Arts for the Aging-Maryland Inc

Analysis

Arts for the Aging-Maryland Inc is a registered charity in United States, based in Gaithersburg, MD. It received its IRS tax-exemption ruling in October 1996, 30 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 December 2023, Arts for the Aging-Maryland Inc reported income of $596k and spending of $750k, spending 126% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $437k to $596k (+36%), an average of +8.1% a year. The sharpest change came in the year to December 2020, when income rose by 20%. Over the whole period it spent 109% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Arts for the Aging-Maryland Inc sits at the 80th percentile: it is larger than about 80% of them. Against every charity in United States with reported income it ranks in the 73rd percentile, and in the 72nd percentile within MD. Charities of a similar size with the same main cause include Why Arts Inc ($596k), Nashville Jazz Workshop ($596k) and Norwalk Historical Society Incorporated ($596k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 73% and program service revenue 22% of the total. Compensation of current officers, directors and key employees was $107k (14% of expenses). Other salaries and wages came to $255k. At year end it held assets of $917k against liabilities of $214k, net assets of $703k. It reported 9 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.