Tofte Lake Center

Analysis

Tofte Lake Center is a registered charity in United States, based in Ely, MN. It received its IRS tax-exemption ruling in May 2008, 18 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 December 2023, Tofte Lake Center reported income of $270k and spending of $355k, spending 131% of what it took in. Across the 3 years on record, from December 2021 to December 2023, income grew from $205k to $270k (+32%), an average of +15% a year. The sharpest change came in the year to December 2022, when income rose by 54%. 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, Tofte Lake Center sits at the 66th percentile: it is larger than about 66% of them. Against every charity in United States with reported income it ranks in the 60th percentile, and in the 59th percentile within MN. Charities of a similar size with the same main cause include Essex Historical Society & Shipbuilding Museum Inc ($270k), Black in Appalachia ($271k) and Michigan Firehouse Museum and Education Center ($270k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 93% and program service revenue 7.4% of the total. Compensation of current officers, directors and key employees was $42k (12% of expenses). Other salaries and wages came to $50k. It paid $7,075 in professional fundraising fees. At year end it held assets of $345k against liabilities of $3,785, net assets of $341k. It reported 2 employees.