Washington Art Association Inc

Analysis

Washington Art Association Inc is a registered charity in United States, based in Washington Depot, CT. It received its IRS tax-exemption ruling in February 1972, 54 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 December 2023, Washington Art Association Inc reported income of $1.1m and spending of $424k, leaving 60% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $457k to $1.1m (+133%), an average of +24% a year. The sharpest change came in the year to December 2021, when income rose by 174%. Over the whole period it spent 50% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Washington Art Association Inc sits at the 86th percentile: it is larger than about 86% of them. Against every charity in United States with reported income it ranks in the 80th percentile, and in the 78th percentile within CT. Charities of a similar size with the same main cause include Seventh Art Corporation of Ithaca ($1.1m), Songfest ($1.1m) and Music City Youth in the Arts Inc ($1.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 73% and program service revenue 16% of the total. Compensation of current officers, directors and key employees was $145k (34% of expenses). At year end it held assets of $2.7m against liabilities of $55k, net assets of $2.6m. It reported 5 employees.