Nova Arts Foundation Inc

Analysis

Nova Arts Foundation Inc is a registered charity in United States, based in Kailua, HI. It received its IRS tax-exemption ruling in May 1980, 46 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 December 2023, Nova Arts Foundation Inc reported income of $327k and spending of $356k, spending 109% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $199k to $327k (+64%), an average of +13% a year. The sharpest change came in the year to December 2022, when income rose by 82%. Over the whole period it spent 110% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Nova Arts Foundation Inc sits at the 62nd percentile: it is larger than about 62% of them. Against every charity in United States with reported income it ranks in the 63rd percentile, and in the 62nd percentile within HI. Charities of a similar size with the same main cause include New Community Roseville Towers Housing Corp ($327k), Pennsylvania Acacia Insurance Company Ltd ($327k) and Davey Obrien Educational & Charitable Trust ($327k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 46% and program service revenue 54% of the total. Compensation of current officers, directors and key employees was $57k (16% of expenses). At year end it held assets of $124k against liabilities of $187k, net assets of -$63k. It reported 1 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.