Michigan Institute for Contemporary Art

Analysis

Michigan Institute for Contemporary Art is a registered charity in United States, based in Lansing, MI. It received its IRS tax-exemption ruling in June 1985, 41 years ago. 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 October 2023, Michigan Institute for Contemporary Art reported income of $202k and spending of $228k, spending 113% of what it took in. Across the 5 years on record, from October 2019 to October 2023, income grew from $142k to $202k (+42%), an average of +9.2% a year. The sharpest change came in the year to October 2021, when income rose by 184%. Over the whole period it spent 103% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Michigan Institute for Contemporary Art sits at the 53rd percentile: it is larger than about 53% of them. Against every charity in United States with reported income it ranks in the 54th percentile, and in the 53rd percentile within MI. Charities of a similar size with the same main cause include Great Bend Center for Music ($202k), PTA North Carolina Congress ($202k) and St Elizabeth Gardens Inc ($202k).

On its Form 990 for the period ending October 2023, revenue came from contributions and grants 31% and program service revenue 69% of the total. Compensation of current officers, directors and key employees was $18k (7.9% of expenses). Other salaries and wages came to $12k. It paid $119 in professional fundraising fees. At year end it held assets of $584k against liabilities of $196k, net assets of $388k. It reported 3 employees.