The Corning Museum of Glass

Analysis

The Corning Museum of Glass is a registered charity in United States, based in Corning, NY. It received its IRS tax-exemption ruling in June 1952, 74 years ago. 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, The Corning Museum of Glass reported income of $42.5m and spending of $42.3m, spending 99% of its income. Across the 5 years on record, from December 2019 to December 2023, income fell from $55.3m to $42.5m (-23%), an average of -6.3% a year. The sharpest change came in the year to December 2021, when income rose by 62%. Over the whole period it spent 88% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, The Corning Museum of Glass 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 98th percentile, and in the 98th percentile within NY. Charities of a similar size with the same main cause include New Jersey Family Planning League Inc ($42.3m), Tiegerman School ($42.6m) and Lutheran Child and Family Services of Illinois ($42.3m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 59% and program service revenue 17% of the total. Compensation of current officers, directors and key employees was $1.2m (2.9% of expenses). Other salaries and wages came to $13.6m. At year end it held assets of $94.4m against liabilities of $9.6m, net assets of $84.7m. It reported 190 employees.