Artspace Inc

Analysis

Artspace Inc is a registered charity in United States, based in Raleigh, NC. It received its IRS tax-exemption ruling in March 1982, 44 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, Artspace Inc reported income of $1.1m and spending of $1.2m, spending 107% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $870k to $1.1m (+30%), an average of +6.7% a year. The sharpest change came in the year to June 2023, when income rose by 73%. Over the whole period it spent 117% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Artspace Inc sits at the 87th percentile: it is larger than about 87% of them. Against every charity in United States with reported income it ranks in the 81st percentile, and in the 81st percentile within NC. Charities of a similar size with the same main cause include Eugene Science Center Inc ($1.1m), Raleigh Little Theatre ($1.1m) and Players Inc ($1.1m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 66% and program service revenue 33% of the total. Compensation of current officers, directors and key employees was $110k (9.1% of expenses). Other salaries and wages came to $454k. At year end it held assets of $1.3m against liabilities of $740k, net assets of $524k. It reported 14 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.