Culturesource

Analysis

Culturesource is a registered charity in United States, based in Detroit, MI. It received its IRS tax-exemption ruling in September 2008, 18 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 December 2023, Culturesource reported income of $6.1m and spending of $2.5m, leaving 59% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $810k to $6.1m (+655%), an average of +66% a year. The sharpest change came in the year to December 2020, when income rose by 91%. Over the whole period it spent 58% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Culturesource sits at the 97th percentile: it is larger than about 97% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 93rd percentile within MI. Charities of a similar size with the same main cause include Adirondack Historical Association ($6.1m), Grand Opera House Inc ($6.1m) and Association for the Preservation of Virginia Antiquities ($6.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 99% and program service revenue 1.2% of the total. Compensation of current officers, directors and key employees was $174k (7.0% of expenses). Other salaries and wages came to $739k. At year end it held assets of $7.6m against liabilities of $132k, net assets of $7.4m. It reported 11 employees.