Ifetayo Cultural Arts Academy Inc

Analysis

Ifetayo Cultural Arts Academy Inc is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in June 1992, 34 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 August 2023, Ifetayo Cultural Arts Academy Inc reported income of $1.1m and spending of $1.1m, spending 97% of its income. Across the 5 years on record, from August 2019 to August 2023, income grew from $857k to $1.1m (+32%), an average of +7.2% a year. The sharpest change came in the year to August 2022, when income rose by 20%. 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, Ifetayo Cultural Arts Academy 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 NY. Charities of a similar size with the same main cause include Raleigh Little Theatre ($1.1m), North Carolina Black Repertory Company Inc ($1.1m) and Artspace Inc ($1.1m).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 79% and program service revenue 13% of the total. Compensation of current officers, directors and key employees was $131k (12% of expenses). Other salaries and wages came to $411k. At year end it held assets of $3.6m against liabilities of $2.4m, net assets of $1.3m. It reported 41 employees.