The Studio Museum in Harlem

Analysis

The Studio Museum in Harlem is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in November 1967, 59 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, The Studio Museum in Harlem reported income of $47.2m and spending of $16.2m, leaving 66% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income grew from $17.9m to $47.2m (+163%), an average of +27% a year. The sharpest change came in the year to June 2021, when income rose by 171%. Over the whole period it spent 36% 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 Studio Museum in Harlem 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 National Trust for Local News ($46.1m), Woodlands Center for the Performing Arts ($47.4m) and Parallax Advanced Research Corp ($46.0m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 91% and program service revenue 0.6% of the total. Compensation of current officers, directors and key employees was $1.6m (9.7% of expenses). Other salaries and wages came to $4.3m. It paid $247k in professional fundraising fees. At year end it held assets of $254.9m against liabilities of $39.2m, net assets of $215.7m. It reported 119 employees.