Philadelphia Museum of Art

Analysis

Philadelphia Museum of Art is a registered charity in United States, based in Philadelphia, PA. It received its IRS tax-exemption ruling in October 1943, 83 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 June 2023, Philadelphia Museum of Art reported income of $114.4m and spending of $77.9m, leaving 32% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income grew from $111.8m to $114.4m (+2.3%), an average of +0.6% a year. The sharpest change came in the year to June 2021, when income rose by 67%. Over the whole period it spent 72% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Philadelphia Museum of Art sits at the 100th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 99th percentile, and in the 99th percentile within PA. Charities of a similar size with the same main cause include Minnesota Public Radio ($114.0m), Kqed Inc ($115.1m) and National Arts Centre Corporation ($111.7m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 38% and program service revenue 6.8% of the total. Compensation of current officers, directors and key employees was $2.5m (3.2% of expenses). Other salaries and wages came to $21.8m. It paid $164k in professional fundraising fees. At year end it held assets of $1.18bn against liabilities of $100.8m, net assets of $1.08bn. It reported 443 employees.