Hub on Canal Inc

Analysis

Hub on Canal Inc is a registered charity in United States, based in New Smyrna, FL. It received its IRS tax-exemption ruling in September 2014, 12 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, Hub on Canal Inc reported income of $3.1m and spending of $859k, leaving 73% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $417k to $3.1m (+653%), an average of +66% a year. The sharpest change came in the year to December 2023, when income rose by 486%. Over the whole period it spent 52% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Hub on Canal Inc sits at the 94th percentile: it is larger than about 94% of them. Against every charity in United States with reported income it ranks in the 89th percentile, and in the 91st percentile within FL. Charities of a similar size with the same main cause include Basque Museum & Cultural Center Inc ($3.1m), Western Avenue Community for the Arts Inc ($3.1m) and Western North Carolina Public Radio Inc ($3.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 89% and program service revenue 5.2% of the total. Other salaries and wages came to $369k. At year end it held assets of $3.6m against liabilities of $800k, net assets of $2.8m. It reported 18 employees.