Hofvarpnir Studios

Analysis

Hofvarpnir Studios is a registered charity in United States, based in Bridgeport, CA. It received its IRS tax-exemption ruling in February 2022, 4 years ago. Its declared purposes cover science and technology, 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, Hofvarpnir Studios reported income of $60k and spending of $471k, spending 789% of what it took in. Across the 2 years on record, from December 2022 to December 2023, income fell from $1.4m to $60k (-96%), an average of -96% a year. The sharpest change came in the year to December 2023, when income dropped by 96%. Over the whole period it spent 37% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Hofvarpnir Studios sits at the 26th percentile: it is larger than about 26% of them. Against every charity in United States with reported income it ranks in the 23rd percentile, and in the 25th percentile within CA. Charities of a similar size with the same main cause include Czech and Slovak Educational Center and Cultural Museum ($60k), A Time to Dance Inc ($60k) and Clarion Concerts in Columbia County ($60k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 8.4% and program service revenue 92% of the total. At year end it held assets of $959k against liabilities of $0, net assets of $959k.