Portland Museum of Art

Analysis

Portland Museum of Art is a registered charity in United States, based in Portland, ME. It received its IRS tax-exemption ruling in June 1983, 43 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 January 2024, Portland Museum of Art reported income of $15.4m and spending of $13.4m, spending 87% of its income. Across the 5 years on record, from January 2020 to January 2024, income grew from $13.6m to $15.4m (+13%), an average of +3.2% a year. The sharpest change came in the year to January 2023, when income rose by 46%. Over the whole period it spent 63% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Portland Museum of Art sits at the 99th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 96th percentile within ME. Charities of a similar size with the same main cause include Berkeley Repertory Theatre ($15.4m), Society for Industrial and Applied Mathematics ($15.4m) and American Indian Health & Services Corporation ($15.3m).

On its Form 990 for the period ending January 2024, revenue came from contributions and grants 87% and program service revenue 5.7% of the total. Compensation of current officers, directors and key employees was $911k (6.8% of expenses). Other salaries and wages came to $5.1m. At year end it held assets of $94.4m against liabilities of $2.0m, net assets of $92.4m. It reported 136 employees.