Italian Cultural Center

Analysis

Italian Cultural Center is a registered charity in United States, based in Minneapolis, MN. It received its IRS tax-exemption ruling in August 2006, 20 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, Italian Cultural Center reported income of $279k and spending of $269k, spending 96% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $145k to $279k (+93%), an average of +18% a year. The sharpest change came in the year to June 2020, when income rose by 67%. Over the whole period it spent 96% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Italian Cultural Center sits at the 67th percentile: it is larger than about 67% of them. Against every charity in United States with reported income it ranks in the 60th percentile, and in the 59th percentile within MN. Charities of a similar size with the same main cause include Mayflower Society House Endowment Fund ($279k), North Carolina Trapshooters Hall of Fame Inc ($279k) and Berkeley Art Center Association ($279k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 15% and program service revenue 83% of the total. Compensation of current officers, directors and key employees was $110k (41% of expenses). At year end it held assets of $423k against liabilities of $169k, net assets of $253k. It reported 11 employees.