Phelps Mansion Museum

Analysis

Phelps Mansion Museum is a registered charity in United States, based in Binghamton, NY. It received its IRS tax-exemption ruling in March 2007, 19 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 May 2024, Phelps Mansion Museum reported income of $211k and spending of $282k, spending 134% of what it took in. Across the 6 years on record, from May 2019 to May 2024, income grew from $78k to $211k (+170%), an average of +22% a year. The sharpest change came in the year to May 2023, when income rose by 115%. Over the whole period it spent 171% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Phelps Mansion Museum sits at the 61st percentile: it is larger than about 61% of them. Against every charity in United States with reported income it ranks in the 55th percentile, and in the 52nd percentile within NY. Charities of a similar size with the same main cause include Jagannath Cultural and Educational Center Inc ($211k), Friends of Hearthstone Inc ($211k) and Acton Chinese Language School ($211k).

On its Form 990 for the period ending May 2024, revenue came from contributions and grants 36% and program service revenue 34% of the total. Compensation of current officers, directors and key employees was $51k (18% of expenses). Other salaries and wages came to $66k. At year end it held assets of $1.6m against liabilities of $34k, net assets of $1.5m. It reported 5 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.