Lexington Friends of the Arts Inc

Analysis

Lexington Friends of the Arts Inc is a registered charity in United States, based in Lexington, MA. It received its IRS tax-exemption ruling in September 1996, 30 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending August 2023, Lexington Friends of the Arts Inc reported income of $810k and spending of $720k, spending 89% of its income. Across the 5 years on record, from August 2019 to August 2023, income grew from $546k to $810k (+48%), an average of +10% a year. The sharpest change came in the year to August 2020, when income rose by 304%. Over the whole period it spent 62% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Lexington Friends of the Arts Inc sits at the 83rd percentile: it is larger than about 83% of them. Against every charity in United States with reported income it ranks in the 77th percentile, and in the 76th percentile within MA. Charities of a similar size with the same main cause include Wintergreen Performing Arts Inc Janice Peskin ($810k), Oliver Hazard Perry Shipyard ($810k) and American Archaeology Abroad Inc ($810k).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 35% and program service revenue 64% of the total. Compensation of current officers, directors and key employees was $64k (8.9% of expenses). Other salaries and wages came to $296k. At year end it held assets of $2.4m against liabilities of $506k, net assets of $1.9m. It reported 42 employees.