Queens Museum of Art New York City Building

Analysis

Queens Museum of Art New York City Building is a registered charity in United States, based in Flushing, NY. It received its IRS tax-exemption ruling in August 1972, 54 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 June 2023, Queens Museum of Art New York City Building reported income of $6.2m and spending of $7.8m, spending 126% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $3.9m to $6.2m (+61%), an average of +13% a year. The sharpest change came in the year to June 2022, when income rose by 42%. Over the whole period it spent 122% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Queens Museum of Art New York City Building sits at the 97th percentile: it is larger than about 97% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 91st percentile within NY. Charities of a similar size with the same main cause include Fox Tucson Theatre Foundation ($6.2m), Wide Angle Youth Media Inc ($6.2m) and Eastern Washington State Historical Society ($6.2m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 101% and program service revenue 1.1% of the total. Compensation of current officers, directors and key employees was $975k (12% of expenses). Other salaries and wages came to $2.6m. At year end it held assets of $36.0m against liabilities of $1.4m, net assets of $34.6m. It reported 117 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.