Mystic Seaport Museum Inc

Analysis

Mystic Seaport Museum Inc is a registered charity in United States, based in Mystic, CT. It received its IRS tax-exemption ruling in August 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 (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Mystic Seaport Museum Inc reported income of $19.4m and spending of $25.9m, spending 133% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $24.9m to $19.4m (-22%), an average of -6.1% a year. The sharpest change came in the year to December 2021, when income rose by 116%. Over the whole period it spent 88% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Mystic Seaport Museum Inc sits at the 99th percentile: it is larger than about 99% of them. Against every charity in United States with reported income it ranks in the 97th percentile, and in the 96th percentile within CT. Charities of a similar size with the same main cause include Philbrook Museum of Art Inc ($19.4m), Ordway Center for the Performing Arts ($19.4m) and Friends of the Cultural Center Inc ($19.4m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 56% and program service revenue 34% of the total. Compensation of current officers, directors and key employees was $630k (2.4% of expenses). Other salaries and wages came to $9.3m. At year end it held assets of $109.3m against liabilities of $10.3m, net assets of $99.0m. It reported 366 employees.