THE NORWALK ART SPACE INC

EIN: 863340267 501(c)(3) Arts, Culture & Humanities

NORWALK, CT

Total Revenue
$2,499,507
Total Expenses
$1,197,552
Total Assets
$4,221,689
Net Assets
$4,197,550
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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
2021
Principal Officer
ROBIN PANOVKA
Tax Period
2023-01-01 to 2023-12-31

THE NORWALK ART SPACE INC, founded in 2021, is a community nonprofit in the Arts, Culture & Humanities sector that reported $2.5M in total revenue in fiscal year 2023. Revenue surged 177% from the prior year, signaling strong growth momentum. The organization ran a surplus of $1.3M, a strong 52% operating margin.

Mission

THE NORWALK ART SPACE STRIVES TO INCREASE OPPORTUNITIES AND EQUITY IN THE LOCAL ARTS COMMUNITY.

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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 (2023)

Revenue Breakdown

Contributions & Grants $2,094,470
Program Service Revenue $115,975
Investment Income $0
Other Revenue $289,062
TOTAL REVENUE $2,499,507

Expense Breakdown

Grants Paid $0
Salaries & Benefits $474,361
Fundraising Expenses $130,076
Program Expenses $737,408
Other Expenses $723,191
TOTAL EXPENSES $1,197,552

Year-over-Year Comparison

2023 2022 Change
Revenue $2,499,507 $901,132 +1.8%
Expenses $1,197,552 $989,750 +0.2%
Net Income $1,301,955 $-88,618 -15.7%
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
3
Independent Members
3
Employees
3
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
3
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
REBECCA PANOVKA BOARD MEMBER 1.00
Director
$0 $0 $0
ROBIN PANOVKA CHAIRMAN 1.00
Officer Director
$0 $0 $0
SARAH PANOVKA BOARD MEMBER 1.00
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
2024 No data No data No data No data
2023 $2,499,507 $1,197,552 $4,221,689 $1,301,955
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