2024-11-01T13:20:51-05:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 6501 AMERICAS PARKWAY NE SUITE 500 ALBUQUERQUE NM 87110 990 2023-01-01 352285824 INTERNATIONAL FOLK ART ALLIANCE INC DBA IFAM INTE 5059927600 620 CERRILLOS ROAD SANTA FE NM 87505 FRANCIS COLEMAN CHAIR 5059927600 2024-10-30 1 1 JESSICA LOCKER CPA P01367046 5058428290 2024-10-30 2023 2024-10-15 13:58:12Z IFAM FRANCIS COLEMAN 620 CERRILLOS ROAD SANTA FE NM 87505 2865847 0 X WWW.FOLKARTMARKET.ORG X 2006 NM ORGANIZATION'S MISSION: CREATE ECONOMIC OPPORTUNITIES FOR AND WITH FOLK ARTISTS WORLDWIDE WHO CELEBRATE AND PRESERVE FOLK ART TRADITIONS. WE ENVISION A WORLD THAT VALUES THE DIGNITY AND HUMANITY OF THE HANDMADE, HONORS TIMELESS CULTURAL TRADITIONS, AND SUPPORTS THE WORK OF FOLK ARTISTS SERVING AS ENTREPRENEURS AND CATALYSTS FOR POSITIVE SOCIAL CHANGE. TO AUGMENT THIS PURSUIT, THE ORGANIZATION PURCHASED THE HEADQUARTERS BUILDING. 29 29 16 1500 0 0 2951725 1179117 976919 1138982 37889 120724 16029 -32122 3982562 2406701 0 0 0 0 585078 587150 0 0 261537 1598387 1774938 2183465 2362088 1799097 44613 7523511 7751961 136503 92735 7387008 7659226 X CREATE ECONOMIC OPPORTUNITIES FOR AND WITH FOLK ARTISTS WORLDWIDE WHO CELEBRATE AND PRESERVE FOLK ART TRADITIONS. WE ENVISION A WORLD THAT VALUES THE DIGNITY AND HUMANITY OF THE HANDMADE, HONORS TIMELESS CULTURAL TRADITIONS, AND SUPPORTS THE WORK OF FOLK ARTISTS SERVING AS ENTREPRENEURS AND CATALYSTS FOR POSITIVE SOCIAL CHANGE. TO AUGMENT THIS PURSUIT, THE ORGANIZATION MOVED TO A LARGER HEADQUARTERS, INVESTING IN TENANT IMPROVEMENTS AS THE FIRST PHASE OF A CAMPAIGN TO OWN THE BUILDING OUTRIGHT. 0 0 1840719 0 1082779 INTERNATIONAL FOLK ART MARKET: PRODUCING INTERNATIONAL FOLK ART MARKET AS A PROGRAMMATIC OUTCOME OF HIGHLY CURATED ARTIST SELECTION AND ENTREPRENEURISM EDUCATION. IN 2023, IFAA WAS ABLE TO RETURN TO NORMAL OPERATIONS, WITH VERY FEW HEALTH ORDER DRIVEN MODIFICATIONS. THE ORGANIZATION WAS STILL IN A FINANCIAL AND OPERATIONAL REBUILDING PHASE THOUGH. THE ORGANIZATION MOVED THE EVENT TO A NEW VENUE: RAILYARD PARK, A MORE CENTRALLY LOCATED VENUE. 26764 0 56313 THE IFAM COLLECTION AT DALLAS MARKET CENTER: EXPANDING OPPORTUNITIES FOR ARTISANS BY OFFERING ADVANCED ENTREPRENEURISM EDUCATION, INCLUDING SOCIAL ENTERPRISE MODELS AND IN-COUNTRY CURRICULUM DELIVERY, AND SALES VENUES, INCLUDING WHOLESALE AND VIRTUAL CHANNELS. THIS WAS NOT PROVIDED IN 2021 HOWEVER THE MARKET IN THE DALLAS MARKET CENTER RESUMED IN 2022 AND CONTINUED IN 2023. 21465 0 0 MENTOR TO MARKET (M2M): TRAINING PROGRAM THAT TEACHES ARTISTS CRITICAL MARKETING AND BUSINESS SKILLS TO HELP THEM IMPROVE THEIR SALES, THUS SUSTAINING THEIR TRADITIONS AND CREATING STRONGER ECONOMY FOR THEMSELVES AND THEIR COMMUNITIES. IN 2021, THESE TRAINING PROGRAMS CONTINUED ONLINE BUT RETURNED TO IN-PERSON TRAINING IN 2022. IN 2023, A NEW PILOT CURRICULUM WAS DEVELOPED AND TESTED WITH A SMALL NUMBER OF ARTISTS WITH A PLAN FOR A BROADER IMPLEMENTATION IN 2024/2025. 10759 0 0 FOLK ART MATTERS LECTURES: PROMOTING CULTURAL EXCHANGE BY PROVIDING THE GENERAL PUBLIC OPPORTUNITIES TO LEARN ABOUT INTERNATIONAL FOLK ART AS A TRANSMISSION OF METHODS, MATERIALS AND TECHNIQUES PASSED ON THROUGH GENERATIONS. IFAA RETURNED TO A MORE ROBUST SCHEDULE OF LECTURES AND WORKSHOPS IN 2023. LECTURES WERE FREE TO THE PUBLIC AND A SMALL MATERIALS FEE WAS CHARGED FOR WORKSHOPS. 