701 Center for Contemporary Art

Analysis

701 Center for Contemporary Art is a registered charity in United States, based in Columbia, SC. It received its IRS tax-exemption ruling in November 2009, 17 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, 701 Center for Contemporary Art reported income of $224k and spending of $186k, spending 83% of its income. Across the 3 years on record, from June 2020 to June 2023, income grew from $186k to $224k (+21%), an average of +9.8% a year. The sharpest change came in the year to June 2023, when income rose by 59%. Over the whole period it spent 113% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, 701 Center for Contemporary Art sits at the 62nd percentile: it is larger than about 62% of them. Against every charity in United States with reported income it ranks in the 56th percentile, and in the 61st percentile within SC. Charities of a similar size with the same main cause include Students Publishing Company Inc Northwestern University ($224k), McMinnville Community Media ($224k) and Santa Barbara Museum of Art ($224k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 97% and program service revenue 2.6% of the total. Compensation of current officers, directors and key employees was $34k (18% of expenses). Other salaries and wages came to $9,589. At year end it held assets of $77k against liabilities of $10k, net assets of $67k. It reported 3 employees.