2024-05-03T01:38:46Z 2023-12-31 990EZ 2023-01-01 472571926 EXALTED ARTS THEATRE COMPANY EXAL 7137748628 3400 Main Street Suite 8 Houston TX 77002 Cynthia Garcia Executive Director 7137748628 2024-05-02 2023 2023-04-26 12:10:37Z X X https://www.exaltedarts.org X X 95143 X 90665 4478 0 0 0 0 0 0 0 0 0 0 0 0 0 95143 0 0 42701 45829 7568 121 9987 106206 -11063 -51494 0 -62557 X 1097 3890 0 0 0 0 1097 3890 52591 66447 -51494 -62557 The primary purpose of this Corporation is to operate exclusively for one or more purposes as specified in Section 501(c)(3) of the Internal Revenue Code, including, for such purposes, the making of distributions to organizations that qualify as exempt organizations under Section 501 (c)(3) of the Internal Revenue Code. This Corporation believes that the arts are God-breathed and a measure of a civilized society and a catalyst for the enrichment, growth, and pleasure of all citizens of that society. The Corporation's mandate, therefore, is to create opportunities for the discovery, development and celebration of creative abilities in whatever form they may take. Additionally, the Corporation seeks to provide a variety of learning experiences for adults and youth and to develop bridges between the performing arts and faith-based interests within the greater Houston community, throughout the state of Texas, and expand throughout the United States. Exalted Arts Theatre Programming Exalted Arts provided performances of Passport to Christmas in December 2023 at the historic DeLuxe Theater located in the Fifth Ward community. The new work was commissioned by a local playwright, whose work supports the mission and vision of the organization. Passport to Christmas served over 200 Houstonians, including middle school students from Shotwell Middle School and high schoolers from Wheatley High School. 78000 X 104795 The Inspired! Performance and Enrichment Workshop serves middle school students in a myriad of ways: in-school, afterschool and during the summer. During the summer of 2023, programming was held at House of Refuge Church, located in complete community, Kashmere Gardens. The workshop fosters character enrichment and development through fun theater games and activities, while also helping students to better appreciate themselves, others and the world in which they live. 5 youth benefitted from this program, including 2 youth volunteers in the Summer of 2023 5925 X 5925 110720 Kai Womack Program Director 20.00 6250 0 0 Latoya Waller Artistic Director 40.00 12750 0 0 Lorena Hernandez Development Consultant 20.00 7500 0 0 Stephanie Y Cole Operations Director 20.00 5000 0 0 Cynthia Garcia Executive Director 40.00 32500 0 0 false false false false false 0 false false 0 0 0 false 0 0 false TX Bain CPA Business Strategies LLC 11710 Wickhollow Lane Houston TX 77043 8328581541 false false false false false false false false false false false false NONE 0 NONE 0 true X 0 0 0 0 13648 12235 42214 16940 90666 175703 184 440 208 2832 4478 8142 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 13832 12675 42422 19772 95144 183845 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 183845 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 13832 12675 42422 19772 95144 183845 1.00000 1.00000 0.00000 0.00000 X X Part II, Line 10 Not applicable Part II, Line 17a or 17b Not applicable Part III, Line 12 Not applicable Part IV, Section A, Lines 1, 2, 3b, 3c, 4b, 4c, 5a, 6, 9a, 9b, 9c, 11a, 11b, 11c Not applicable Part IV, Section B, Lines 1 and 2 Not applicable Part IV, Section C, Line 1 Not applicable Part IV, Section D, Lines 2 and 3 Not applicable Part IV, Section E, Lines 1c, 2a, 2b, 3a, 3b Not applicable Part V, Line 1 Not applicable Part V, Section B, Line 1e Not applicable Part V, Section D, Lines 5, 6, 8 Not applicable Part V, Section E, Lines 2, 5, 6 Not applicable Part I, Line 10 Cash coverage at year-end is deficient for one month of essential expenses. Most expenses are related to operating or supporting programs, and are funded by donor contributions and grants based on successful award amounts. Part I, Line 16 Other expenses include insurance, office supplies and software, payroll expenses, postage and delivery, transaction fees, advertising and marketing fees, bank charges, dues and subscriptions, and charitable giving. Part I, Line 20 Exalted Arts manages its available liquid resources for the theatrical production program, rent, office supplies and marketing of its programs. The current loans did not require the use of current assets due to the flexibility of repayment. Part I, Line 8 Basis of Accounting: Modified cash basis Basis of Presentation: In Accordance with ASU No. 2016-14, Not-for-Profit Entities (Topic 958) issued by the FASB: - Net assets are reported as either assets with donor restrictions or assets without donor restrictions. - Exalted Arts presents the Statement of Cash Flows under the Direct Method. - Expenses are presented by nature as well as function, including an analysis of expenses showing the relationship between functional and natural classification for all expenses. Part II, Line 24 Exalted Arts manages its available liquid resources for the theatrical production program, rent, office supplies, and marketing of its programs. The current loans did not require the use of current assets due to the flexibility of repayment. Part II, Line 26 Short term loan in the amount of $18,001, unrestricted loan from Waller and $4,000 unrestricted short term loan from Luis Garcia, a donor. $36,225 Loan proceeds are from loans in the amounts of $2,600 and $28,000 from the Small Business Administration less a $10 payment. Original Note $1600 (5/15/2020); repayment of $7 was deferred; 30-year note 1st modification occurred on (6/15/2021); 28,000; repayment of $369 began in May 2023; 30 year note Interest accrues at 2.75% per annum and will accrue only on funds actually advanced from the date(s) of each advance