Firehouse Community Arts Center of Chicago

Analysis

Firehouse Community Arts Center of Chicago is a registered charity in United States, based in Chicago, IL. It received its IRS tax-exemption ruling in August 2007, 19 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 2022, Firehouse Community Arts Center of Chicago reported income of $2.1m and spending of $2.3m, spending 110% of what it took in. Across the 5 years on record, from December 2018 to December 2022, income grew from $1.1m to $2.1m (+92%), an average of +18% a year. The sharpest change came in the year to December 2019, when income rose by 48%. Over the whole period it spent 100% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Firehouse Community Arts Center of Chicago sits at the 92nd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 86th percentile, and in the 86th percentile within IL. Charities of a similar size with the same main cause include Pianos for Students Society ($2.1m), Las Vegas Pinball Collectors Club ($2.1m) and Indianapolis Childrens Choir Incorporated ($2.1m).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 91% and program service revenue 7.4% of the total. Compensation of current officers, directors and key employees was $90k (3.9% of expenses). Other salaries and wages came to $865k. At year end it held assets of $351k against liabilities of $98k, net assets of $253k. It reported 25 employees.