Borealis Philanthropy

Analysis

Borealis Philanthropy is a registered charity in United States, based in Minneapolis, MN. It received its IRS tax-exemption ruling in July 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 (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, Borealis Philanthropy reported income of $39.4m and spending of $44.6m, spending 113% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $26.2m to $39.4m (+50%), an average of +11% a year. The sharpest change came in the year to December 2020, when income rose by 93%. Over the whole period it spent 78% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Borealis Philanthropy sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 99th percentile within MN. Charities of a similar size with the same main cause include Detroit Symphony Orchestra Hall Inc ($39.2m), Milwaukee Repertory Theater Inc ($39.6m) and Fort Worth Art Association Endowment Foundation ($39.2m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 95% of the total. Compensation of current officers, directors and key employees was $648k (1.5% of expenses). Other salaries and wages came to $5.1m. At year end it held assets of $86.8m against liabilities of $13.7m, net assets of $73.1m. It reported 57 employees.