Taft Museum of Art

Analysis

Taft Museum of Art is a registered charity in United States, based in Cincinnati, OH. It received its IRS tax-exemption ruling in October 2006, 20 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 August 2023, Taft Museum of Art reported income of $10.1m and spending of $7.0m, leaving 31% of income unspent that year. Across the 5 years on record, from August 2019 to August 2023, income grew from $5.9m to $10.1m (+71%), an average of +14% a year. The sharpest change came in the year to August 2023, when income rose by 36%. Over the whole period it spent 71% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Taft Museum of Art sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 95th percentile within OH. Charities of a similar size with the same main cause include Stroud Water Research Center Inc ($10.1m), Aquaya Institute ($10.1m) and Association of the Bar of the City of New York Fund Inc ($10.1m).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 80% and program service revenue 2.6% of the total. Compensation of current officers, directors and key employees was $416k (6.0% of expenses). Other salaries and wages came to $3.0m. At year end it held assets of $70.0m against liabilities of $6.5m, net assets of $63.5m. It reported 106 employees.