The Louise Hopkins Underwood Center for the Arts

Analysis

The Louise Hopkins Underwood Center for the Arts is a registered charity in United States, based in Lubbock, TX. It received its IRS tax-exemption ruling in January 1998, 28 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 September 2023, The Louise Hopkins Underwood Center for the Arts reported income of $916k and spending of $1.2m, spending 134% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income fell from $1.0m to $916k (-10%), an average of -2.7% a year. The sharpest change came in the year to September 2021, when income rose by 43%. Over the whole period it spent 122% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, The Louise Hopkins Underwood Center for the Arts sits at the 85th percentile: it is larger than about 85% of them. Against every charity in United States with reported income it ranks in the 78th percentile, and in the 82nd percentile within TX. Charities of a similar size with the same main cause include Richland Academy of the Arts ($916k), Little Buckeye Childrens Museum ($916k) and Junior Players Guild ($916k).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 80% and program service revenue 17% of the total. Compensation of current officers, directors and key employees was $87k (7.1% of expenses). Other salaries and wages came to $158k. At year end it held assets of $4.2m against liabilities of $25k, net assets of $4.2m. It reported 26 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.