Artspace Projects Inc

Analysis

Artspace Projects Inc is a registered charity in United States, based in Minneapolis, MN. It received its IRS tax-exemption ruling in January 1984, 42 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 (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, Artspace Projects Inc reported income of $29.1m and spending of $30.4m, spending 104% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $27.8m to $29.1m (+4.9%), an average of +1.2% a year. The sharpest change came in the year to December 2021, when income rose by 45%. 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, Artspace Projects Inc sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 98th percentile within MN. Charities of a similar size with the same main cause include Count Basie Theatre Inc ($29.1m), Center for the Collaborative Classroom ($29.5m) and International Spy Museum ($29.0m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 46% and program service revenue 49% of the total. Compensation of current officers, directors and key employees was $1.3m (4.3% of expenses). Other salaries and wages came to $4.7m. At year end it held assets of $98.7m against liabilities of $63.3m, net assets of $35.4m. It reported 46 employees.