Garrett Lakes Art Festival Inc

Analysis

Garrett Lakes Art Festival Inc is a registered charity in United States, based in McHenry, MD. It received its IRS tax-exemption ruling in December 1992, 34 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, Garrett Lakes Art Festival Inc reported income of $240k and spending of $241k, spending 100% of its income. Across the 3 years on record, from December 2019 to December 2023, income grew from $206k to $240k (+16%), an average of +7.9% a year. The sharpest change came in the year to December 2023, when income rose by 103%. Over the whole period it spent 107% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Garrett Lakes Art Festival 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 57th percentile, and in the 57th percentile within MD. Charities of a similar size with the same main cause include National Society of the Daughters of the American Revolution ($240k), Play Sharity Foundation ($240k) and Shelby County Community Theatre Incorporated ($240k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 47% and program service revenue 24% of the total. Other salaries and wages came to $50k. At year end it held assets of $48k against liabilities of $1,355, net assets of $47k.