McColl Center for Art & Innovation

Analysis

McColl Center for Art & Innovation is a registered charity in United States, based in Charlotte, NC. It received its IRS tax-exemption ruling in July 1976, 50 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 June 2024, McColl Center for Art & Innovation reported income of $1.4m and spending of $2.1m, spending 145% of what it took in. Across the 5 years on record, from June 2020 to June 2024, income fell from $2.4m to $1.4m (-42%), an average of -13% a year. The sharpest change came in the year to June 2021, when income dropped by 56%. Over the whole period it spent 116% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, McColl Center for Art & Innovation sits at the 89th percentile: it is larger than about 89% of them. Against every charity in United States with reported income it ranks in the 83rd percentile, and in the 84th percentile within NC. Charities of a similar size with the same main cause include Curtain Call Inc ($1.4m), National Film Preservation Foundation ($1.4m) and Young Audiences of Indiana Inc ($1.4m).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 86% and program service revenue 12% of the total. Compensation of current officers, directors and key employees was $192k (9.3% of expenses). Other salaries and wages came to $594k. At year end it held assets of $14.4m against liabilities of $377k, net assets of $14.0m. It reported 30 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.