516 Arts

Analysis

516 Arts is a registered charity in United States, based in Albuquerque, NM. It received its IRS tax-exemption ruling in July 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 December 2023, 516 Arts reported income of $535k and spending of $716k, spending 134% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $573k to $535k (-6.7%), an average of -1.7% a year. The sharpest change came in the year to December 2020, when income rose by 193%. Over the whole period it spent 71% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, 516 Arts sits at the 78th percentile: it is larger than about 78% of them. Against every charity in United States with reported income it ranks in the 71st percentile, and in the 70th percentile within NM. Charities of a similar size with the same main cause include Ascendance Pole and Aerial Arts ($535k), Greenville Symphony Endowment Fund Inc ($535k) and Center for Performance Research Inc ($535k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 96% and program service revenue 3.5% of the total. Compensation of current officers, directors and key employees was $130k (18% of expenses). Other salaries and wages came to $234k. It paid $5,360 in professional fundraising fees. At year end it held assets of $1.7m against liabilities of $176k, net assets of $1.5m. It reported 9 employees.