The Cherry Arts Inc

Analysis

The Cherry Arts Inc is a registered charity in United States, based in Ithaca, NY. It received its IRS tax-exemption ruling in December 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 June 2023, The Cherry Arts Inc reported income of $247k and spending of $278k, spending 113% of what it took in. Across the 3 years on record, from June 2019 to June 2023, income grew from $98k to $247k (+152%), an average of +59% a year. The sharpest change came in the year to June 2022, when income rose by 181%. Over the whole period it spent 102% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, The Cherry Arts Inc sits at the 64th percentile: it is larger than about 64% of them. Against every charity in United States with reported income it ranks in the 58th percentile, and in the 55th percentile within NY. Charities of a similar size with the same main cause include American Academy of Surgical Research ($247k), Rubicam Foundation ($247k) and Cerqua Rivera Dance Theatre ($247k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 66% and program service revenue 33% of the total. Compensation of current officers, directors and key employees was $43k (15% of expenses). At year end it held assets of $44k against liabilities of $76k, net assets of -$32k. It reported 9 employees.