Loveworks Academy for Visual & Performing Arts

Analysis

Loveworks Academy for Visual & Performing Arts is a registered charity in United States, based in Golden Valley, MN. It received its IRS tax-exemption ruling in July 2010, 16 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Loveworks Academy for Visual & Performing Arts reported income of $2.7m and spending of $3.0m, spending 108% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $3.2m to $2.7m (-14%), an average of -3.8% a year. The sharpest change came in the year to June 2022, when income rose by 50%. Over the whole period it spent 97% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Loveworks Academy for Visual & Performing Arts sits at the 85th percentile: it is larger than about 84% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 88th percentile within MN. Charities of a similar size with the same main cause include Christian Home Educators of Colorado ($2.7m), Maine Secondary School Principals Association ($2.7m) and Student U ($2.7m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 95% and program service revenue 0.5% of the total. Compensation of current officers, directors and key employees was $227k (7.7% of expenses). Other salaries and wages came to $1.1m. At year end it held assets of $1.3m against liabilities of $2.6m, net assets of -$1.2m. It reported 45 employees.