Farmers Museum Inc

Analysis

Farmers Museum Inc is a registered charity in United States, based in Cooperstown, NY. It received its IRS tax-exemption ruling in August 1944, 82 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 December 2023, Farmers Museum Inc reported income of $2.7m and spending of $5.3m, spending 199% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $3.1m to $2.7m (-13%), an average of -3.5% a year. The sharpest change came in the year to December 2022, when income rose by 119%. Over the whole period it spent 88% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Farmers Museum Inc sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 85th percentile within NY. Charities of a similar size with the same main cause include Lexarts Inc ($2.7m), Connecticut News Project Inc ($2.7m) and Negative Population Growth Inc ($2.7m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 29% and program service revenue 34% of the total. Compensation of current officers, directors and key employees was $294k (5.5% of expenses). Other salaries and wages came to $1.6m. At year end it held assets of $75.8m against liabilities of $525k, net assets of $75.3m. It reported 142 employees.