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Artspace Projects Inc

EIN 41-1350071 · Minneapolis, MN

Public records show a registered, tax-exempt organization in good standing.

LegitimacyPassesRegistration and standingFinancial healthWeak28 out of 100GovernanceStrong100 out of 100Impact evidenceDescribes programsHow well its results are evidenced

What it says it does

Artspace's Mission is to Create, Foster, and Preserve Affordable and Sustainable Housing and Work Space for Artists, Entrepreneurs, and the Creative Workforce.

Income
$32.7 million
Spending
$42.2 million
Spent on programs
53%
Reserves
-6.7 months of spending
Largest source of income
fees for its services, 44%
Employees
44
Volunteers
40
Highest pay
$295,535, president

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Financial health

Weak: 28 out of 100. Higher than 1% of charities in its peer group (arts and culture, $10m to $100m).

  • Reserves

    0 of 35

    Spendable reserves are negative: it owes or has committed more than it holds.

  • Debt

    5 of 20

    It owes 72% of what it owns.

  • Living within its means

    0 of 15

    Spending exceeded income by 29% of income.

  • Income trend

    15 of 15

    Income rose 12% on the year before.

  • Spending floor

    8 of 15

    53% of spending went to programs and raising each dollar of donations cost 4 cents.

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Governance

Strong: 100 out of 100. Higher than 34% of charities in its peer group (arts and culture, $10m to $100m).

  • Independent board

    25 of 25

    34 of 34 voting board members are independent.

  • Conflict of interest policy

    15 of 15

    Has a written conflict of interest policy.

  • Whistleblower policy

    8 of 8

    Has a written whistleblower policy.

  • Record keeping policy

    7 of 7

    Has a written policy on keeping and destroying records.

  • Board minutes

    5 of 5

    Keeps minutes of board meetings.

  • Board sees the tax return

    10 of 10

    Gave the board a copy of this return before filing it.

  • Pay set independently

    5 of 5

    Sets its chief executive's pay through independent review and comparison.

  • Independent check of accounts

    15 of 15

    Its accounts were audited by an independent accountant.

  • No reported misuse

    10 of 10

    Reports no diversion of assets, excess benefits or loans to insiders.

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Impact evidence

Describes programs. Its tax return describes what it does but we have found no measurable results in it.

Programs described in its return (4)
  1. $14.0 million spent. Real Estate Projects - Provides properties that are sensitive to the unique needs and environment necessary for artists, arts organizations, workforce housing and arts venues, through wholly, or partially owned limited partnerships which own commercial and/or residential properties. These real estate projects provide space for artists to work on their particular means of artistic expression. As an example, a painter or dancer needs space to produce a huge painting, or to practice their dance steps.
  2. $1.5 million spent. Development - Develops workforce housing, artist live/workspaces and cultural facilities with both public agencies and private groups by involvement in real estate projects as project coordinator, developer, co-developer, and general contractor; informs and educates the general public and key decision makers about projects and issues related to workforce housing, space, artists and art facilities.
  3. $729,857 spent. Consulting - Artspace Consulting helps organizations and local governments design spaces for community services. We combine real estate expertise with insights into the creative sector to offer support, feasibility studies, and coaching. Our focus is on creating sustainable, affordable, and equitable spaces, and we've assisted over 300 communities and arts organizations in advancing projects that benefit creative communities.
  4. $6.3 million spent. Asset & Performance Property Management - Asset Management oversees the Organization's limited partnership holdings to establish and maintain long-term financially and physically stable assets. It works closely with partners, funders, and management companies to ensure stability. Performance Property Management provides services for various projects and is responsible for overseeing daily operations, including financial management, physical conditions, tenant communications, and reporting on project statuses, particularly regarding issues that require owner input and decisions.

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Legitimacy checks

  1. Is it registered with the IRS? Passed.

    Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.

  2. Has the IRS revoked its tax-exempt status? Passed.

    Not on the IRS automatic revocation list.

    Source: Automatic revocation of exemption list, Internal Revenue Service, file dated October 13, 2026.

  3. Are donations tax-deductible? Passed.

    On the IRS list of organizations eligible to receive tax-deductible contributions.

    Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated October 13, 2026.

  4. Is it keeping up with its IRS filings? Passed.

    Most recent return on file covers the year ending December 2024.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.

  5. How long has it been tax-exempt? Passed.

    Recognized by the IRS since January 1984.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.

  6. Is it in good standing with state regulators? Passed.

    Not on California's list of charities barred from soliciting. Other states are not yet checked.

    Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 21, 2026.

Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.