Folk Art Society of America

Analysis

Folk Art Society of America is a registered charity in United States, based in Richmond, VA. It received its IRS tax-exemption ruling in March 1989, 37 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, Folk Art Society of America reported income of $50k and spending of $60k, spending 120% of what it took in. Across the 2 years on record, from December 2022 to December 2023, income grew from $43k to $50k (+17%), an average of +17% a year. The sharpest change came in the year to December 2023, when income rose by 17%. Over the whole period it spent 122% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Folk Art Society of America sits at the 22nd percentile: it is larger than about 22% of them. Against every charity in United States with reported income it ranks in the 20th percentile, and in the 18th percentile within VA. Charities of a similar size with the same main cause include Voices Chorale NJ ($50k), Waukesha String Academie Inc ($50k) and Lake Fenton Music Boosters ($50k).

On its Form 990-EZ for the period ending December 2023, revenue came from contributions and grants 72% of the total. At year end it held assets of $174k against liabilities of $0, net assets of $174k.