Innovation Arts Academy Inc

Analysis

Innovation Arts Academy Inc is a registered charity in United States, based in Lexington, KY. It received its IRS tax-exemption ruling in November 2016, 10 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 August 2023, Innovation Arts Academy Inc reported income of $205k and spending of $216k, spending 106% of what it took in. Across the 3 years on record, from August 2021 to August 2023, income grew from $116k to $205k (+77%), an average of +33% a year. The sharpest change came in the year to August 2022, when income rose by 44%. Over the whole period it spent 97% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Innovation Arts Academy Inc sits at the 60th percentile: it is larger than about 60% of them. Against every charity in United States with reported income it ranks in the 54th percentile, and in the 54th percentile within KY. Charities of a similar size with the same main cause include Bisemi Foundation Inc ($205k), A D Architecture and Design Museum Los Angeles ($205k) and Theresa Wang Chinese Culture Center Inc ($205k).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 0.1% and program service revenue 100% of the total. Compensation of current officers, directors and key employees was $18k (8.3% of expenses). Other salaries and wages came to $60k. At year end it held assets of $31k against liabilities of $3,791, net assets of $27k.