Summer of the Arts Inc

Analysis

Summer of the Arts Inc is a registered charity in United States, based in Iowa City, IA. It received its IRS tax-exemption ruling in January 1995, 31 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 December 2023, Summer of the Arts Inc reported income of $643k and spending of $557k, spending 87% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $584k to $643k (+10%), an average of +2.4% a year. The sharpest change came in the year to December 2021, when income rose by 29%. Over the whole period it spent 96% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Summer of the Arts Inc sits at the 81st percentile: it is larger than about 80% of them. Against every charity in United States with reported income it ranks in the 74th percentile, and in the 76th percentile within IA. Charities of a similar size with the same main cause include Civic Music Association ($643k), Frequent Flyers Productions Inc ($643k) and Museum of Human Achievement ($643k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 79% and program service revenue 19% of the total. Compensation of current officers, directors and key employees was $70k (13% of expenses). Other salaries and wages came to $135k. At year end it held assets of $209k against liabilities of $5,296, net assets of $204k. It reported 5 employees.