Spoleto Festival U S a

Analysis

Spoleto Festival U S a is a registered charity in United States, based in Charleston, SC. It received its IRS tax-exemption ruling in September 1978, 48 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 August 2023, Spoleto Festival U S a reported income of $9.6m and spending of $10.5m, spending 110% of what it took in. Across the 5 years on record, from August 2019 to August 2023, income grew from $7.8m to $9.6m (+22%), an average of +5.2% a year. The sharpest change came in the year to August 2022, when income rose by 36%. Over the whole period it spent 101% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Spoleto Festival U S a 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 SC. Charities of a similar size with the same main cause include Society for Laboratory Automation and Screening ($9.6m), American Folk Art Museum ($9.6m) and Napa Valley Festival Association ($9.5m).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 51% and program service revenue 32% of the total. Compensation of current officers, directors and key employees was $469k (4.5% of expenses). Other salaries and wages came to $2.9m. At year end it held assets of $19.2m against liabilities of $3.2m, net assets of $16.0m. It reported 336 employees.