Cornelius Arts Community Center Inc

Analysis

Cornelius Arts Community Center Inc is a registered charity in United States, based in Cornelius, NC. It received its IRS tax-exemption ruling in March 2017, 9 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 2024, Cornelius Arts Community Center Inc reported income of $3.4m and spending of $3.0m, spending 89% of its income. Across the 6 years on record, from June 2019 to June 2024, income fell from $7.5m to $3.4m (-55%), an average of -15% a year. The sharpest change came in the year to June 2021, when income rose by 76%. Over the whole period it spent 26% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Cornelius Arts Community Center Inc sits at the 94th percentile: it is larger than about 94% of them. Against every charity in United States with reported income it ranks in the 90th percentile, and in the 91st percentile within NC. Charities of a similar size with the same main cause include International Food Information Council Foundation ($3.4m), North Carolina Azalea Festival Wilmington Inc ($3.4m) and Hudson River Museum of Westchester ($3.4m).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 60% and program service revenue 35% of the total. Compensation of current officers, directors and key employees was $174k (5.7% of expenses). Other salaries and wages came to $590k. At year end it held assets of $25.7m against liabilities of $240k, net assets of $25.4m. It reported 24 employees.