Program areas at Niki Charitable Art Foundation
The purpose of the Foundation is to provide for the preservation, restoration, display, presentation, and interpretation of the Niki de saint phalle collection and the cyclops in paris.
Artwork exhibition fees: the Foundation holds artwork of Niki de saint phalle, maintains the artwork and loans the artwork out for display. The artwork exhibition fees assist the Foundation with covering some of the overhead costs and required artwork maintenance incurred when the artwork is sent out for display.
Gain on sale of artwork: the Foundation has been formed to educate and promote Art in general, which includes loaning the artwork it owns out for display. Therefore the Foundation's artwork meets the definition of property used for it's exempt purpose and the gain from the sale is exempted from the internal revenue code section 4940 tax pursuant to treasury regulations section 53.4940-(f)(1).
K-1: noah's Art, inc.: noah's Art, inc. holds artwork of Niki de saint phalle, maintains the artwork and loans the artwork out for display. Thus, noah's Art, inc. "carries on activities which are carried on within a larger aggregate of similar services or within a larger complex of other endeavors which is related to the Charitable, educational, or similar exempt purpose of the organizationx and meets the definition of a functionally related business as defined in section 4942(j)(4). The Foundation has been formed to educate and promote Art in general, which is held by noah's Art, inc.