Fairmont Opera House Inc

Analysis

Fairmont Opera House Inc is a registered charity in United States, based in Fairmont, MN. It received its IRS tax-exemption ruling in December 1981, 45 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 June 2023, Fairmont Opera House Inc reported income of $479k and spending of $498k, spending 104% of its income. Across the 4 years on record, from June 2020 to June 2023, income grew from $360k to $479k (+33%), an average of +9.9% a year. The sharpest change came in the year to June 2022, when income rose by 62%. Over the whole period it spent 128% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Fairmont Opera House Inc sits at the 76th percentile: it is larger than about 76% of them. Against every charity in United States with reported income it ranks in the 70th percentile, and in the 69th percentile within MN. Charities of a similar size with the same main cause include Zyzzyva Inc ($479k), Harmony Inc ($479k) and Cave Creek Museum Inc ($479k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 67% and program service revenue 22% of the total. Other salaries and wages came to $118k. At year end it held assets of $2.1m against liabilities of $134k, net assets of $2.0m. It reported 8 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.