Cape Ann Museum Inc

Analysis

Cape Ann Museum Inc is a registered charity in United States, based in Gloucester, MA. It received its IRS tax-exemption ruling in December 1945, 81 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Cape Ann Museum Inc reported income of $9.5m and spending of $4.5m, leaving 53% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $7.8m to $9.5m (+22%), an average of +5.1% a year. The sharpest change came in the year to December 2023, when income rose by 144%. Over the whole period it spent 55% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Cape Ann Museum Inc sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 94th percentile within MA. Charities of a similar size with the same main cause include Santa Barbara Museum of Natural History ($9.5m), Stepping Stones Museum for Children Inc ($9.5m) and Mariners Museum ($9.5m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 80% and program service revenue 8.2% of the total. Compensation of current officers, directors and key employees was $203k (4.5% of expenses). Other salaries and wages came to $1.2m. It paid $29k in professional fundraising fees. At year end it held assets of $33.5m against liabilities of $1.9m, net assets of $31.6m. It reported 28 employees.