Penobscot Marine Museum

Analysis

Penobscot Marine Museum is a registered charity in United States, based in Searsport, ME. It received its IRS tax-exemption ruling in April 1940, 86 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 March 2023, Penobscot Marine Museum reported income of $776k and spending of $1.1m, spending 145% of what it took in. Across the 5 years on record, from March 2019 to March 2023, income fell from $1.0m to $776k (-23%), an average of -6.2% a year. The sharpest change came in the year to March 2022, when income rose by 78%. Over the whole period it spent 102% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Penobscot Marine Museum sits at the 83rd percentile: it is larger than about 83% of them. Against every charity in United States with reported income it ranks in the 76th percentile, and in the 73rd percentile within ME. Charities of a similar size with the same main cause include Asia Institute Inc ($776k), Transformer Inc ($776k) and Restless Books Inc ($776k).

On its Form 990 for the period ending March 2023, revenue came from contributions and grants 98% and program service revenue 12% of the total. Compensation of current officers, directors and key employees was $114k (10% of expenses). Other salaries and wages came to $427k. At year end it held assets of $7.4m against liabilities of $348k, net assets of $7.1m. It reported 8 employees.