Ipswich Museum Inc

Analysis

Ipswich Museum Inc is a registered charity in United States, based in Ipswich, 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, Ipswich Museum Inc reported income of $182k and spending of $210k, spending 115% of what it took in. Across the 6 years on record, from December 2018 to December 2023, income fell from $244k to $182k (-26%), an average of -5.7% a year. The sharpest change came in the year to December 2020, when income rose by 199%. Over the whole period it spent 72% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Ipswich Museum Inc sits at the 57th percentile: it is larger than about 57% of them. Against every charity in United States with reported income it ranks in the 52nd percentile, and in the 56th percentile within MA. Charities of a similar size with the same main cause include West Virginia Country Music Hall of Fame and Museum Inc ($182k), Lantern Publishing & Media Inc ($182k) and Southborough Access Media Inc ($182k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 70% and program service revenue 7.5% of the total. Other salaries and wages came to $86k. At year end it held assets of $1.8m against liabilities of $31, net assets of $1.8m. It reported 6 employees.