10759 0 0 1899707 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 33 0 1 16 1 0 0 0 0 0 0 0 0 0 0 0 0 X 29 29 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 NM TX X X SUSAN BROWN 5059927604 620 CERRILLOS ROAD SANTA FE NM 87505 HANK COLEMAN CHAIR 5.00 X X 0 0 0 LEIGH ANN BROWN VICE CHAIR 5.00 X X 0 0 0 NANCY BERN TREASURER 2.00 X X 0 0 0 LISA ADELMAN DIRECTOR 2.00 X 0 0 0 CATHY ALLEN DIRECTOR 1.00 X 0 0 0 LISA AHMAD DIRECTOR 1.00 X 0 0 0 AMANDA ALEXANDER DIRECTOR 1.00 X 0 0 0 BONNIE BENNETT DIRECTOR 1.00 X 0 0 0 MARTY BRANIFF DIRECTOR 1.00 X 0 0 0 ANNE CHOGNARD DIRECTOR 1.00 X 0 0 0 ELAINE COLE DIRECTOR 1.00 X 0 0 0 DEVENDRA CONTRACTOR DIRECTOR 1.00 X 0 0 0 KAREN DOMENICI DIRECTOR 1.00 X 0 0 0 KAREN DURKOVICH DIRECTOR 1.00 X 0 0 0 ARDITH EICHER DIRECTOR 1.00 X 0 0 0 PHILIP FIMMANO DIRECTOR 1.00 X 0 0 0 JIM GARCIA DIRECTOR 1.00 X 0 0 0 MAGGIE HANSON-MUSE DIRECTOR 1.00 X 0 0 0 SARAH HOROWITZ DIRECTOR 1.00 X 0 0 0 GURMEET KAUR DIRECTOR 1.00 X 0 0 0 JENNIFER KIMBALL DIRECTOR 10.00 X 0 0 0 ANTONIO LOPEZ DIRECTOR 1.00 X 0 0 0 ERIC MINDLING DIRECTOR 1.00 X 0 0 0 MIKE MULLINS DIRECTOR 1.00 X 0 0 0 MAKENZIE MUELLER DIRECTOR 1.00 X 0 0 0 JUDITH PELHAM SECRETARY 2.00 X X 0 0 0 HELENA RIBE DIRECTOR 2.00 X 0 0 0 COURTNEY TAYLOR DIRECTOR 1.00 X 0 0 0 CHARLOTTE WHITMORE DIRECTOR 1.00 X 0 0 0 MELISSA MANN END 072024 CEO 40.00 X 105891 0 15671 JONI PARMAN BEGAN 072024 INTERIM CEO 40.00 X 0 0 0 105891 0 15671 1 0 0 0 0 20000 1159117 69456 1179117 HANDLING FEE 900099 632884 632884 TICKET SALES 900099 358382 358382 BOOTH REVENUE 900099 147716 147716 1138982 112002 112002 412000 403278 8722 8722 8722 23636 55868 -32232 -32232 MISC INCOME 900099 110 110 110 2406701 1139092 0 88492 X 121562 74175 34211 13176 389085 256716 69286 63083 10383 6872 1804 1707 20042 13490 3014 3538 46078 29913 9224 6941 7705 6824 396 485 74270 65782 3815 4673 430358 346039 44211 40108 91911 83585 952 7374 170404 152099 8827 9478 126627 92960 15791 17876 14176 12179 1141 856 PROGRAM EXPENSES 778454 695937 2921 79596 BANKING 70122 55785 2190 12147 MISC. EXPENSE 7159 4117 3042 IN-KIND GOODS 3752 3234 19 499 2362088 1899707 200844 261537 2042793 1000714 164785 105786 161353 176660 17317 23029 4176254 811367 3271655 3364887 1640525 2896133 225083 184752 7523511 7751961 45496 40557 91007 52178 136503 92735 X 5568267 5939714 1818741 1719512 7387008 7659226 7523511 7751961 44613 227605 0 X X 0 1 X 1 0 X 2480452 2124741 1577337 2951725 1179117 10313372 1373131 29886 783279 1030747 1162728 4379771 3853583 2154627 2360616 3982472 2341845 14693143 1536658 1350698 890772 2277041 450814 6505983 0 1536658 1350698 890772 2277041 450814 6505983 8187160 68146 50801 33114 37889 112002 301952 68146 50801 33114 37889 112002 301952 3921729 2205428 2393730 4020361 2453847 14995095 0.54600 0.51030 0.02010 0.01580 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2898886 345642 60000 3184528 1965764 1158845 -225723 2898886 1863517 102247 1965764 1513783 500000 89339 239605 1863517 1544068 111421 141706 1513783 0.55000 0.45000 0.00000 0 0 1015545 1015545 1384455 59165 1325290 