Friends of Materials for the Arts Inc

Analysis

Friends of Materials for the Arts Inc is a registered charity in United States, based in Long Island City, NY. It received its IRS tax-exemption ruling in September 2002, 24 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 June 2023, Friends of Materials for the Arts Inc reported income of $748k and spending of $676k, spending 90% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $688k to $748k (+8.7%), an average of +2.1% a year. The sharpest change came in the year to June 2022, when income rose by 139%. Over the whole period it spent 95% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Friends of Materials for the Arts Inc sits at the 83rd percentile: it is larger than about 82% of them. Against every charity in United States with reported income it ranks in the 76th percentile, and in the 72nd percentile within NY. Charities of a similar size with the same main cause include Andanza Inc ($748k), Earth Law Center ($748k) and Class Act Community Playhouse ($748k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 64% and program service revenue 35% of the total. Compensation of current officers, directors and key employees was $30k (4.4% of expenses). Other salaries and wages came to $230k. At year end it held assets of $926k against liabilities of $28k, net assets of $898k. It reported 10 employees.