Lake Region Arts Council Inc

Analysis

Lake Region Arts Council Inc is a registered charity in United States, based in Fergus Falls, MN. It received its IRS tax-exemption ruling in December 1982, 44 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, Lake Region Arts Council Inc reported income of $829k and spending of $817k, spending 99% of its income. Across the 4 years on record, from June 2020 to June 2023, income grew from $690k to $829k (+20%), an average of +6.3% a year. The sharpest change came in the year to June 2022, when income rose by 39%. Over the whole period it spent 100% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Lake Region Arts Council Inc sits at the 84th percentile: it is larger than about 84% of them. Against every charity in United States with reported income it ranks in the 77th percentile, and in the 76th percentile within MN. Charities of a similar size with the same main cause include Tryon Fine Arts Center Inc ($829k), Asbury Park Music Foundation Inc ($830k) and St George Childrens Museum ($828k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 99% of the total. Compensation of current officers, directors and key employees was $188k (23% of expenses). At year end it held assets of $168k against liabilities of $97k, net assets of $71k. It reported 3 employees.