Palette and Chisel Academy of Fine Arts

Analysis

Palette and Chisel Academy of Fine Arts is a registered charity in United States, based in Chicago, IL. It received its IRS tax-exemption ruling in August 1981, 45 years ago. 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, Palette and Chisel Academy of Fine Arts reported income of $856k and spending of $717k, spending 84% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $799k to $856k (+7.2%), an average of +1.7% a year. The sharpest change came in the year to December 2021, when income rose by 41%. Over the whole period it spent 89% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Palette and Chisel Academy of Fine Arts sits at the 76th percentile: it is larger than about 76% of them. Against every charity in United States with reported income it ranks in the 77th percentile, and in the 77th percentile within IL. Charities of a similar size with the same main cause include Escambia Christian School Inc ($856k), United Way of the Yampa Valley ($856k) and Appling Christian Academy ($856k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 34% and program service revenue 53% of the total. Compensation of current officers, directors and key employees was $105k (15% of expenses). Other salaries and wages came to $38k. At year end it held assets of $4.7m against liabilities of $125k, net assets of $4.6m. It reported 3 employees.