Preservation Society of Newport County

Analysis

Preservation Society of Newport County is a registered charity in United States, based in Newport, RI. It received its IRS tax-exemption ruling in April 1947, 79 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 March 2023, Preservation Society of Newport County reported income of $31.3m and spending of $26.9m, spending 86% of its income. Across the 5 years on record, from March 2019 to March 2023, income grew from $25.8m to $31.3m (+21%), an average of +4.9% a year. The sharpest change came in the year to March 2022, when income rose by 58%. Over the whole period it spent 84% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Preservation Society of Newport County 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 97th percentile within RI. Charities of a similar size with the same main cause include Seattle Symphony Orchestra Inc ($31.3m), Excellence Initiative ($31.5m) and Georgia Southern University Research and SVC Foundation Inc ($31.0m).

On its Form 990 for the period ending March 2023, revenue came from contributions and grants 45% and program service revenue 44% of the total. Compensation of current officers, directors and key employees was $674k (2.5% of expenses). Other salaries and wages came to $7.2m. At year end it held assets of $83.3m against liabilities of $3.8m, net assets of $79.4m. It reported 233 employees.