Clear Lake Arts Council

Analysis

Clear Lake Arts Council is a registered charity in United States, based in Clear Lake, IA. It received its IRS tax-exemption ruling in May 1979, 47 years ago. 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 December 2023, Clear Lake Arts Council reported income of $115k and spending of $159k, spending 138% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $181k to $115k (-36%), an average of -11% a year. The sharpest change came in the year to December 2020, when income dropped by 26%. Over the whole period it spent 123% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Clear Lake Arts Council sits at the 40th percentile: it is larger than about 40% of them. Against every charity in United States with reported income it ranks in the 41st percentile, and in the 40th percentile within IA. Charities of a similar size with the same main cause include Lake Manitou Association Inc ($115k), Ohio Alliance for Community Education ($115k) and Alpha Psi Delta Educational Foundation Inc ($115k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 97% and program service revenue 9.1% of the total. Compensation of current officers, directors and key employees was $35k (22% of expenses). Other salaries and wages came to $19k. At year end it held assets of $1.5m against liabilities of $128k, net assets of $1.3m. It reported 3 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.