SOUTH FLORIDA ART CENTER INC

EIN: 592423867 501(c)(3) Arts, Culture & Humanities

MIAMI BEACH, FL

Total Revenue
$5,805,202
Total Expenses
$4,802,751
Total Assets
$120,810,203
Net Assets
$119,729,077
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1984
Legal Domicile
FL
Principal Officer
JOHN ABODEELY
Phone
3056748278
Tax Period
2023-10-01 to 2024-09-30

SOUTH FLORIDA ART CENTER INC, founded in 1984, is a community nonprofit in the Arts, Culture & Humanities sector that reported $5.8M in total revenue in fiscal year 2023. Revenue surged 68% from the prior year, signaling strong growth momentum. The organization ran a surplus of $1.0M, a strong 17% operating margin.

Mission

THE MISSION OF OOLITE ARTS IS TO SUPPORT ARTISTS AND ADVANCE THE KNOWLEDGE AND PRACTICE OF CONTEMPORARY VISUAL ARTS AND CULTURE IN SOUTH FLORIDA. OOLITE ARTS CREATES OPPORTUNITIES FOR EXPERIMENTATION AND INNOVATION, AND ENCOURAGES THE EXCHANGE OF IDEAS ACROSS CULTURES THROUGH RESIDENCIES, EXHIBITIONS, PUBLIC PROGRAMS, EDUCATION AND OUTREACH.

Program Service Accomplishments

Program 1
Expenses: $1,650,754 Revenue: $1,875,685

RESIDENCY:THIRTEEN VISUAL ARTISTS ARE AWARDED FREE WORK STUDIOS AT 924 LINCOLN ROAD, AS WELL AS A $1,000 MONTHLY HOUSING STIPEND, AND BENEFIT FROM EXHIBITION AND TEACHING OPPORTUNITIES, OPEN STUDIO...

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RESIDENCY:THIRTEEN VISUAL ARTISTS ARE AWARDED FREE WORK STUDIOS AT 924 LINCOLN ROAD, AS WELL AS A $1,000 MONTHLY HOUSING STIPEND, AND BENEFIT FROM EXHIBITION AND TEACHING OPPORTUNITIES, OPEN STUDIO EVENTS AND STUDIO VISITS WITH GALLERISTS AND CURATORS. SOUTH FLORIDA BASED ARTISTS ARE SELECTED FOR TRAVEL RESIDENCY OPPORTUNITIES AT MASS MOCA IN NORTH ADAMS, MA. AND ARTPACE IN SAN ANTONIO, TX. THE CINEMATIC ARTS RESIDENCY AWARDS ONE MIAMI DADE FILMMAKER PER YEAR $50,000 IN FUNDING TO CREATE A MICRO BUDGET NARRATIVE FILM.

Program 2
Expenses: $250,332

EDUCATION AND COMMUNITY ENGAGEMENT:A TOTAL OF 404 IN PERSON AND VIRTUAL CLASSES AND WORKSHOPS FOR YOUTH AND ADULTS ARE TAUGHT BY 14 LOCAL ARTISTS. THE LED ARTS PORTFOLIO DEVELOPMENT PROGRAM PROVIDES...

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EDUCATION AND COMMUNITY ENGAGEMENT:A TOTAL OF 404 IN PERSON AND VIRTUAL CLASSES AND WORKSHOPS FOR YOUTH AND ADULTS ARE TAUGHT BY 14 LOCAL ARTISTS. THE LED ARTS PORTFOLIO DEVELOPMENT PROGRAM PROVIDES HIGH SCHOOL STUDENTS WITH RESOURCES AND INFORMATION TO ADVANCE THEIR PRACTICE, WRITE ARTIST STATEMENTS AND GATHER THE NECESSARY MATERIALS FOR ADMISSION TO VISUAL ARTS COLLEGES.THE PRINTSHOP PROVIDES A FULLY FURNISHED PRINTMAKING STUDIO WITH ACCESS TO A CHARLES BRAND ETCHING PRESS, BRAYERS, GENERAL TOOLS, CLEANERS, DRYING RACK, SILKSCREEN DARKROOM, FLAT FILES STORAGE, AND MORE. SINCE 2018, THE ELLIES AWARDS HAVE PROVIDED $3 MILLION IN FUNDS TO 280+ MIAMI VISUAL ARTISTS TO PRODUCE NEW WORK. IN ADDITION, ONE ARTIST RECEIVES A CAREER ACHIEVEMENT AWARD AND ONE ARTIST WORKING TOWARDS EQUITY AND INCLUSION THROUGH THEIR ART PRACTICE WILL RECEIVE THE SOCIAL JUSTICE AWARD.

