Pearson Lakes Art Center

Analysis

Pearson Lakes Art Center is a registered charity in United States, based in Okoboji, IA. It received its IRS tax-exemption ruling in June 1968, 58 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, Pearson Lakes Art Center reported income of $3.9m and spending of $1.2m, leaving 68% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.6m to $3.9m (+146%), an average of +25% a year. The sharpest change came in the year to December 2023, when income rose by 581%. Over the whole period it spent 56% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Pearson Lakes Art Center sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 91st percentile within IA. Charities of a similar size with the same main cause include Filmnorth ($3.9m), Mid America Flight Museum Nonprofit Corporation ($3.9m) and Massautonomy Inc ($3.9m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 65% and program service revenue 12% of the total. Compensation of current officers, directors and key employees was $92k (7.4% of expenses). Other salaries and wages came to $244k. At year end it held assets of $12.6m against liabilities of $179k, net assets of $12.5m. It reported 22 employees.