Seventh Art Corporation of Ithaca

Analysis

Seventh Art Corporation of Ithaca is a registered charity in United States, based in Ithaca, NY. It received its IRS tax-exemption ruling in May 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Seventh Art Corporation of Ithaca reported income of $1.1m and spending of $924k, spending 87% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $978k to $1.1m (+8.9%), an average of +2.2% a year. The sharpest change came in the year to December 2021, when income rose by 74%. Over the whole period it spent 100% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Seventh Art Corporation of Ithaca sits at the 86th percentile: it is larger than about 86% of them. Against every charity in United States with reported income it ranks in the 80th percentile, and in the 76th percentile within NY. Charities of a similar size with the same main cause include Music City Youth in the Arts Inc ($1.1m), Washington Art Association Inc ($1.1m) and National Council of Nigerian Muslims in the USA ($1.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 36% and program service revenue 53% of the total. Compensation of current officers, directors and key employees was $62k (6.8% of expenses). Other salaries and wages came to $204k. At year end it held assets of $540k against liabilities of $92k, net assets of $447k. It reported 22 employees.