The Studios of Key West Inc

Analysis

The Studios of Key West Inc is a registered charity in United States, based in Key West, FL. It received its IRS tax-exemption ruling in April 2007, 19 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 2023, The Studios of Key West Inc reported income of $2.7m and spending of $2.5m, spending 91% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.8m to $2.7m (+52%), an average of +11% a year. The sharpest change came in the year to June 2020, when income rose by 131%. 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, The Studios of Key West Inc sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 90th percentile within FL. Charities of a similar size with the same main cause include Los Angeles Childrens Chorus ($2.7m), Public Corporation for the Arts of the City of Long Beach ($2.7m) and Auricle Communications ($2.7m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 53% and program service revenue 22% of the total. Compensation of current officers, directors and key employees was $128k (5.2% of expenses). Other salaries and wages came to $855k. At year end it held assets of $15.2m against liabilities of $2.1m, net assets of $13.2m. It reported 24 employees.