Program 3
Expenses: $1,062,554

EXHIBITION AND PUBLIC PROGRAMS:EXHIBITIONS AND PROGRAMS ARE ORGANIZED BY OOLITE STAFF AND VISITING CURATORS. OOLITE PRESENTS THREE CURATED EXHIBITIONS PER YEAR AT ITS 924 LINCOLN ROAD SPACE, WHICH...

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EXHIBITION AND PUBLIC PROGRAMS:EXHIBITIONS AND PROGRAMS ARE ORGANIZED BY OOLITE STAFF AND VISITING CURATORS. OOLITE PRESENTS THREE CURATED EXHIBITIONS PER YEAR AT ITS 924 LINCOLN ROAD SPACE, WHICH FEATURE ENGAGING NEW WORK BY RESIDENT ARTISTS AS WELL AS LOCAL AND NATIONALLY RECOGNIZED ARTISTS. EIGHT OFF-SITE EXHIBITIONS PER YEAR ARE ORGANIZED AT TWO WALGREENS STOREFRONTS, WHERE ARTISTS CREATE INSTALLATIONS THAT ARE VISIBLE 24/7, AND SEEN BY 65,000 PASSERSBY PER YEAR. SKILLS PROFESSIONAL DEVELOPMENT WORKSHOPS PROVIDE ARTISTS AND FILMMAKERS WITH THE TOOLS TO ADVANCE THEIR CAREERS.

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Trantor Score

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

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $750,602
Program Service Revenue $77,679
Investment Income $4,776,455
Other Revenue $200,466
TOTAL REVENUE $5,805,202

Expense Breakdown

Grants Paid $651,000
Salaries & Benefits $1,512,477
Fundraising Expenses $90,370
Program Expenses $2,963,640
Other Expenses $2,639,274
TOTAL EXPENSES $4,802,751

Year-over-Year Comparison

2023 2022 Change
Revenue $5,805,202 $3,458,627 +0.7%
Expenses $4,802,751 $4,279,686 +0.1%
Net Income $1,002,451 $-821,059 -2.2%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
9
Independent Members
9
Employees
18
Volunteers
5

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
2
$345,452
Total Directors
9
$0
Key Employees
1
$180,669
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
ALESSANDRO FERRETTI DIRECTOR 2.00
Director
$0 $0 $0
EDOUARD DUVAL CARRIE DIRECTOR 1.00
Director
$0 $0 $0
ERIC RODRIGUEZ DIRECTOR 2.00
Director
$0 $0 $0
GERMANE BARNES DIRECTOR 1.00
Director
$0 $0 $0
JEFF KRINSKY DIRECTOR 2.00
Director
$0 $0 $0
KIM KOVEL DIRECTOR 2.00
Director
$0 $0 $0
LILIA GARCIA DIRECTOR 1.00
Director
$0 $0 $0
MARIE ELENA ANGULO DIRECTOR 4.00
Director
$0 $0 $0
THOMAS KNAPP DIRECTOR 1.00
Director
$0 $0 $0
DENNIS SCHOLL PRESIDENT & CEO 40.00
Officer
$345,452 $0 $345,452
TANGELLA S MADDOX INTERIM CFO 40.00
Officer
$0 $0 $0
ESTHER PARK VP OF PROGRAMMING 40.00
Key Emp
$180,669 $0 $180,669
AARON FEINBERG FORMER CFO 40.00
$124,920 $0 $124,920
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
2024 $5,805,202 $4,802,751 $120,810,203 $1,002,451
2023 $3,458,201 $4,279,686 $104,830,712 $-821,485
2022 $2,798,052 $4,310,340 $97,078,090 $-1,512,288
2021 $4,483,318 $4,025,048 $115,639,689 $458,270
2020 $6,003,483 $4,226,859 $106,100,964 $1,776,624
2019 $4,156,429 $3,846,304 $102,554,834 $310,125
2018 $7,227,256 $2,224,948 $102,355,848 $5,002,308
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