Hot Shops Art Foundation

Analysis

Hot Shops Art Foundation is a registered charity in United States, based in Omaha, NE. It received its IRS tax-exemption ruling in August 2020, 6 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 December 2023, Hot Shops Art Foundation reported income of $955k and spending of $688k, leaving 28% of income unspent that year. Across the 3 years on record, from December 2021 to December 2023, income grew from $217k to $955k (+341%), an average of +110% a year. The sharpest change came in the year to December 2023, when income rose by 130%. Over the whole period it spent 73% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Hot Shops Art Foundation sits at the 77th percentile: it is larger than about 77% of them. Against every charity in United States with reported income it ranks in the 79th percentile, and in the 79th percentile within NE. Charities of a similar size with the same main cause include Druid Hills Youth Sports Inc ($955k), Norwalk Senior Center Inc ($956k) and Hyderi Foundation of North America Inc ($955k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 24% and program service revenue 76% of the total. Compensation of current officers, directors and key employees was $106k (15% of expenses). Other salaries and wages came to $99k. At year end it held assets of $1.3m against liabilities of $841k, net assets of $445k. It reported 5 employees.