500 Sails

Analysis

500 Sails is a registered charity in United States, based in Saipan, MP. It received its IRS tax-exemption ruling in March 2024, 2 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 December 2023, 500 Sails reported income of $415k and spending of $493k, spending 119% of what it took in. Across the 5 years on record, from December 2018 to December 2023, income grew from $384k to $415k (+8.1%), an average of +2.0% a year. The sharpest change came in the year to December 2022, when income rose by 844%. Over the whole period it spent 57% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, 500 Sails sits at the 74th percentile: it is larger than about 74% of them. Against every charity in United States with reported income it ranks in the 67th percentile, and in the 58th percentile within MP. Charities of a similar size with the same main cause include Bloomsburg Public Library ($415k), Treehouse Shakers Inc ($416k) and Art2action Inc ($415k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 87% and program service revenue 13% of the total. Compensation of current officers, directors and key employees was $61k (12% of expenses). Other salaries and wages came to $231k. At year end it held assets of $2.0m against liabilities of $49k, net assets of $1.9m. It reported 24 employees.