Nonprofit · EIN 98-6000319
FOUNDATION FOR ARTS INITIATIVES
Tax-exempt · NEW YORK, NY 10013
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| August 31, 2025 | 990-PF | $2,298,123 | $1,703,329 | $594,794 | $32,961,545 | $95,071 | $32,866,474 |
| August 31, 2024 | 990-PF | $1,050,934 | $1,916,969 | -$866,035 | $32,215,566 | $76,039 | $32,139,527 |
| August 31, 2023 | 990-PF | -$550,507 | $1,954,321 | -$2,504,828 | $30,010,208 | $63,258 | $29,946,950 |
Financial details: 990-PF for the year ended August 31, 2025
Revenue
- Dividends
- $732,135
- Interest
- $22
- Net gain from sales of assets
- $1,565,605
- Other income
- $361
Expenses
- Grants and similar amounts paid
- $1,030,000
- Compensation of officers, directors and key employees
- $233,000
- Disbursements for charitable purposes
- $1,436,897
- Excise tax on investment income
- $29,186
Balance sheet and other
- Total assets, start of year
- $32,215,566
- Total assets, end of year
- $32,961,545
- Total liabilities, end of year
- $95,071
- Net assets, end of year
- $32,866,474
- Fair market value of assets
- $32,961,545
- Qualifying distributions
- $1,436,897
- Net investment income
- $2,298,123
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990-PF for the year ended August 31, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| JOAN WEAKLEY C/O FNDTN FOR ARTS INITIATIVES 375, GREENWICH STREET, NEW YORK, NY 10013 | SECRETARY | 50 | $138,000 |
| VASIF KORTUN C/O FNDTN FOR ARTS INITIATIVES 375, GREENWICH STREET, NEW YORK, NY 10013 | CHAIRPERSON, TREASURER & BOARD MEMBER | 20 | $15,000 |
| MANUEL J BORJA-VILLEL C/O FNDTN FOR ARTS INITIATIVES 375, GREENWICH STREET, NEW YORK, NY 10013 | BOARD MEMBER | 5 | $10,000 |
| ZOE BUTT C/O FNDTN FOR ARTS INITIATIVES 375, GREENWICH STREET, NEW YORK, NY 10013 | BOARD MEMBER | 5 | $10,000 |
| FREDERICK B HENRY C/O FNDTN FOR ARTS INITIATIVES 375, GREENWICH STREET, NEW YORK, NY 10013 | BOARD MEMBER | 5 | $10,000 |
| MARIA LIND C/O FNDTN FOR ARTS INITIATIVES 375, GREENWICH STREET, NEW YORK, NY 10013 | BOARD MEMBER | 5 | $10,000 |
| ALESSANDRO PETTI C/O FNDTN FOR ARTS INITIATIVES 375, GREENWICH STREET, NEW YORK, NY 10013 | BOARD MEMBER | 5 | $10,000 |
| ANN PHILBIN C/O FNDTN FOR ARTS INITIATIVES 375, GREENWICH STREET, NEW YORK, NY 10013 | BOARD MEMBER | 5 | $10,000 |
| SABINA SABOLOVIC C/O FNDTN FOR ARTS INITIATIVES 375, GREENWICH STREET, NEW YORK, NY 10013 | BOARD MEMBER | 5 | $10,000 |
| WILLIAM WELLS C/O FNDTN FOR ARTS INITIATIVES 375, GREENWICH STREET, NEW YORK, NY 10013 | BOARD MEMBER | 5 | $10,000 |
| KOYO KOUOH C/O FNDTN FOR ARTS INITIATIVES 375, GREENWICH STREET, NEW YORK, NY 10013 | BOARD MEMBER (THROUGH MAY 10,2025) | 5 | $0 |
990-PF for the year ended August 31, 2024: 11 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| JOAN WEAKLEY C/O FNDTN FOR ARTS INITIATIVES 375, GREENWICH STREET, NEW YORK, NY 10013 | SECRETARY | 50 | $138,000 |
| VASIF KORTUN C/O FNDTN FOR ARTS INITIATIVES 375, GREENWICH STREET, NEW YORK, NY 10013 | CHAIRPERSON, TREASURER & BOARD MEMBER | 20 | $18,750 |
| MANUEL J BORJA-VILLEL C/O FNDTN FOR ARTS INITIATIVES 375, GREENWICH STREET, NEW YORK, NY 10013 | BOARD MEMBER | 5 | $12,500 |
| ZOE BUTT C/O FNDTN FOR ARTS INITIATIVES 375, GREENWICH STREET, NEW YORK, NY 10013 | BOARD MEMBER | 5 | $12,500 |
| FREDERICK B HENRY C/O FNDTN FOR ARTS INITIATIVES 375, GREENWICH STREET, NEW YORK, NY 10013 | BOARD MEMBER | 5 | $12,500 |
| MARIA LIND C/O FNDTN FOR ARTS INITIATIVES 375, GREENWICH STREET, NEW YORK, NY 10013 | BOARD MEMBER | 5 | $12,500 |
| ALESSANDRO PETTI C/O FNDTN FOR ARTS INITIATIVES 375, GREENWICH STREET, NEW YORK, NY 10013 | BOARD MEMBER | 5 | $12,500 |
| ANN PHILBIN C/O FNDTN FOR ARTS INITIATIVES 375, GREENWICH STREET, NEW YORK, NY 10013 | BOARD MEMBER | 5 | $12,500 |
| WILLIAM WELLS C/O FNDTN FOR ARTS INITIATIVES 375, GREENWICH STREET, NEW YORK, NY 10013 | BOARD MEMBER | 5 | $12,500 |
| SABINA SABOLOVIC C/O FNDTN FOR ARTS INITIATIVES 375, GREENWICH STREET, NEW YORK, NY 10013 | BOARD MEMBER | 5 | $10,000 |
| KOYO KOUOH C/O FNDTN FOR ARTS INITIATIVES 375, GREENWICH STREET, NEW YORK, NY 10013 | BOARD MEMBER (ELECTED 11/23) | 5 | $0 |
990-PF for the year ended August 31, 2023: 11 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| JOAN WEAKLEY C/O FNDTN FOR ARTS INITIATIVES 375, GREENWICH STREET, NEW YORK, NY 10013 | SECRETARY | 50 | $138,000 |
