Virginia Beach Art Center Inc

Analysis

Virginia Beach Art Center Inc is a registered charity in United States, based in Virginia BCH, VA. It received its IRS tax-exemption ruling in October 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 June 2024, Virginia Beach Art Center Inc reported income of $469k and spending of $474k, spending 101% of its income. Across the 6 years on record, from December 2019 to June 2024, income grew from $382k to $469k (+23%), an average of +4.2% a year. The sharpest change came in the year to June 2023, when income rose by 150%. Over the whole period it spent 79% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Virginia Beach Art Center Inc sits at the 76th percentile: it is larger than about 76% of them. Against every charity in United States with reported income it ranks in the 69th percentile, and in the 69th percentile within VA. Charities of a similar size with the same main cause include Acts 44 Foundation ($469k), Sai Seva Sadan ($469k) and Saint Patricks Parade Committee of Holyoke Incorporated ($469k).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 29% and program service revenue 63% of the total. Compensation of current officers, directors and key employees was $50k (11% of expenses). Other salaries and wages came to $134k. At year end it held assets of $560k against liabilities of $8,041, net assets of $552k. It reported 9 employees.