Society for Contemporary Art

Analysis

Society for Contemporary Art is a registered charity in United States, based in Chicago, IL. It received its IRS tax-exemption ruling in March 1941, 85 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending July 2023, Society for Contemporary Art reported income of $532k and spending of $417k, leaving 22% of income unspent that year. Across the 5 years on record, from July 2019 to July 2023, income grew from $364k to $532k (+46%), an average of +10% a year. The sharpest change came in the year to July 2022, when income rose by 149%. Over the whole period it spent 101% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Society for Contemporary Art sits at the 78th percentile: it is larger than about 78% 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 The Bronx River Art Center Inc ($532k), Mainstage Center for the Arts Inc ($532k) and Signet Associates ($532k).

On its Form 990 for the period ending July 2023, revenue came from contributions and grants 80% and program service revenue 6.8% of the total. Other salaries and wages came to $132k. At year end it held assets of $1.1m against liabilities of $63k, net assets of $1.1m. It reported 3 employees.