Mystic Museum of Art Inc

Analysis

Mystic Museum of Art Inc is a registered charity in United States, based in Mystic, CT. It received its IRS tax-exemption ruling in August 1979, 47 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, Mystic Museum of Art Inc reported income of $1.4m and spending of $977k, leaving 29% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.1m to $1.4m (+24%), an average of +5.6% a year. The sharpest change came in the year to December 2021, when income rose by 122%. Over the whole period it spent 73% 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 Museum of Art Inc sits at the 89th percentile: it is larger than about 89% of them. Against every charity in United States with reported income it ranks in the 83rd percentile, and in the 81st percentile within CT. Charities of a similar size with the same main cause include Maine Humanities Council ($1.4m), Comunidad Maya Pixan Ixim Reinforcing Our Roots Living Our M ($1.4m) and Model-T Automotive Heritage Complex Inc ($1.4m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 34% and program service revenue 59% of the total. Compensation of current officers, directors and key employees was $130k (13% of expenses). Other salaries and wages came to $298k. At year end it held assets of $5.1m against liabilities of $39k, net assets of $5.0m. It reported 12 employees.