47 Palmer Inc

Analysis

47 Palmer Inc is a registered charity in United States, based in Cambridge, MA. It received its IRS tax-exemption ruling in June 1996, 30 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 June 2024, 47 Palmer Inc reported income of $2.1m and spending of $2.2m, spending 104% of its income. Across the 5 years on record, from June 2020 to June 2024, income grew from $1.8m to $2.1m (+17%), an average of +4.1% a year. The sharpest change came in the year to June 2022, when income rose by 55%. Over the whole period it spent 98% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, 47 Palmer Inc sits at the 92nd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 87th percentile, and in the 85th percentile within MA. Charities of a similar size with the same main cause include Alden Charitable Foundation Inc ($2.1m), The Building for Kids Inc ($2.1m) and Community Wireless of Park City Inc ($2.1m).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 35% and program service revenue 65% of the total. Compensation of current officers, directors and key employees was $97k (4.4% of expenses). Other salaries and wages came to $587k. At year end it held assets of $585k against liabilities of $158k, net assets of $427k. It reported 60 employees.