Lovejoy Fine Arts Inc

Analysis

Lovejoy Fine Arts Inc is a registered charity in United States, based in Lucas, TX. It received its IRS tax-exemption ruling in October 2008, 18 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 June 2023, Lovejoy Fine Arts Inc reported income of $452k and spending of $393k, spending 87% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $258k to $452k (+75%), an average of +15% a year. The sharpest change came in the year to June 2022, when income rose by 207%. Over the whole period it spent 94% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Lovejoy Fine Arts Inc sits at the 75th percentile: it is larger than about 75% of them. Against every charity in United States with reported income it ranks in the 69th percentile, and in the 73rd percentile within TX. Charities of a similar size with the same main cause include Diverse Works Inc ($452k), Gospel Music Hymn Sing Foundation Incorporated ($452k) and Nisei Week Foundation Inc ($452k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 32% and program service revenue 24% of the total. At year end it held assets of $167k against liabilities of $0, net assets of $167k.