Trustees of the Corcoran Gallery of Art

Analysis

Trustees of the Corcoran Gallery of Art is a registered charity in United States, based in Castle Rock, CO. It received its IRS tax-exemption ruling in April 1924, 102 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 2023, Trustees of the Corcoran Gallery of Art reported income of $143k and spending of $528k, spending 370% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $1.1m to $143k (-87%), an average of -40% a year. The sharpest change came in the year to June 2020, when income dropped by 77%. Over the whole period it spent 147% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Trustees of the Corcoran Gallery of Art sits at the 51st percentile: it is larger than about 51% of them. Against every charity in United States with reported income it ranks in the 46th percentile, and in the 42nd percentile within CO. Charities of a similar size with the same main cause include Dance Masters of California ($143k), American Women Artists ($143k) and Naperville Youth Symphony Orchestra ($143k).

At year end it held assets of $3.0m against liabilities of $933k, net assets of $2.1m.

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.