Museum of Innovation and Science

Analysis

Museum of Innovation and Science is a registered charity in United States, based in Schenectady, NY. It received its IRS tax-exemption ruling in January 1956, 70 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, Museum of Innovation and Science reported income of $1.3m and spending of $1.7m, spending 130% of what it took in. Across the 6 years on record, from June 2018 to June 2023, income grew from $923k to $1.3m (+42%), an average of +7.3% a year. The sharpest change came in the year to June 2022, when income rose by 115%. Over the whole period it spent 92% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Museum of Innovation and Science sits at the 88th percentile: it is larger than about 88% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 78th percentile within NY. Charities of a similar size with the same main cause include Lansing Symphony Association Inc ($1.3m), Community Arts Center ($1.3m) and Kurt Vonnegut Memorial Library Inc ($1.3m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 61% and program service revenue 38% of the total. Compensation of current officers, directors and key employees was $114k (6.7% of expenses). Other salaries and wages came to $683k. At year end it held assets of $4.5m against liabilities of $191k, net assets of $4.3m. It reported 28 employees.