Michigan Theater Foundation Inc

Analysis

Michigan Theater Foundation Inc is a registered charity in United States, based in Ann Arbor, MI. It received its IRS tax-exemption ruling in February 1982, 44 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 September 2023, Michigan Theater Foundation Inc reported income of $4.6m and spending of $5.8m, spending 125% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income fell from $7.5m to $4.6m (-38%), an average of -11% a year. The sharpest change came in the year to September 2022, when income rose by 121%. Over the whole period it spent 106% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Michigan Theater Foundation Inc sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 92nd percentile within MI. Charities of a similar size with the same main cause include The Callanwolde Foundation Inc ($4.6m), Friends of Hildene Inc ($4.6m) and Association of Boards in Theological Education in Trust ($4.6m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 39% and program service revenue 44% of the total. Compensation of current officers, directors and key employees was $223k (3.9% of expenses). Other salaries and wages came to $1.8m. At year end it held assets of $15.3m against liabilities of $1.8m, net assets of $13.5m. It reported 174 employees.