International African Arts Festival

Analysis

International African Arts Festival is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in July 1989, 37 years ago. 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 September 2023, International African Arts Festival reported income of $513k and spending of $517k, spending 101% of its income. Across the 4 years on record, from September 2019 to September 2023, income grew from $396k to $513k (+30%), an average of +9.1% a year. The sharpest change came in the year to September 2023, when income rose by 26%. Over the whole period it spent 106% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, International African Arts Festival sits at the 69th percentile: it is larger than about 69% of them. Against every charity in United States with reported income it ranks in the 71st percentile, and in the 66th percentile within NY. Charities of a similar size with the same main cause include Lutheran Housing Services 6 Incorporated ($513k), Madison Family Medicine Residency Corporation ($513k) and Family Promise of Gwinnett County Inc ($513k).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 57% and program service revenue 41% of the total. Other salaries and wages came to $48k. It paid $3,000 in professional fundraising fees. At year end it held assets of $67k against liabilities of $151k, net assets of -$84k. It reported 8 employees.