Chicago Academy for the Arts

Analysis

Chicago Academy for the Arts is a registered charity in United States, based in Chicago, IL. It received its IRS tax-exemption ruling in January 1981, 45 years ago. 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 June 2023, Chicago Academy for the Arts reported income of $5.9m and spending of $6.2m, spending 104% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $5.2m to $5.9m (+13%), an average of +3.2% a year. The sharpest change came in the year to June 2022, when income dropped by 16%. Over the whole period it spent 99% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Chicago Academy for the Arts 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 93rd percentile, and in the 93rd percentile within IL. Charities of a similar size with the same main cause include Ross Training Center Inc ($5.9m), Altamont Program Inc ($5.9m) and Riverdale Mental Health Association Inc ($5.9m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 31% and program service revenue 70% of the total. Compensation of current officers, directors and key employees was $170k (2.7% of expenses). Other salaries and wages came to $2.5m. At year end it held assets of $2.5m against liabilities of $793k, net assets of $1.7m. It reported 96 employees.