Friends of Summit Public Art Inc

Analysis

Friends of Summit Public Art Inc is a registered charity in United States, based in Summit, NJ. It received its IRS tax-exemption ruling in October 2020, 6 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 December 2023, Friends of Summit Public Art Inc reported income of $82k and spending of $59k, leaving 27% of income unspent that year. Across the 2 years on record, from December 2022 to December 2023, income fell from $138k to $82k (-41%), an average of -41% a year. The sharpest change came in the year to December 2023, when income dropped by 41%. Over the whole period it spent 90% 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 Summit Public Art Inc sits at the 35th percentile: it is larger than about 35% of them. Against every charity in United States with reported income it ranks in the 32nd percentile, and in the 39th percentile within NJ. Charities of a similar size with the same main cause include Flagstaff Master Chorale Inc ($81k), Aurora Community Theatre ($82k) and Electrical Workers Historical Society ($81k).

On its Form 990-EZ for the period ending December 2023, revenue came from contributions and grants 56% of the total. At year end it held assets of $193k against liabilities of $0, net assets of $193k.