Carolina Art Association

Analysis

Carolina Art Association is a registered charity in United States, based in Charleston, SC. It received its IRS tax-exemption ruling in October 1955, 71 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, Carolina Art Association reported income of $7.2m and spending of $4.5m, leaving 38% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income grew from $2.9m to $7.2m (+152%), an average of +26% a year. The sharpest change came in the year to June 2023, when income rose by 88%. Over the whole period it spent 83% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Carolina Art Association sits at the 97th percentile: it is larger than about 97% of them. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 96th percentile within SC. Charities of a similar size with the same main cause include Spokane Symphony Society ($7.2m), The Walden Woods Project ($7.2m) and Archaeological Institute of America ($7.2m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 78% and program service revenue 7.1% of the total. Compensation of current officers, directors and key employees was $493k (11% of expenses). Other salaries and wages came to $905k. At year end it held assets of $22.2m against liabilities of $1.9m, net assets of $20.3m. It reported 29 employees.