Cincinnati Institute of Fine Arts

Analysis

Cincinnati Institute of Fine Arts is a registered charity in United States, based in Cincinnati, OH. It received its IRS tax-exemption ruling in November 1951, 75 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 August 2023, Cincinnati Institute of Fine Arts reported income of $12.3m and spending of $15.2m, spending 124% of what it took in. Across the 5 years on record, from August 2019 to August 2023, income fell from $20.1m to $12.3m (-39%), an average of -12% a year. The sharpest change came in the year to August 2022, when income rose by 88%. Over the whole period it spent 85% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Cincinnati Institute of Fine Arts sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 96th percentile within OH. Charities of a similar size with the same main cause include Grant Park Orchestral Association ($12.3m), United Arts of Central Florida Inc ($12.3m) and Hippodrome Foundation Inc ($12.3m).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 104% and program service revenue 0.4% of the total. Compensation of current officers, directors and key employees was $606k (4.0% of expenses). Other salaries and wages came to $1.6m. At year end it held assets of $126.9m against liabilities of $56.6m, net assets of $70.3m. It reported 30 employees.