Providence Athenaeum

Analysis

Providence Athenaeum is a registered charity in United States, based in Providence, RI. It received its IRS tax-exemption ruling in February 1973, 53 years ago. Its declared purposes cover education, which this site groups under education and training. 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, Providence Athenaeum reported income of $1.7m and spending of $1.5m, spending 86% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $885k to $1.7m (+92%), an average of +18% a year. The sharpest change came in the year to June 2021, when income rose by 71%. Over the whole period it spent 91% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Providence Athenaeum sits at the 81st percentile: it is larger than about 81% of them. Against every charity in United States with reported income it ranks in the 85th percentile, and in the 81st percentile within RI. Charities of a similar size with the same main cause include Peak Programs Inc ($1.7m), Walden Foundation Inc ($1.7m) and Young Audiences Inc of Houston ($1.7m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 69% and program service revenue 1.6% of the total. Compensation of current officers, directors and key employees was $160k (11% of expenses). Other salaries and wages came to $625k. At year end it held assets of $15.1m against liabilities of $116k, net assets of $14.9m. It reported 18 employees.