Open Hearts Art Center

Analysis

Open Hearts Art Center is a registered charity in United States, based in Asheville, NC. It received its IRS tax-exemption ruling in June 2004, 22 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 2022, Open Hearts Art Center reported income of $879k and spending of $850k, spending 97% of its income. Across the 4 years on record, from December 2019 to December 2022, income fell from $893k to $879k (-1.6%), an average of -0.5% a year. The sharpest change came in the year to December 2020, when income rose by 15%. Over the whole period it spent 89% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Open Hearts Art Center sits at the 84th percentile: it is larger than about 84% of them. Against every charity in United States with reported income it ranks in the 78th percentile, and in the 78th percentile within NC. Charities of a similar size with the same main cause include Theatre Advancement Production Society Inc ($878k), Maysles Institute Inc ($879k) and Sooner Theatre of Norman Inc ($878k).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 28% and program service revenue 71% of the total. Compensation of current officers, directors and key employees was $265k (31% of expenses). Other salaries and wages came to $357k. It paid $15k in professional fundraising fees. At year end it held assets of $779k against liabilities of $20k, net assets of $759k. It reported 29 employees.