Summit Artspace

Analysis

Summit Artspace is a registered charity in United States, based in Akron, OH. It received its IRS tax-exemption ruling in March 1998, 28 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, Summit Artspace reported income of $360k and spending of $318k, spending 88% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $193k to $360k (+86%), an average of +17% a year. The sharpest change came in the year to June 2021, when income rose by 47%. Over the whole period it spent 98% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Summit Artspace 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 65th percentile, and in the 65th percentile within OH. Charities of a similar size with the same main cause include San Diego Craft Collective ($360k), Norcam Inc ($360k) and Stonelion Puppet Theatre ($360k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 65% and program service revenue 37% of the total. Compensation of current officers, directors and key employees was $69k (22% of expenses). Other salaries and wages came to $93k. At year end it held assets of $327k against liabilities of $67k, net assets of $261k. It reported 7 employees.