Harvard Magazine Incorporated

Analysis

Harvard Magazine Incorporated is a registered charity in United States, based in Cambridge, MA. It received its IRS tax-exemption ruling in October 1938, 88 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 2023, Harvard Magazine Incorporated reported income of $4.2m and spending of $4.4m, spending 105% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $3.9m to $4.2m (+7.7%), an average of +1.9% a year. The sharpest change came in the year to June 2022, when income rose by 16%. Over the whole period it spent 106% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Harvard Magazine Incorporated sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 90th percentile within MA. Charities of a similar size with the same main cause include Black Public Media Inc ($4.2m), Apprise Incorporated ($4.2m) and Illinois Humanities Council Incorporated ($4.2m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 67% and program service revenue 31% of the total. Compensation of current officers, directors and key employees was $409k (9.4% of expenses). Other salaries and wages came to $1.2m. At year end it held assets of $2.0m against liabilities of $180k, net assets of $1.8m.