Oolite Arts Inc

Analysis

Oolite Arts Inc is a registered charity in United States, based in Miami Beach, FL. It received its IRS tax-exemption ruling in February 1986, 40 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 September 2023, Oolite Arts Inc reported income of $3.5m and spending of $4.3m, spending 124% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income fell from $4.2m to $3.5m (-17%), an average of -4.5% a year. The sharpest change came in the year to September 2020, when income rose by 44%. Over the whole period it spent 99% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Oolite Arts Inc sits at the 95th percentile: it is larger than about 94% of them. Against every charity in United States with reported income it ranks in the 90th percentile, and in the 91st percentile within FL. Charities of a similar size with the same main cause include Florida Oceanographic Society Inc ($3.5m), Orlando Family Stage Inc ($3.5m) and Carriage Town Ministries ($3.5m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 22% and program service revenue 3.0% of the total. Compensation of current officers, directors and key employees was $696k (16% of expenses). Other salaries and wages came to $675k. At year end it held assets of $104.8m against liabilities of $1.3m, net assets of $103.6m. It reported 16 employees.