Peabody Essex Museum Inc

Analysis

Peabody Essex Museum Inc is a registered charity in United States, based in Salem, MA. It received its IRS tax-exemption ruling in January 1993, 33 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, Peabody Essex Museum Inc reported income of $40.1m and spending of $42.8m, spending 107% of what it took in. Across the 5 years on record, from December 2019 to June 2023, income fell from $55.8m to $40.1m (-28%), an average of -7.9% a year. The sharpest change came in the year to June 2021, when income rose by 179%. Over the whole period it spent 91% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Peabody Essex Museum Inc sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 98th percentile within MA. Charities of a similar size with the same main cause include Fractured Atlas Inc ($39.9m), Liberty Science Center Inc ($40.3m) and The Hobby Center Foundation ($39.8m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 51% and program service revenue 4.4% of the total. Compensation of current officers, directors and key employees was $1.5m (3.4% of expenses). Other salaries and wages came to $12.5m. At year end it held assets of $799.4m against liabilities of $73.8m, net assets of $725.5m. It reported 269 employees.