Opening Act Inc

Analysis

Opening Act Inc is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in March 2001, 25 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 (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Opening Act Inc reported income of $1.2m and spending of $1.5m, spending 122% of what it took in. Across the 4 years on record, from June 2020 to June 2023, income fell from $1.9m to $1.2m (-35%), an average of -13% a year. The sharpest change came in the year to June 2023, when income dropped by 15%. Over the whole period it spent 101% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Opening Act Inc sits at the 88th percentile: it is larger than about 88% of them. Against every charity in United States with reported income it ranks in the 81st percentile, and in the 78th percentile within NY. Charities of a similar size with the same main cause include Belle Grove Inc ($1.2m), Blues Foundation Inc ($1.2m) and Latvian Center Garezers Inc ($1.2m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 103% and program service revenue 1.6% of the total. Compensation of current officers, directors and key employees was $137k (9.3% of expenses). Other salaries and wages came to $852k. At year end it held assets of $731k against liabilities of $157k, net assets of $574k. It reported 63 employees.