DEPART FOUNDATION INC

EIN: 463650588 501(c)(3)

MALIBU, CA

Total Revenue
$1,675
Total Expenses
$72,671
Total Assets
$91,167
Net Assets
$21,954
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2013
Legal Domicile
DE
Principal Officer
PIERPAOLO BARZAN
Tax Period
2021-01-01 to 2021-12-31

DEPART FOUNDATION INC, founded in 2013, is a micro nonprofit that reported $2K in total revenue in fiscal year 2021. Expenses of $73K exceeded revenue, resulting in a 4239% operating deficit.

Mission

1. SPECIFICALLY TO PROMOTE INTEREST IN CONTEMPORARY ART, DESIGN, ARCHITECTURE AND SCIENCES. 2. IN FURTHERANCE OF THE ABOVE TO MAKE CONTRIBUTION OF FUNDS TO NONPROFIT AND CHARITABLE ORGANIZATIONS IN THE UNITED STATES AND ITALY, WHICH IS DEDICATED IN THE DEVELOPMENT OF CONTEMPORARY ARTISTS. 3. TO PROVIDE GRANTS FOR RESEARCH, SOLICIT AND COLLECT FUNDS AND ENGAGE IN ACTIVITIES, SUCH AS THE HOLDING OF SYMPOSIA AND INFORMATIONAL GATHERINGS FOR PROSPECTIVE CONTEMPORARY ARTISTS INTERESTED IN DEPARTING FROM THEIR PREVIOUS ENDEAVORS OR PREDECESSORS, IN ORDER TO CULTIVATE, DEVELOP AND FURTHER THE KNOWLEDGE AND AWARENESS OF NONPROFIT AND CHARITABLE ORGANIZATIONS IN THE UNITED STATES AND ITALY. 4. TO IDENTIFY STRONG CONTEMPORARY ARTISTS IN THE UNITED STATES AND ITALY FOR POSSIBLE ENROLLMENT IN RESIDENCY PROGRAMS. 5. TO RAISE, RECEIVE AND MAINTAIN A FUND OR FUNDS FOR, AND ALLOCATE AND APPLY THE PRINCIPAL AND INCOME THEREOF FOR THE ADVANCEMENT OF THE PURPOSES DESCRIBED ABOVE.

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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 (2021)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $0
Investment Income $1,675
Other Revenue $0
TOTAL REVENUE $1,675

Expense Breakdown

Grants Paid $5,150
Salaries & Benefits $0
Fundraising Expenses $0
Program Expenses $72,671
Other Expenses $67,521
TOTAL EXPENSES $72,671

Year-over-Year Comparison

2021 2020 Change
Revenue $1,675 $-1,517,085 -1.0%
Expenses $72,671 $123,895 -0.4%
Net Income $-70,996 $-1,640,980 -1.0%
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

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Liquidity & Cash Position

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Governance

Voting Members
3
Independent Members
3
Employees
N/A
Volunteers
N/A

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
1
$0
Total Directors
2
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
PIERPAOLO BARZAN PRESIDENT 2.00
Officer Director
$0 $0 $0
VALERIA SORCI DIRECTOR 2.00
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
2021 $1,675 $72,671 $91,167 $-70,996
2020 $-1,517,085 $123,895 $288,919 $-1,640,980
2019 $-687,236 $209,420 $1,942,433 $-896,656
2018 $37,688 $194,158 $3,535,806 $-156,470
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