Harness Racing Museum and Hall of Fame

Analysis

Harness Racing Museum and Hall of Fame is a registered charity in United States, based in Goshen, NY. It received its IRS tax-exemption ruling in February 1951, 75 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 April 2024, Harness Racing Museum and Hall of Fame reported income of $1.4m and spending of $1.2m, spending 84% of its income. Across the 5 years on record, from April 2020 to April 2024, income grew from $1.2m to $1.4m (+16%), an average of +3.8% a year. The sharpest change came in the year to April 2022, when income rose by 67%. Over the whole period it spent 86% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Harness Racing Museum and Hall of Fame sits at the 89th percentile: it is larger than about 89% of them. Against every charity in United States with reported income it ranks in the 83rd percentile, and in the 79th percentile within NY. Charities of a similar size with the same main cause include American Arbitration Association- International Centre for Dispute ($1.4m), Epc Museum ($1.4m) and Multicultural Education and Counseling Through the Arts ($1.4m).

On its Form 990 for the period ending April 2024, revenue came from contributions and grants 55% and program service revenue 9.7% of the total. Compensation of current officers, directors and key employees was $154k (13% of expenses). Other salaries and wages came to $525k. At year end it held assets of $9.0m against liabilities of $391k, net assets of $8.6m. It reported 21 employees.