Penland School of Craft

Analysis

Penland School of Craft is a registered charity in United States, based in Penland, NC. It received its IRS tax-exemption ruling in December 1940, 86 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 school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending April 2023, Penland School of Craft reported income of $8.9m and spending of $9.0m, spending 101% of its income. Across the 5 years on record, from April 2019 to April 2023, income fell from $35.9m to $8.9m (-75%), an average of -30% a year. The sharpest change came in the year to April 2020, when income dropped by 81%. Over the whole period it spent 56% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Penland School of Craft sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 96th percentile within NC. Charities of a similar size with the same main cause include South Coast Repertory Inc ($8.9m), Usdan Center for the Creative and Performing Arts ($8.9m) and Historic Deerfield Inc ($8.9m).

On its Form 990 for the period ending April 2023, revenue came from contributions and grants 49% and program service revenue 37% of the total. Compensation of current officers, directors and key employees was $209k (2.3% of expenses). Other salaries and wages came to $2.7m. At year end it held assets of $77.3m against liabilities of $4.5m, net assets of $72.8m. It reported 89 employees.