Corning Opera House Cultural Center

Analysis

Corning Opera House Cultural Center is a registered charity in United States, based in Corning, IA. It received its IRS tax-exemption ruling in November 2003, 23 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, Corning Opera House Cultural Center reported income of $94k and spending of $194k, spending 206% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $97k to $94k (-3.1%), an average of -0.8% a year. The sharpest change came in the year to December 2023, when income rose by 46%. Over the whole period it spent 245% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Corning Opera House Cultural Center sits at the 39th percentile: it is larger than about 39% of them. Against every charity in United States with reported income it ranks in the 35th percentile, and in the 34th percentile within IA. Charities of a similar size with the same main cause include East Haven Public Television Inc ($94k), Joseph F Glidden Homestead and Historical Center ($94k) and United Daughters of the Confederacy ($94k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 52% and program service revenue 23% of the total. Other salaries and wages came to $2,384. At year end it held assets of $2.8m against liabilities of $0, net assets of $2.8m. 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.