Arts Council Incorporated Winston-Salem Arts Council

Analysis

Arts Council Incorporated Winston-Salem Arts Council is a registered charity in United States, based in Winston Salem, NC. It received its IRS tax-exemption ruling in May 1953, 73 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 September 2023, Arts Council Incorporated Winston-Salem Arts Council reported income of $3.3m and spending of $4.8m, spending 143% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income grew from $3.0m to $3.3m (+9.7%), an average of +2.3% a year. Over the whole period it spent 123% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Arts Council Incorporated Winston-Salem Arts Council sits at the 89th percentile: it is larger than about 89% of them. Against every charity in United States with reported income it ranks in the 90th percentile, and in the 91st percentile within NC. Charities of a similar size with the same main cause include Sun Dial Manor Inc ($3.3m), Sherwood & Myrtie Foster Home for Children ($3.3m) and Summit Academy Secondary School - Parma ($3.3m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 85% and program service revenue 13% of the total. Compensation of current officers, directors and key employees was $217k (4.5% of expenses). Other salaries and wages came to $898k. At year end it held assets of $12.7m against liabilities of $4.2m, net assets of $8.6m. It reported 55 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.