Newark Museum Association

Analysis

Newark Museum Association is a registered charity in United States, based in Newark, NJ. It received its IRS tax-exemption ruling in July 1927, 99 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, Newark Museum Association reported income of $18.2m and spending of $20.1m, spending 110% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $12.1m to $18.2m (+50%), an average of +11% a year. The sharpest change came in the year to December 2021, when income rose by 189%. Over the whole period it spent 106% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Newark Museum Association 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 98th percentile within NJ. Charities of a similar size with the same main cause include Capital Public Radio Inc ($18.1m), National Corvette Museum Foundation Inc ($18.2m) and Historic Tennessee Theatre Foundation ($18.0m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 82% and program service revenue 4.2% of the total. Compensation of current officers, directors and key employees was $1.5m (7.5% of expenses). Other salaries and wages came to $6.6m. At year end it held assets of $65.3m against liabilities of $4.4m, net assets of $60.9m. It reported 205 employees.