Faribault Art Center Inc

Analysis

Faribault Art Center Inc is a registered charity in United States, based in Faribault, MN. It received its IRS tax-exemption ruling in January 1964, 62 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 December 2023, Faribault Art Center Inc reported income of $774k and spending of $527k, leaving 32% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $533k to $774k (+45%), an average of +9.8% a year. The sharpest change came in the year to December 2021, when income rose by 54%. Over the whole period it spent 82% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Faribault Art Center Inc sits at the 83rd percentile: it is larger than about 83% of them. Against every charity in United States with reported income it ranks in the 76th percentile, and in the 75th percentile within MN. Charities of a similar size with the same main cause include Texas Energy Museum Inc ($774k), Friends of the Strand Theatre ($775k) and Central Pennsylvania Festival of the Arts Inc ($774k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 74% and program service revenue 25% of the total. Compensation of current officers, directors and key employees was $53k (10% of expenses). Other salaries and wages came to $121k. At year end it held assets of $1.5m against liabilities of $262k, net assets of $1.2m. It reported 10 employees.