Institute of Contemporary Art Miami Inc

Analysis

Institute of Contemporary Art Miami Inc is a registered charity in United States, based in Miami, FL. It received its IRS tax-exemption ruling in August 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 September 2023, Institute of Contemporary Art Miami Inc reported income of $12.1m and spending of $10.2m, spending 84% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $10.2m to $12.1m (+18%), an average of +4.2% a year. The sharpest change came in the year to September 2021, when income rose by 47%. Over the whole period it spent 103% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Institute of Contemporary Art Miami Inc sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 96th percentile within FL. Charities of a similar size with the same main cause include Settlement Music School of Philadelphia ($12.1m), Watttime Corporation ($12.1m) and Bionexus Foundation Inc ($12.0m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 83% and program service revenue 0.4% of the total. Compensation of current officers, directors and key employees was $480k (4.7% of expenses). Other salaries and wages came to $1.9m. At year end it held assets of $56.7m against liabilities of $1.7m, net assets of $55.0m. It reported 79 employees.