Smithfield-Preston Foundation

Analysis

Smithfield-Preston Foundation is a registered charity in United States, based in Blacksburg, VA. It received its IRS tax-exemption ruling in May 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 June 2023, Smithfield-Preston Foundation reported income of $134k and spending of $337k, spending 252% of what it took in. Across the 4 years on record, from June 2020 to June 2023, income fell from $192k to $134k (-30%), an average of -11% a year. The sharpest change came in the year to June 2023, when income dropped by 66%. Over the whole period it spent 131% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Smithfield-Preston Foundation sits at the 49th percentile: it is larger than about 49% of them. Against every charity in United States with reported income it ranks in the 44th percentile, and in the 44th percentile within VA. Charities of a similar size with the same main cause include The Institute of Political Leadership Inc ($134k), Downtown Brooklyn Arts Alliance Inc ($134k) and New Tampa Players Inc ($134k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 63% and program service revenue 6.1% of the total. Compensation of current officers, directors and key employees was $90k (27% of expenses). Other salaries and wages came to $50k. At year end it held assets of $3.3m against liabilities of $5,056, net assets of $3.3m. It reported 5 employees.