Worcester Art Museum

Analysis

Worcester Art Museum is a registered charity in United States, based in Worcester, MA. It received its IRS tax-exemption ruling in March 1934, 92 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 August 2023, Worcester Art Museum reported income of $15.3m and spending of $12.8m, spending 84% of its income. Across the 5 years on record, from August 2019 to August 2023, income grew from $12.1m to $15.3m (+26%), an average of +6.0% a year. The sharpest change came in the year to August 2022, when income rose by 138%. Over the whole period it spent 69% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Worcester Art Museum 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 95th percentile within MA. Charities of a similar size with the same main cause include Milwaukee Ballet Company Inc ($15.3m), Musicares Foundation Inc ($15.3m) and Western New York Public Broadcasting Association ($15.2m).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 84% and program service revenue 5.4% of the total. Compensation of current officers, directors and key employees was $607k (4.8% of expenses). Other salaries and wages came to $5.1m. At year end it held assets of $158.4m against liabilities of $2.9m, net assets of $155.5m. It reported 214 employees.