Fine Arts Association Willoughby

Analysis

Fine Arts Association Willoughby is a registered charity in United States, based in Willoughby, OH. It received its IRS tax-exemption ruling in October 1959, 67 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 school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending July 2023, Fine Arts Association Willoughby reported income of $2.5m and spending of $2.5m, spending 101% of its income. Across the 5 years on record, from July 2019 to July 2023, income grew from $1.8m to $2.5m (+38%), an average of +8.4% a year. The sharpest change came in the year to July 2023, when income rose by 52%. Over the whole period it spent 116% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Fine Arts Association Willoughby sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 88th percentile within OH. Charities of a similar size with the same main cause include Youth Music Project ($2.5m), Chesapeake Shakespeare Company ($2.5m) and Augusta Symphony Inc ($2.5m).

On its Form 990 for the period ending July 2023, revenue came from contributions and grants 14% and program service revenue 58% of the total. Compensation of current officers, directors and key employees was $176k (7.0% of expenses). Other salaries and wages came to $1.3m. At year end it held assets of $6.5m against liabilities of $1.2m, net assets of $5.3m. It reported 96 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.