Newark Arts Council

Analysis

Newark Arts Council is a registered charity in United States, based in Newark, NJ. It received its IRS tax-exemption ruling in September 1985, 41 years ago. 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, Newark Arts Council reported income of $2.1m and spending of $2.4m, spending 112% of what it took in. Across the 4 years on record, from June 2019 to June 2023, income grew from $1.6m to $2.1m (+33%), an average of +10% a year. The sharpest change came in the year to June 2020, when income rose by 42%. Over the whole period it spent 97% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Newark Arts Council 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 86th percentile, and in the 88th percentile within NJ. Charities of a similar size with the same main cause include Faith Christian High School Inc ($2.1m), California Teachers Association Institute for Teaching ($2.1m) and Transportation Administration of Cleveland County Inc ($2.1m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 95% and program service revenue 5.1% of the total. Compensation of current officers, directors and key employees was $333k (14% of expenses). Other salaries and wages came to $342k. At year end it held assets of $1.3m against liabilities of $118k, net assets of $1.2m. It reported 10 employees.