Furnace Town Foundation Incorporated

Analysis

Furnace Town Foundation Incorporated is a registered charity in United States, based in Snow Hill, MD. It received its IRS tax-exemption ruling in January 1982, 44 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 December 2023, Furnace Town Foundation Incorporated reported income of $227k and spending of $228k, spending 101% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $143k to $227k (+58%), an average of +12% a year. The sharpest change came in the year to December 2021, when income rose by 100%. Over the whole period it spent 77% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Furnace Town Foundation Incorporated sits at the 62nd percentile: it is larger than about 62% of them. Against every charity in United States with reported income it ranks in the 56th percentile, and in the 56th percentile within MD. Charities of a similar size with the same main cause include Nonprofit Technology Resource Institute Inc ($227k), Miami Center for Architecture & Design Inc ($227k) and Lawton Community Theatre Inc ($227k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 61% and program service revenue 12% of the total. Compensation of current officers, directors and key employees was $51k (22% of expenses). Other salaries and wages came to $78k. At year end it held assets of $273k against liabilities of $5,772, net assets of $267k. It reported 6 employees.