (IRS master file)
- $13,027,908
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990-PF | December 2024 | $3,269,723 | $2,223,228 | $86,416,547 | XML |
| 990-T | December 2024 | – | – | – | IRS |
| 990-PF | December 2023 | -$1,800,926 | $2,944,911 | $83,544,282 | XML |
| 990-PF | December 2022 | – | – | – | IRS |
| 990-PF | December 2021 | – | – | – | IRS |
| 990-PF | December 2020 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 83-2902185).
Questions about FORMAN ARTS INITIATIVE INC
- What is the EIN of FORMAN ARTS INITIATIVE INC?
- The employer identification number (EIN) of FORMAN ARTS INITIATIVE INC is 83-2902185.
- Is FORMAN ARTS INITIATIVE INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2024.
- Are donations to FORMAN ARTS INITIATIVE INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Private operating foundation, 50% limit).
- Which annual return does FORMAN ARTS INITIATIVE INC file?
- Form 990-PF. Private foundations file every year.
- When is the next return of FORMAN ARTS INITIATIVE INC due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did FORMAN ARTS INITIATIVE INC last file with the IRS?
- The latest return in the IRS public files is the 990-PF for the year ended December 2024.
- Who are the officers and directors of FORMAN ARTS INITIATIVE INC?
- The 990-PF for the year ended December 31, 2024 lists 12 people; 4 received compensation from the organization, the highest $257,544 (ADJOA JONES DE ALMEIDA, EXECUTIVE DIRECTOR).
- How much revenue does FORMAN ARTS INITIATIVE INC have?
- On its 990-PF for the year ended December 31, 2024 it reported revenue of $3,269,723, expenses of $2,223,228 and total assets of $86,416,547 at year end.
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