Midtown Cultural Center Inc

Analysis

Midtown Cultural Center Inc is a registered charity in United States, based in Chicago, IL. It received its IRS tax-exemption ruling in November 1996, 30 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. 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 December 2023, Midtown Cultural Center Inc reported income of $529k and spending of $616k, spending 116% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $572k to $529k (-7.7%), an average of -2.0% a year. The sharpest change came in the year to December 2020, when income dropped by 27%. Over the whole period it spent 101% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Midtown Cultural Center Inc sits at the 68th percentile: it is larger than about 68% of them. Against every charity in United States with reported income it ranks in the 71st percentile, and in the 71st percentile within IL. Charities of a similar size with the same main cause include Friends of Downtown ($528k), Clay County Growth Alliance ($529k) and Workfirst Foundation ($528k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 49% and program service revenue 51% of the total. Compensation of current officers, directors and key employees was $24k (3.9% of expenses). Other salaries and wages came to $273k. At year end it held assets of $374k against liabilities of $269, net assets of $374k. It reported 13 employees.