Abundance Academy of the Arts Inc

Analysis

Abundance Academy of the Arts Inc is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in March 2015, 11 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, Abundance Academy of the Arts Inc reported income of $180k and spending of $176k, spending 98% of its income. Across the 5 years on record, from December 2019 to December 2023, income fell from $260k to $180k (-31%), an average of -8.8% a year. The sharpest change came in the year to December 2023, when income dropped by 46%. Over the whole period it spent 108% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Abundance Academy of the Arts Inc sits at the 57th percentile: it is larger than about 57% of them. Against every charity in United States with reported income it ranks in the 51st percentile, and in the 49th percentile within NY. Charities of a similar size with the same main cause include Debut Theater Company ($180k), Stanley Film Center ($180k) and Russian Cultural Center-Our Texas ($180k).

On its Form 990-EZ for the period ending December 2023, revenue came from contributions and grants 8.3% and program service revenue 92% of the total. At year end it held assets of $385k against liabilities of $471k, net assets of -$86k.