| VASIF KORTUN C/O FNDTN FOR ARTS INITIATIVES 375, GREENWICH STREET, NEW YORK, NY 10013 | CHAIRPERSON, TREASURER & BOARD MEMBER | 20 | $15,000 |
| MANUEL J BORJA-VILLEL C/O FNDTN FOR ARTS INITIATIVES 375, GREENWICH STREET, NEW YORK, NY 10013 | BOARD MEMBER | 5 | $10,000 |
| FREDERICK B HENRY C/O FNDTN FOR ARTS INITIATIVES 375, GREENWICH STREET, NEW YORK, NY 10013 | BOARD MEMBER | 5 | $10,000 |
| MARIA LIND C/O FNDTN FOR ARTS INITIATIVES 375, GREENWICH STREET, NEW YORK, NY 10013 | BOARD MEMBER | 5 | $10,000 |
| ALESSANDRO PETTI C/O FNDTN FOR ARTS INITIATIVES 375, GREENWICH STREET, NEW YORK, NY 10013 | BOARD MEMBER | 5 | $10,000 |
| ANN PHILBIN C/O FNDTN FOR ARTS INITIATIVES 375, GREENWICH STREET, NEW YORK, NY 10013 | BOARD MEMBER | 5 | $10,000 |
| SABINA SABOLOVIC C/O FNDTN FOR ARTS INITIATIVES 375, GREENWICH STREET, NEW YORK, NY 10013 | BOARD MEMBER | 5 | $10,000 |
| WILLIAM WELLS C/O FNDTN FOR ARTS INITIATIVES 375, GREENWICH STREET, NEW YORK, NY 10013 | BOARD MEMBER | 5 | $10,000 |
| ZOE BUTT C/O FNDTN FOR ARTS INITIATIVES 375, GREENWICH STREET, NEW YORK, NY 10013 | BOARD MEMBER (ELECTED 2/2023) | 5 | $5,000 |
| CLAIRE HSU C/O FNDTN FOR ARTS INITIATIVES 375, GREENWICH STREET, NEW YORK, NY 10013 | BOARD MEMBER (RESIGNED 11/2022) | 5 | $5,000 |
Address and contacts
- Address (IRS master file)
- 375 GREENWICH ST, NEW YORK, NY 10013-2376
- Signed the 990-PF
- VASIF KORTUN, CHAIRPERSON
- Phone
- (212) 267-8334
- Website
- WWW.FFAIARTS.NET
- Return prepared by
- LUTZ AND CARR CPAS LLP
What it must file and when
IRS records say it files Form 990-PF. Private foundations file every year. Its accounting year ends in August, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | August 31, 2026 | January 15, 2027 | Not due yet |
| 2024 | August 31, 2025 | January 15, 2026 | 990-PF on file |
| 2023 | August 31, 2024 | January 15, 2025 | 990-PF on file |
IRS record
- EIN
- 98-6000319
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Private non-operating foundation
- Donations deductible (Pub 78)
- Private foundation, 30% limit
- Exempt since
- 1964
- Accounting year ends
- August
- Files
- Form 990-PF
- Category (NTEE)
- Philanthropy, voluntarism and grantmaking foundations (T20)
- Assets (IRS master file)
- $32,961,545
- Income (IRS master file)
- $16,853,264
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990-PF | August 2025 | $2,298,123 | $1,703,329 | $32,961,545 | XML |
| 990-PF | August 2024 | $1,050,934 | $1,916,969 | $32,215,566 | XML |
| 990-PF | August 2023 | -$550,507 | $1,954,321 | $30,010,208 | XML |
| 990-PF | August 2022 | – | – | – | IRS |
| 990-PF | August 2021 | – | – | – | IRS |
| 990-PF | August 2020 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 98-6000319).
Questions about FOUNDATION FOR ARTS INITIATIVES
- What is the EIN of FOUNDATION FOR ARTS INITIATIVES?
- The employer identification number (EIN) of FOUNDATION FOR ARTS INITIATIVES is 98-6000319.
- Is FOUNDATION FOR ARTS INITIATIVES tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1964.
- Are donations to FOUNDATION FOR ARTS INITIATIVES tax-deductible?
- Yes. It is listed in IRS Publication 78 (Private foundation, 30% limit).
- Which annual return does FOUNDATION FOR ARTS INITIATIVES file?
- Form 990-PF. Private foundations file every year.
- When is the next return of FOUNDATION FOR ARTS INITIATIVES due?
- The return for tax year 2025 (the year ending August 31, 2026) is due January 15, 2027. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did FOUNDATION FOR ARTS INITIATIVES last file with the IRS?
- The latest return in the IRS public files is the 990-PF for the year ended August 2025.
- Who are the officers and directors of FOUNDATION FOR ARTS INITIATIVES?
- The 990-PF for the year ended August 31, 2025 lists 11 people; 10 received compensation from the organization, the highest $138,000 (JOAN WEAKLEY, SECRETARY).
- How much revenue does FOUNDATION FOR ARTS INITIATIVES have?
- On its 990-PF for the year ended August 31, 2025 it reported revenue of $2,298,123, expenses of $1,703,329 and total assets of $32,961,545 at year end.
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