Fort Adams Trust Inc

Analysis

Fort Adams Trust Inc is a registered charity in United States, based in Newport, RI. It received its IRS tax-exemption ruling in March 1995, 31 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 December 2023, Fort Adams Trust Inc reported income of $1.2m and spending of $1.1m, spending 98% of its income. Across the 5 years on record, from December 2019 to December 2023, income fell from $1.5m to $1.2m (-24%), an average of -6.6% a year. The sharpest change came in the year to December 2021, when income rose by 66%. Over the whole period it spent 98% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Fort Adams Trust Inc sits at the 87th percentile: it is larger than about 87% of them. Against every charity in United States with reported income it ranks in the 81st percentile, and in the 77th percentile within RI. Charities of a similar size with the same main cause include Indianapolis Dance Company Inc GHDT ($1.2m), North End Music and Performing Arts Center ($1.2m) and Maryland Center on Economic Policy Inc ($1.2m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 42% and program service revenue 53% of the total. Compensation of current officers, directors and key employees was $57k (5.0% of expenses). Other salaries and wages came to $387k. At year end it held assets of $1.6m against liabilities of $523k, net assets of $1.0m. It reported 39 employees.