Pittsburgh Urban Magnet Project

Analysis

Pittsburgh Urban Magnet Project is a registered charity in United States, based in Pittsburgh, PA. It received its IRS tax-exemption ruling in July 1998, 28 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Pittsburgh Urban Magnet Project reported income of $966k and spending of $951k, spending 98% of its income. Across the 5 years on record, from December 2019 to December 2023, income fell from $1.2m to $966k (-20%), an average of -5.4% a year. The sharpest change came in the year to December 2021, when income rose by 195%. Over the whole period it spent 99% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Pittsburgh Urban Magnet Project sits at the 85th percentile: it is larger than about 85% of them. Against every charity in United States with reported income it ranks in the 79th percentile, and in the 77th percentile within PA. Charities of a similar size with the same main cause include Caroga Arts Collective Inc ($966k), Biblical History Center Inc ($967k) and Cuban Museum Inc ($966k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 19% and program service revenue 81% of the total. Compensation of current officers, directors and key employees was $117k (12% of expenses). Other salaries and wages came to $170k. At year end it held assets of $295k against liabilities of $200k, net assets of $96k. It reported 8 employees.