Palace Cultural Arts Association

Analysis

Palace Cultural Arts Association is a registered charity in United States, based in Marion, OH. It received its IRS tax-exemption ruling in June 1975, 51 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, Palace Cultural Arts Association reported income of $1.5m and spending of $1.6m, spending 111% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.2m to $1.5m (+19%), an average of +4.5% a year. The sharpest change came in the year to June 2022, when income rose by 54%. Over the whole period it spent 84% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Palace Cultural Arts Association sits at the 89th percentile: it is larger than about 89% of them. Against every charity in United States with reported income it ranks in the 83rd percentile, and in the 83rd percentile within OH. Charities of a similar size with the same main cause include W O L F ($1.5m), Percussive Arts Society Inc ($1.5m) and Society of Architectural Historians ($1.5m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 29% and program service revenue 45% of the total. Compensation of current officers, directors and key employees was $121k (7.4% of expenses). Other salaries and wages came to $248k. At year end it held assets of $7.2m against liabilities of $158k, net assets of $7.1m. It reported 17 employees.