New Museum of Contemporary Art

Analysis

New Museum of Contemporary Art is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in November 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 (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, New Museum of Contemporary Art reported income of $22.8m and spending of $19.3m, spending 85% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $14.9m to $22.8m (+53%), an average of +11% a year. The sharpest change came in the year to June 2022, when income rose by 261%. Over the whole period it spent 82% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, New Museum of Contemporary Art sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 97th percentile, and in the 96th percentile within NY. Charities of a similar size with the same main cause include Houston Arts Alliance ($22.7m), Milwaukee Art Museum Inc ($22.8m) and Groton Hill Music Inc ($22.7m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 74% and program service revenue 12% of the total. Compensation of current officers, directors and key employees was $3.1m (16% of expenses). Other salaries and wages came to $6.0m. At year end it held assets of $114.6m against liabilities of $13.1m, net assets of $101.5m. It reported 186 employees.