Socrates Sculpture Park Inc

Analysis

Socrates Sculpture Park Inc is a registered charity in United States, based in Long Is City, NY. It received its IRS tax-exemption ruling in July 1992, 34 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. 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, Socrates Sculpture Park Inc reported income of $1.6m and spending of $1.9m, spending 118% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.6m to $1.6m (+2.4%), an average of +0.6% a year. The sharpest change came in the year to December 2021, when income rose by 118%. Over the whole period it spent 116% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Socrates Sculpture Park Inc sits at the 83rd percentile: it is larger than about 82% of them. Against every charity in United States with reported income it ranks in the 84th percentile, and in the 80th percentile within NY. Charities of a similar size with the same main cause include Dodge City Family YMCA ($1.6m), Why Not Prosper Inc ($1.6m) and Feast Collective ($1.6m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 93% and program service revenue 2.9% of the total. Compensation of current officers, directors and key employees was $144k (7.6% of expenses). Other salaries and wages came to $811k. At year end it held assets of $2.9m against liabilities of $101k, net assets of $2.8m. It reported 40 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.