Clemente Soto Velez Cultural & Education Center Inc

Analysis

Clemente Soto Velez Cultural & Education Center Inc is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in August 1998, 28 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, Clemente Soto Velez Cultural & Education Center Inc reported income of $5.2m and spending of $1.4m, leaving 73% of income unspent that year. Across the 6 years on record, from August 2017 to August 2023, income grew from $1.2m to $5.2m (+319%), an average of +33% a year. The sharpest change came in the year to August 2023, when income rose by 235%. Over the whole period it spent 54% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Clemente Soto Velez Cultural & Education Center Inc sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 90th percentile within NY. Charities of a similar size with the same main cause include Post Road Foundation ($5.2m), Cobb Community Foundation Inc ($5.2m) and Pasadena Conservatory of Music ($5.2m).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 85% and program service revenue 15% of the total. Compensation of current officers, directors and key employees was $124k (8.7% of expenses). Other salaries and wages came to $478k. At year end it held assets of $5.8m against liabilities of $295k, net assets of $5.6m. It reported 13 employees.