Historic Palace Inc

Analysis

Historic Palace Inc is a registered charity in United States, based in Lockport, NY. It received its IRS tax-exemption ruling in January 2000, 26 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, Historic Palace Inc reported income of $904k and spending of $1.1m, spending 124% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $1.1m to $904k (-21%), an average of -5.7% a year. The sharpest change came in the year to December 2021, when income rose by 137%. Over the whole period it spent 65% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Historic Palace Inc sits at the 85th percentile: it is larger than about 85% of them. Against every charity in United States with reported income it ranks in the 78th percentile, and in the 74th percentile within NY. Charities of a similar size with the same main cause include Atlanta Dogwood Festival Inc ($903k), Sequim City Band ($904k) and Northwest Community Music Academy ($903k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 13% and program service revenue 72% of the total. Other salaries and wages came to $284k. At year end it held assets of $3.4m against liabilities of $350k, net assets of $3.0m. It reported 14 employees.