Maine College of Art

Analysis

Maine College of Art is a registered charity in United States, based in Portland, ME. It received its IRS tax-exemption ruling in January 1982, 44 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Maine College of Art reported income of $26.1m and spending of $25.8m, spending 99% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $22.3m to $26.1m (+17%), an average of +4.0% a year. Over the whole period it spent 93% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Maine College of Art sits at the 97th percentile: it is larger than about 97% of them. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 97th percentile within ME. Charities of a similar size with the same main cause include Allen University ($26.1m), Baptist Memorial College of Health Sciences Inc ($26.1m) and Center for Early Education ($26.1m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 13% and program service revenue 84% of the total. Compensation of current officers, directors and key employees was $755k (2.9% of expenses). Other salaries and wages came to $7.1m. It paid $30k in professional fundraising fees. At year end it held assets of $47.9m against liabilities of $15.2m, net assets of $32.6m. It reported 359 employees.