Buffalo Fine Arts Academy

Analysis

Buffalo Fine Arts Academy is a registered charity in United States, based in Buffalo, NY. It received its IRS tax-exemption ruling in December 1940, 86 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 2024, Buffalo Fine Arts Academy reported income of $19.6m and spending of $27.0m, spending 137% of what it took in. Across the 5 years on record, from June 2020 to June 2024, income grew from $16.7m to $19.6m (+17%), an average of +4.1% a year. The sharpest change came in the year to June 2021, when income rose by 286%. Over the whole period it spent 46% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Buffalo Fine Arts Academy sits at the 99th percentile: it is larger than about 99% of them. Against every charity in United States with reported income it ranks in the 97th percentile, and in the 96th percentile within NY. Charities of a similar size with the same main cause include St Louis Art Museum Foundation ($19.6m), Radiant Life Ministries ($19.7m) and Discovery Place Inc ($19.6m).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 31% and program service revenue 25% of the total. Compensation of current officers, directors and key employees was $1.4m (5.1% of expenses). Other salaries and wages came to $6.6m. At year end it held assets of $365.9m against liabilities of $18.6m, net assets of $347.3m. It reported 230 employees.