1271417 331344 940073 504837 420858 83979 3364887 LEASE LIABILITY 52178 52178 X 2945694 227605 311388 538993 2406701 0 2406701 2673476 311388 311388 2362088 0 2362088 PART V, LINE 4: THE ORGANIZATION'S ENDOWMENT CONSISTS OF TWO INDIVIDUAL FUNDS ESTABLISHED COLLECTIVELY AS A QUASI-ENDOWMENT FUND, A FUND DESIGNATED BY BOARD OF DIRECTORS TO FUNCTION AS A QUASI-ENDOWMENT, AND A DONOR-RESTRICTED FUND. THE QUASI-ENDOWMENT INCLUDES FUNDS CONTRIBUTED BY NANCE AND RAMON LOPEZ, AND CAROLE AND EDD STEPP, AS WELL AS FUNDS DESIGNATED BY THE BOARD OF DIRECTORS TO FUNCTION AS AN ENDOWMENT. THE DONOR-RESTRICTED ENDOWMENT FUND IS IN ITS TWELFTH YEAR OF EXISTENCE. PART X, LINE 2: THE ORGANIZATION APPLIES THE PROVISIONS OF FINANCIAL ACCOUNTING STANDARDS BOARD (FASB)ACCOUNTING STANDARDS CODIFICATION (ASC) 740, INCOME TAXES. FASB ASC 740 PROVIDES DETAILED GUIDANCE FOR THE FINANCIAL STATEMENT RECOGNITION, MEASUREMENT, AND DISCLOSURE OF UNCERTAIN TAX POSITIONS IN AN ORGANIZATION'S FINANCIAL STATEMENTS. INCOME TAX POSITIONS MUST MEET A MORE-LIKELY-THAN-NOT RECOGNITION THRESHOLD TO BE RECOGNIZED. THE ORGANIZATION'S POLICY IS TO CLASSIFY INCOME TAX PENALTIES AND INTEREST AS MISCELLANEOUS EXPENSE. DURING THE YEARS ENDED DECEMBER 31, 2023, AND 2022, THE ORGANIZATION RECOGNIZED NO INCOME TAX PENALTIES OR INTEREST. AS OF DECEMBER 31, 2023, AND 2022, MANAGEMENT DOES NOT BELIEVE THE ORGANIZATION HAS ANY UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE FINANCIAL STATEMENT RECOGNITION, MEASUREMENT, OR DISCLOSURE UNDER FASB ASC 740. X 4 12247 AVERAGE STOCK VALUE X AUCTION ITEMS 194 57209 SELLING PRICE & COMP 0 0 1 0 PART I, COLUMN (B): 194 INDICATES THE NUMBER OF ITEMS CONTRIBUTED WHILE 4 INDICATES THE NUMBER OF DONORS WHO CONTRIBUTED. FORM 990, PART VI, SECTION A, LINE 1A ALL EXECUTIVE COMMITTEE MEMBERS ARE ALSO MEMBERS OF THE FULL BOARD OF DIRECTORS. MEMBERS INCLUDE: CHAIR, VICE CHAIR, TREASURER, SECRETARY, AND 4 NON-TITLED MEMBERS AT LARGE. A SUBSET OF THIS GROUP ARE GIVEN CHECK SIGNING AUTHORITY. FORM 990, PART VI, SECTION B, LINE 11B THE AUDIT COMMITTEE REVIEWS THE 990 AND RECOMMENDS APPROVAL TO THE FINANCE COMMITTEE, EXECUTIVE COMMITTEE, AND FULL BOARD OF DIRECTORS. IT IS ALSO PRESENTED TO THE GENERAL BOARD. HOWEVER, THE ENTIRE BOARD OF DIRECTORS IS NOT PROVIDED WITH A LIST OF DISQUALIFED PERSONS FROM SCHEDULE A NOR SCHEDULE B, SCHEDULE OF CONTRIBUTORS. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS EVALUATED AS NEW BUSINESS RELATIONSHIPS AND SITUATIONS ARISE. BOARD TRUSTEES SIGN A COMPLIANCE AGREEMENT FORM ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 ORGANIZATION USES THREE DATA SOURCES - LOCAL, REGIONAL AND NATIONAL SALARY SURVEYS OF NON-PROFITS IN RELATED SECTORS OF ARTS, CULTURE AND EDUCATION - TO ARRIVE AT COMPARABLE COMPENSATION LEVELS FOR ITS STAFF. CEO'S SALARY IS REVIEWED BY EXECUTIVE COMMITTEE ANNUALLY AS PART OF CEO'S EVALUATION PROCESS. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART IX, LINE 11G CONSULTANTS & CONTRACTORS: PROGRAM SERVICE EXPENSES 346,039. MANAGEMENT AND GENERAL EXPENSES 44,211. FUNDRAISING EXPENSES 40,108. TOTAL EXPENSES 430,358. FORM 990, PART XII, LINE 2C THE AUDIT COMMITTEE ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.