The Carnegie Hall Corporation

Analysis

The Carnegie Hall Corporation is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in February 1962, 64 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, The Carnegie Hall Corporation reported income of $72.8m and spending of $110.6m, spending 152% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $87.2m to $72.8m (-16%), an average of -4.4% a year. The sharpest change came in the year to June 2022, when income rose by 64%. Over the whole period it spent 129% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, The Carnegie Hall Corporation sits at the 100th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 99th percentile, and in the 98th percentile within NY. Charities of a similar size with the same main cause include Wolf Trap Foundation for the Performing Arts ($72.6m), Carnegie Institute ($73.2m) and Museum of Science ($72.5m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 44% and program service revenue 48% of the total. Compensation of current officers, directors and key employees was $7.9m (7.2% of expenses). Other salaries and wages came to $32.3m. It paid $469k in professional fundraising fees. At year end it held assets of $618.7m against liabilities of $152.9m, net assets of $465.8m. It reported 825 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.