Friends of Florence

Analysis

Friends of Florence is a registered charity in United States, based in Washington, DC. It received its IRS tax-exemption ruling in July 1998, 28 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 Florence reported income of $1.1m and spending of $1.2m, spending 116% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $1.5m to $1.1m (-29%), an average of -8.2% a year. The sharpest change came in the year to December 2022, when income dropped by 64%. Over the whole period it spent 81% 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 Florence sits at the 87th percentile: it is larger than about 86% of them. Against every charity in United States with reported income it ranks in the 80th percentile, and in the 56th percentile within DC. Charities of a similar size with the same main cause include Newark School of the Arts Inc ($1.1m), Open Earth Foundation ($1.1m) and Mindleaps ($1.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 90% of the total. At year end it held assets of $4.9m against liabilities of $322k, net assets of $4.6m.