Chincoteague Island Arts Organization Inc

Analysis

Chincoteague Island Arts Organization Inc is a registered charity in United States, based in Chincoteague, VA. It received its IRS tax-exemption ruling in March 2012, 14 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, Chincoteague Island Arts Organization Inc reported income of $109k and spending of $118k, spending 108% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $127k to $109k (-14%), an average of -3.6% a year. The sharpest change came in the year to December 2021, when income rose by 64%. Over the whole period it spent 86% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Chincoteague Island Arts Organization Inc sits at the 44th percentile: it is larger than about 44% of them. Against every charity in United States with reported income it ranks in the 39th percentile, and in the 39th percentile within VA. Charities of a similar size with the same main cause include Western States Hostage Negotiators Association ($109k), Childrens Music Network Inc ($109k) and Westminster Preservation Trust Incorporated ($109k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 49% and program service revenue 54% of the total. Other salaries and wages came to $31k. At year end it held assets of $730k against liabilities of $5,186, net assets of $725k. It reported 4 employees.