Lake Vermilion Cultural Center

Analysis

Lake Vermilion Cultural Center is a registered charity in United States, based in Tower, MN. It received its IRS tax-exemption ruling in September 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, Lake Vermilion Cultural Center reported income of $62k and spending of $71k, spending 114% of what it took in. Across the 4 years on record, from December 2019 to December 2023, income fell from $99k to $62k (-37%), an average of -14% a year. The sharpest change came in the year to December 2020, when income rose by 50%. Over the whole period it spent 47% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Lake Vermilion Cultural Center sits at the 27th percentile: it is larger than about 27% of them. Against every charity in United States with reported income it ranks in the 24th percentile, and in the 21st percentile within MN. Charities of a similar size with the same main cause include Opera Carolina Endowment ($62k), Anona Center ($62k) and Upper Ohio Valley Italian Heritage Festival Inc ($62k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. Other salaries and wages came to $12k. At year end it held assets of $571k against liabilities of $0, net assets of $571k.