Artspace Inc

Analysis

Artspace Inc is a registered charity in United States, based in Salt Lake Cty, UT. It received its IRS tax-exemption ruling in July 1983, 43 years ago. 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, Artspace Inc reported income of $6.1m and spending of $6.1m, spending 101% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $5.4m to $6.1m (+12%), an average of +2.8% a year. The sharpest change came in the year to December 2022, when income rose by 56%. Over the whole period it spent 88% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Artspace Inc sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 93rd percentile within UT. Charities of a similar size with the same main cause include Lasallian Educational and Research Initiatives ($6.1m), Greater Susquehanna Valley YMCA ($6.1m) and Michigan Nonprofit Association ($6.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 4.6% and program service revenue 94% of the total. Compensation of current officers, directors and key employees was $297k (4.8% of expenses). Other salaries and wages came to $769k. At year end it held assets of $32.3m against liabilities of $12.1m, net assets of $20.3m. It reported 6 employees.