Museum of Fine Arts

Analysis

Museum of Fine Arts is a registered charity in United States, based in Boston, MA. It received its IRS tax-exemption ruling in January 1965, 61 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 June 2023, Museum of Fine Arts reported income of $99.6m and spending of $123.3m, spending 124% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $177.3m to $99.6m (-44%), an average of -13% a year. The sharpest change came in the year to June 2023, when income dropped by 33%. Over the whole period it spent 88% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Museum of Fine Arts sits at the 100th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 99th percentile, and in the 99th percentile within MA. Charities of a similar size with the same main cause include Playhouse Square Foundation ($97.2m), Robert W Woodruff Arts Center Inc ($99.8m) and Philharmonic-Symphony Society of New York Inc ($96.9m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 63% and program service revenue 23% of the total. Compensation of current officers, directors and key employees was $3.4m (2.8% of expenses). Other salaries and wages came to $31.6m. At year end it held assets of $1.38bn against liabilities of $163.8m, net assets of $1.22bn. It reported 809 employees.