Monmouth Museum and Cultural Center

Analysis

Monmouth Museum and Cultural Center is a registered charity in United States, based in Lincroft, NJ. It received its IRS tax-exemption ruling in March 1965, 61 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, Monmouth Museum and Cultural Center reported income of $722k and spending of $850k, spending 118% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $570k to $722k (+27%), an average of +6.1% a year. The sharpest change came in the year to December 2022, when income rose by 52%. Over the whole period it spent 112% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Monmouth Museum and Cultural Center sits at the 82nd percentile: it is larger than about 82% of them. Against every charity in United States with reported income it ranks in the 75th percentile, and in the 79th percentile within NJ. Charities of a similar size with the same main cause include Friends of Rancho San Pedro ($722k), Queer Women of Color Media Arts Project-Qwocmap ($722k) and Carolyn Dorfman Dance Co ($721k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 44% and program service revenue 58% of the total. Compensation of current officers, directors and key employees was $93k (11% of expenses). Other salaries and wages came to $297k. At year end it held assets of $5.5m against liabilities of $116k, net assets of $5.4m. It reported 41 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.