William a Farnsworth Library and Art Museum Inc

Analysis

William a Farnsworth Library and Art Museum Inc is a registered charity in United States, based in Rockland, ME. It received its IRS tax-exemption ruling in April 1987, 39 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 September 2023, William a Farnsworth Library and Art Museum Inc reported income of $6.9m and spending of $6.3m, spending 92% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $4.8m to $6.9m (+43%), an average of +9.4% a year. The sharpest change came in the year to September 2021, when income rose by 49%. Over the whole period it spent 89% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, William a Farnsworth Library and Art Museum Inc sits at the 97th percentile: it is larger than about 97% of them. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 93rd percentile within ME. Charities of a similar size with the same main cause include Performing Arts Consultants Inc ($6.9m), Dallas Holocaust Museum ($6.9m) and International Society for Heart & Lung Transplants ($6.9m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 62% and program service revenue 9.3% of the total. Compensation of current officers, directors and key employees was $361k (5.7% of expenses). Other salaries and wages came to $2.6m. At year end it held assets of $35.4m against liabilities of $319k, net assets of $35.1m. It reported 88 employees.