Friends of the Palace Theater

Analysis

Friends of the Palace Theater is a registered charity in United States, based in Hilo, HI. It received its IRS tax-exemption ruling in February 2002, 24 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 the Palace Theater reported income of $1.1m and spending of $1.0m, spending 95% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $601k to $1.1m (+80%), an average of +16% a year. The sharpest change came in the year to December 2022, when income rose by 40%. Over the whole period it spent 82% 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 the Palace Theater sits at the 87th percentile: it is larger than about 87% of them. Against every charity in United States with reported income it ranks in the 80th percentile, and in the 80th percentile within HI. Charities of a similar size with the same main cause include Center for Books Arts Incorporated 1974 ($1.1m), Concert Association of Florida Inc ($1.1m) and Kankouran West African Dance Co ($1.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 24% and program service revenue 73% of the total. Compensation of current officers, directors and key employees was $63k (6.1% of expenses). Other salaries and wages came to $190k. It paid $13k in professional fundraising fees. At year end it held assets of $1.2m against liabilities of $139k, net assets of $1.0m. It reported 19 employees.