Academy of Arts

Analysis

Academy of Arts is a registered charity in United States, based in Taylors, SC. It received its IRS tax-exemption ruling in June 1971, 55 years ago. 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 September 2023, Academy of Arts reported income of $3.0m and spending of $2.9m, spending 98% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $1.4m to $3.0m (+119%), an average of +22% a year. The sharpest change came in the year to September 2023, when income rose by 50%. Over the whole period it spent 91% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Academy of Arts sits at the 88th percentile: it is larger than about 88% of them. Against every charity in United States with reported income it ranks in the 89th percentile, and in the 91st percentile within SC. Charities of a similar size with the same main cause include New Cumberland Ambulance Service Inc ($3.0m), Comap Inc ($3.0m) and Florida Legal Services Inc ($3.0m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 10% and program service revenue 90% of the total. Compensation of current officers, directors and key employees was $66k (2.3% of expenses). Other salaries and wages came to $755k. At year end it held assets of $0 against liabilities of $0, net assets of $0. It reported 59 employees.