Fenimore Art Museum

Analysis

Fenimore Art Museum is a registered charity in United States, based in Cooperstown, NY. It received its IRS tax-exemption ruling in July 1941, 85 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 December 2023, Fenimore Art Museum reported income of $22.0m and spending of $5.2m, leaving 76% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $4.7m to $22.0m (+365%), an average of +47% a year. The sharpest change came in the year to December 2022, when income rose by 146%. Over the whole period it spent 54% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Fenimore Art Museum sits at the 99th percentile: it is larger than about 99% of them. 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 Abilene Heritage Square Inc ($22.0m), Skirball Cultural Center ($22.1m) and Nashville Symphony Association ($22.0m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 94% and program service revenue 2.8% of the total. Compensation of current officers, directors and key employees was $311k (6.0% of expenses). At year end it held assets of $57.6m against liabilities of $521k, net assets of $57.0m. It reported 111 employees.