Artspace Inc

Analysis

Artspace Inc is a registered charity in United States, based in Foxborough, MA. It received its IRS tax-exemption ruling in February 1987, 39 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 2022, Artspace Inc reported income of $707k and spending of $893k, spending 126% of what it took in. Across the 3 years on record, from June 2020 to June 2022, income grew from $456k to $707k (+55%), an average of +24% a year. The sharpest change came in the year to June 2022, when income rose by 40%. Over the whole period it spent 116% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Artspace Inc sits at the 82nd percentile: it is larger than about 82% of them. Against every charity in United States with reported income it ranks in the 75th percentile, and in the 75th percentile within MA. Charities of a similar size with the same main cause include Korea Creative Content Agency ($706k), Sacramento Mens Chorus ($707k) and Athens-Clarke Heritage Foundation Inc ($706k).

On its Form 990 for the period ending June 2022, revenue came from contributions and grants 98% and program service revenue 2.9% of the total. Compensation of current officers, directors and key employees was $122k (14% of expenses). Other salaries and wages came to $213k. At year end it held assets of $363k against liabilities of $122k, net assets of $241k. It reported 17 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.