Torpedo Factory Artists Association

Analysis

Torpedo Factory Artists Association is a registered charity in United States, based in Alexandria, VA. It received its IRS tax-exemption ruling in September 2021, 5 years ago. 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, Torpedo Factory Artists Association reported income of $80k and spending of $84k, spending 106% of what it took in. Across the 2 years on record, from December 2022 to December 2023, income fell from $93k to $80k (-15%), an average of -15% a year. Over the whole period it spent 107% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Torpedo Factory Artists Association sits at the 31st percentile: it is larger than about 31% of them. Against every charity in United States with reported income it ranks in the 31st percentile, and in the 30th percentile within VA. Charities of a similar size with the same main cause include Baromedical Research Institute Ltd ($80k), Warming House Youth Center ($80k) and Oilfield Connections International ($80k).

On its Form 990-EZ for the period ending December 2023, revenue came from program service revenue 53% of the total. At year end it held assets of $92k against liabilities of $3,067, net assets of $89k.