Institute of Contemporary Art

Analysis

Institute of Contemporary Art is a registered charity in United States, based in Boston, MA. It received its IRS tax-exemption ruling in July 1959, 67 years ago. Its declared purposes cover arts, culture and humanities, which this site groups under arts, culture, heritage and science. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Institute of Contemporary Art reported income of $23.2m and spending of $22.0m, spending 95% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $14.6m to $23.2m (+60%), an average of +12% a year. The sharpest change came in the year to June 2021, when income rose by 41%. Over the whole period it spent 90% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Institute of Contemporary Art sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 97th percentile, and in the 97th percentile within MA. Charities of a similar size with the same main cause include Woodwell Climate Research Center ($23.2m), Charlotte Symphony Orchestra Society Inc ($23.4m) and Seattle Opera ($23.2m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 81% and program service revenue 15% of the total. Compensation of current officers, directors and key employees was $1.2m (5.4% of expenses). Other salaries and wages came to $6.4m. It paid $15k in professional fundraising fees. At year end it held assets of $121.8m against liabilities of $5.2m, net assets of $116.5m. It reported 290 employees.