Lake City Arts Council

Analysis

Lake City Arts Council is a registered charity in United States, based in Lake City, CO. It received its IRS tax-exemption ruling in December 1993, 33 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 December 2023, Lake City Arts Council reported income of $186k and spending of $216k, spending 116% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $134k to $186k (+40%), an average of +8.7% a year. The sharpest change came in the year to December 2021, when income rose by 216%. Over the whole period it spent 112% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Lake City Arts Council sits at the 58th percentile: it is larger than about 58% of them. Against every charity in United States with reported income it ranks in the 52nd percentile, and in the 49th percentile within CO. Charities of a similar size with the same main cause include DW Music Foundation Inc ($186k), Manna & Salwa ($187k) and Heartwood Regional Theater Company ($186k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 45% and program service revenue 49% of the total. Other salaries and wages came to $47k. At year end it held assets of $1.9m against liabilities of $60k, net assets of $1.8m. It reported 4 employees.