Lanesboro Arts Center

Analysis

Lanesboro Arts Center is a registered charity in United States, based in Lanesboro, MN. It received its IRS tax-exemption ruling in May 1993, 33 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, Lanesboro Arts Center reported income of $383k and spending of $492k, spending 128% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $863k to $383k (-56%), an average of -18% a year. The sharpest change came in the year to December 2020, when income dropped by 66%. Over the whole period it spent 84% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Lanesboro Arts Center sits at the 73rd percentile: it is larger than about 73% of them. Against every charity in United States with reported income it ranks in the 66th percentile, and in the 65th percentile within MN. Charities of a similar size with the same main cause include Unangax Heritage Association Inc ($383k), Carpinteria Arts Center ($384k) and Robert Oneal Multicultural Arts Center ($383k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 59% and program service revenue 38% of the total. Compensation of current officers, directors and key employees was $55k (11% of expenses). Other salaries and wages came to $161k. At year end it held assets of $782k against liabilities of $15k, net assets of $767k. It reported 9 employees.