Magnolia Arts Center Inc

Analysis

Magnolia Arts Center Inc is a registered charity in United States, based in Greenville, NC. It received its IRS tax-exemption ruling in September 2006, 20 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, Magnolia Arts Center Inc reported income of $106k and spending of $104k, spending 98% of its income. Across the 2 years on record, from December 2022 to December 2023, income grew from $63k to $106k (+70%), an average of +70% a year. The sharpest change came in the year to December 2023, when income rose by 70%. Over the whole period it spent 97% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Magnolia Arts Center Inc sits at the 43rd percentile: it is larger than about 43% of them. Against every charity in United States with reported income it ranks in the 39th percentile, and in the 36th percentile within NC. Charities of a similar size with the same main cause include St Francis High School Choir Boosters ($106k), Stringendo Chamber Ensembles ($106k) and Perfecting Gifts Incorporated ($106k).

On its Form 990-EZ for the period ending December 2023, revenue came from contributions and grants 37% and program service revenue 53% of the total. At year end it held assets of $70k against liabilities of $0, net assets of $70k.