Loft Inc

Analysis

Loft Inc is a registered charity in United States, based in Minneapolis, MN. It received its IRS tax-exemption ruling in June 1977, 49 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 August 2023, Loft Inc reported income of $2.4m and spending of $2.6m, spending 106% of what it took in. Across the 5 years on record, from August 2019 to August 2023, income fell from $2.8m to $2.4m (-13%), an average of -3.4% a year. The sharpest change came in the year to August 2021, when income rose by 30%. Over the whole period it spent 96% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Loft Inc 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 87th percentile, and in the 87th percentile within MN. Charities of a similar size with the same main cause include San Angelo Museum of Fine Arts ($2.4m), Cultural Arts Center at Glen Allen Foundation ($2.4m) and Bedford Playhouse Inc ($2.4m).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 60% and program service revenue 35% of the total. Compensation of current officers, directors and key employees was $268k (10% of expenses). Other salaries and wages came to $773k. It paid $13k in professional fundraising fees. At year end it held assets of $5.8m against liabilities of $376k, net assets of $5.4m. It reported 26 employees.