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Arts, Culture, Humanities : Performing Arts

The Loft Literary Center

Inspiring a passion for literature

three stars

84.75

1011 Washington Avenue South Suite 200, Open Book
Minneapolis, MN 55415
tel: (612) 215-2575   Web Site
EIN: 41-1297735

Board Leadership
Jack El-Hai
Chair

CEO
Britt Udesen
Executive Director

  Score
(out of 100)
Rating
Overall Score & Rating 84.75 three stars
  Financial 79.98 two stars
  Accountability & Transparency 92.00 four stars
This rating was published 07/01/2018 and includes data from FY2017, the most recent 990 received at that time.

Founded in 1974, The Loft Literary Center advances the artistic development of writers, fosters a thriving literary community, and inspires a passion for literature. As an intergenerational, multicultural literary arts center, the Loft operates as an artist service organization, a gathering place for readers and writers, a community school for the arts, and a presenting organization. Each year, the Loft nurtures hundreds of novelists, poets, spoken word artists, and writers in every genre and style, and connects them to readers and live audiences in the twin cities and across Minnesota, reaching over 750,000 people annually.

Founded in 1974, The Loft Literary Center advances the artistic development of writers, fosters a thriving literary community, and inspires a passion for literature. As an intergenerational, multicultural literary arts center, the Loft operates as an artist service organization, a gathering place for readers and writers, a community school for the arts, and a presenting organization. Each year, the Loft nurtures hundreds of novelists, poets, spoken word artists, and writers in every genre and style, and connects them to readers and live audiences in the twin cities and across Minnesota, reaching over 750,000 people annually.

Impact Information

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Financial

two stars

79.98

Accountability & Transparency

four stars

92.00

This rating was published 07/01/2018 and includes data from FY2017, the most recent 990 received at that time.
Overall Rating Chart
  Program Expenses
(Percent of the charity's total expenses spent on the programs
and services it delivers)
81.1%
  Administrative Expenses 6.9%
  Fundraising Expenses 11.8%
  Fundraising Efficiency $0.21
  Working Capital Ratio (years) 0.94
  Program Expenses Growth -0.9%
  Liabilities to Assets 6.1%
All data for Financial Performance Metrics calculations was provided by The Loft Literary Center on recent 990s filed with the IRS.
All data for Financial Performance Metrics calculations was provided by The Loft Literary Center on recent 990s filed with the IRS.

Highly Rated

Charity Name & State Overall Score Overall Rating
The Loft Literary Center (MN) 84.75 three stars
Byrd Hoffman Water Mill Foundation (NY) 89.85 three stars
Artspace Projects (MN) 89.48 three stars
The Sphinx Organization (MI) 85.61 three stars
Princess Grace Foundation-USA (NY) 87.04 three stars

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REVENUE  
Contributions  
   Contributions, Gifts & Grants $849,390
   Federated Campaigns $0
   Membership Dues $0
   Fundraising Events $4,715
   Related Organizations $0
   Government Grants $174,673
Total Contributions $1,028,778
   Program Service Revenue $914,557
Total Primary Revenue $1,943,335
   Other Revenue $299,437
TOTAL REVENUE $2,242,772
   
EXPENSES  
   Program Expenses $1,791,517
   Administrative Expenses $153,319
   Fundraising Expenses $284,899
TOTAL FUNCTIONAL EXPENSES $2,229,735
   
Payments to Affiliates $0
Excess (or Deficit) for the year $13,037
   
Net Assets $4,617,758

Program names and associated costs are listed for the top programs as reported on the charity's most recently filed Form 990. The top programs displayed will include the largest three programs, or those programs covering at least 60% of the charity's total expenses, whichever comes first.

Program Name Amount Spent % of Program Expenses
Creative Writing Education $1,104,846 61.7%
Awards, Grants, and Events $597,152 33.3%
Writing Community and Writers Services $89,519 5.0%

Ratings History

Form 990 FYE Date Published Overall Score Overall Rating
CN 2.1
2017-08 07/01/2018 84.75 three stars
2016-08 10/01/2017 84.70 three stars
2015-08 11/01/2016 86.98 three stars
2014-08 06/01/2016 89.47 three stars
 
CN 2.0
2014-08 09/01/2015 82.44 three stars
2013-08 09/01/2014 89.01 three stars

The data displayed on this tab is provided by the IRS in the form of Publication 78 and the Business Master File (BMF).

EIN 41-1297735
Name in IRS Master File LOFT INC
NTEE Code A70
NTEE Classification Humanities Organizations
NTEE Type Arts, Culture and Humanities
Classification Literary Organization
Subsection 501(c)(3)  (View the list of codes)
Activities (90) Cultural performances
(92) Literary activities
Foundation Status Organization that normally receives no more than one-third of its support from gross investment income and unrelated business income and at the same time more than one-third of its support from contributions, fees, and gross receipts related to exempt purposes.  509(a)(2)
Deductibility Contributions are deductible
Affiliation Independent - the organization is an independent organization or an independent auxiliary (i.e., not affiliated with a National, Regional, or Geographic grouping of organizations).
Group Name [Not Applicable]
Ruling Date June, 1977
Filing Requirement 990 (all other) or 990EZ return
Fiscal Year End August
IRS Forms 990
(provided courtesy of Foundation Center)
(Log In or Register Now to View Forms 990!)
  • August, 2017
  • August, 2016
  • August, 2015
  • August, 2014
  • August, 2013
Compensation % of Expenses Paid to Title
$92,894 4.16% Britt Udesen Executive Director
Other Salaries of Note
$2,439 0.10% Anika Fajardo Director
$592 0.02% Marge Barrett Director
$350 0.01% Ed Bok Lee Director

Highly Rated

Charity Name & State Overall Score Overall Rating
The Loft Literary Center (MN) 84.75 three stars
SAG-AFTRA Foundation (CA) 91.90 four stars
Byrd Hoffman Water Mill Foundation (NY) 89.85 three stars
Alliance for California Traditional Arts (CA) 89.00 three stars
New World Symphony (FL) 90.22 four stars

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Charity Contact Info

The Loft Literary Center
1011 Washington Avenue South
Suite 200, Open Book
Minneapolis, MN 55415
tel: (612) 215-2575
fax: (612) 215-2576
EIN: 41-1297735

Visit Web Site

Board Leadership

Jack El-Hai
Chair

CEO

Britt Udesen
Executive Director

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