Maine Arts Academy

Analysis

Maine Arts Academy is a registered charity in United States, based in Augusta, ME. It received its IRS tax-exemption ruling in November 2015, 11 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Maine Arts Academy reported income of $2.7m and spending of $2.9m, spending 105% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $2.5m to $2.7m (+9.0%), an average of +2.2% a year. The sharpest change came in the year to June 2021, when income rose by 31%. Over the whole period it spent 93% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Maine Arts Academy sits at the 85th percentile: it is larger than about 85% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 87th percentile within ME. Charities of a similar size with the same main cause include Arundel Christian School Inc ($2.7m), Real Options for City Kids ($2.7m) and Texas County Technical Institute ($2.7m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 97% and program service revenue 0.4% of the total. Compensation of current officers, directors and key employees was $47k (1.7% of expenses). Other salaries and wages came to $1.1m. At year end it held assets of $4.3m against liabilities of $3.6m, net assets of $723k. It reported 54 employees.