BALL & SOCKET ARTS INC

EIN: 454079423 501(c)(3) Arts, Culture & Humanities

CHESHIRE, CT

Total Revenue
$3,172,794
Total Expenses
$696,685
Total Assets
$9,326,986
Net Assets
$6,101,457
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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year
2011
Legal Domicile
CT
Principal Officer
ILONA SOMOGYI
Phone
9174144020
Tax Period
2024-07-01 to 2025-06-30

BALL & SOCKET ARTS INC, founded in 2011, is a community nonprofit in the Arts, Culture & Humanities sector that reported $3.2M in total revenue in fiscal year 2024. Revenue surged 137% from the prior year, signaling strong growth momentum. The organization ran a surplus of $2.5M, a strong 78% operating margin.

Mission

BALL & SOCKET ARTS IS TRANSFORMING AN ABANDONED INDUSTRIAL CAMPUS INTO AN INNOVATIVE AND DYNAMIC ARTS DESTINATION FOR THE CENTRAL CONNECTICUT REGION (AND BEYOND). BUILT ON THE ETHOS OF SUSTAINABILITY AND HISTORIC PRESERVATION, BALL & SOCKET ARTS OFFERS VIBRANT ARTS & CULTURE PROGRAMMING AND PROVIDES ACCESSIBLE AND RELEVANT EXPERIENCES TO A BROAD PUBLIC AUDIENCE.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $3,184,837
Program Service Revenue $420
Investment Income $32,234
Other Revenue $-44,697
TOTAL REVENUE $3,172,794

Expense Breakdown

Grants Paid $0
Salaries & Benefits $322,874
Fundraising Expenses $101,426
Program Expenses $462,371
Other Expenses $373,811
TOTAL EXPENSES $696,685

Year-over-Year Comparison

2024 2023 Change
Revenue $3,172,794 $1,340,974 +1.4%
Expenses $696,685 $604,400 +0.2%
Net Income $2,476,109 $736,574 +2.4%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
11
Independent Members
11
Employees
5
Volunteers
20

Governance Policies

✗ Conflict of Interest Policy
✗ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
3
$47,209
Total Directors
12
$47,209
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
ILONA SOMOGYI PRESIDENT 40.00
Officer Director
$47,209 $0 $47,209
RON BERGAMO CHAIRMAN 20.00
Director
$0 $0 $0
KARIN ARAI TREASURER 10.00
Officer Director
$0 $0 $0
REGINA THORNTON SECRETARY 5.00
Officer Director
$0 $0 $0
ANTHONY CARTER DIRECTOR 3.00
Director
$0 $0 $0
ROBERTA HAVLICK DIRECTOR 3.00
Director
$0 $0 $0
RYAN ROTH DIRECTOR 3.00
Director
$0 $0 $0
JOEL RENKER DIRECTOR 3.00
Director
$0 $0 $0
COURTNEY CULLINAN DIRECTOR 3.00
Director
$0 $0 $0
PATTI FLYNN HARRIS DIRECTOR 3.00
Director
$0 $0 $0
GREG WOLFF DIRECTOR 3.00
Director
$0 $0 $0
NICOLE DEMERS CORCORAN DIRECTOR 3.00
Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 $3,172,794 $696,685 $9,326,986 $2,476,109
2024 $1,340,974 $604,400 $8,591,242 $736,574
2023 $1,247,243 $425,708 $7,725,090 $821,535
2022 $1,260,388 $69,359 $7,637,773 $1,191,029
2021 $151,938 $43,792 $2,953,138 $108,146
2020 $111,084 $22,289 $2,698,286 $88,795
2019 $78,481 $38,885 $2,552,341 $39,596
2018 $176,045 $59,717 $2,462,108 $116,328
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