Contemporary Art Foundation Inc

Analysis

Contemporary Art Foundation Inc is a registered charity in United States, based in Raleigh, NC. It received its IRS tax-exemption ruling in December 1983, 43 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2022, Contemporary Art Foundation Inc reported income of $552k and spending of $700k, spending 127% of what it took in. Across the 4 years on record, from June 2019 to June 2022, income fell from $815k to $552k (-32%), an average of -12% a year. The sharpest change came in the year to June 2021, when income dropped by 22%. Over the whole period it spent 133% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Contemporary Art Foundation Inc sits at the 78th percentile: it is larger than about 78% of them. Against every charity in United States with reported income it ranks in the 72nd percentile, and in the 71st percentile within NC. Charities of a similar size with the same main cause include Vive Les Arts Societe of Killeen Harker Heights Inc ($552k), Sturgis Motorcycle Museum and Hall of Fame ($552k) and Sopris Sun Inc ($552k).

On its Form 990 for the period ending June 2022, revenue came from contributions and grants 72% and program service revenue 16% of the total. Other salaries and wages came to $124k. At year end it held assets of $3.9m against liabilities of $1.1m, net assets of $2.8m.

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.