Foluke Cultural Arts Center Inc

Analysis

Foluke Cultural Arts Center Inc is a registered charity in United States, based in Cleveland, OH. It received its IRS tax-exemption ruling in May 2003, 23 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, Foluke Cultural Arts Center Inc reported income of $375k and spending of $372k, spending 99% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $99k to $375k (+278%), an average of +39% a year. The sharpest change came in the year to December 2022, when income rose by 88%. Over the whole period it spent 81% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Foluke Cultural Arts Center Inc sits at the 72nd percentile: it is larger than about 72% of them. Against every charity in United States with reported income it ranks in the 66th percentile, and in the 65th percentile within OH. Charities of a similar size with the same main cause include Sheldon Art Museum Archaeological and Historical Society ($375k), Black Artists & Designers Guild Inc ($375k) and Ballet Wichita Inc ($375k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 59% and program service revenue 18% of the total. Compensation of current officers, directors and key employees was $51k (14% of expenses). At year end it held assets of $3,372 against liabilities of $0, net assets of $3,372.