Foundation of African American Art

Analysis

Foundation of African American Art is a registered charity in United States, based in Dallas, TX. It received its IRS tax-exemption ruling in April 2021, 5 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 2022, Foundation of African American Art reported income of $975k and spending of $1.3m, spending 133% of what it took in. Across the 5 years on record, from December 2018 to December 2022, income grew from $897k to $975k (+8.7%), an average of +2.1% a year. The sharpest change came in the year to December 2020, when income rose by 16%. Over the whole period it spent 117% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Foundation of African American Art sits at the 86th percentile: it is larger than about 86% of them. Against every charity in United States with reported income it ranks in the 79th percentile, and in the 83rd percentile within TX. Charities of a similar size with the same main cause include Academy of Criminal Justice Sciences ($975k), Nevada County Cultural Preservation Trust ($975k) and Claude McNeals Musical Theatre Training Program Inc ($975k).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 72% and program service revenue 22% of the total. Compensation of current officers, directors and key employees was $61k (4.7% of expenses). At year end it held assets of $949k against liabilities of $580k, net assets of $369k. It reported 14 employees.