Lake Wales Arts Council Inc

Analysis

Lake Wales Arts Council Inc is a registered charity in United States, based in Lake Wales, FL. It received its IRS tax-exemption ruling in July 2016, 10 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 May 2023, Lake Wales Arts Council Inc reported income of $665k and spending of $670k, spending 101% of its income. Across the 5 years on record, from May 2019 to May 2023, income grew from $381k to $665k (+75%), an average of +15% a year. The sharpest change came in the year to May 2023, when income rose by 43%. Over the whole period it spent 104% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Lake Wales Arts Council Inc sits at the 81st percentile: it is larger than about 81% of them. Against every charity in United States with reported income it ranks in the 74th percentile, and in the 77th percentile within FL. Charities of a similar size with the same main cause include Trustus Inc ($665k), The Choir School of Delaware Inc ($665k) and Responsible Offshore Science Alliance ($665k).

On its Form 990 for the period ending May 2023, revenue came from contributions and grants 80% and program service revenue 14% of the total. Other salaries and wages came to $60k. At year end it held assets of $1.9m against liabilities of $205k, net assets of $1.7m. It reported 3 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.