Franklin Institute

Analysis

Franklin Institute is a registered charity in United States, based in Philadelphia, PA. It received its IRS tax-exemption ruling in December 1928, 98 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, Franklin Institute reported income of $39.6m and spending of $31.2m, leaving 21% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income fell from $47.7m to $39.6m (-17%), an average of -4.6% a year. The sharpest change came in the year to December 2020, when income dropped by 47%. Over the whole period it spent 84% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Franklin Institute sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 98th percentile within PA. Charities of a similar size with the same main cause include Milwaukee Repertory Theater Inc ($39.6m), Los Angeles Opera Company ($39.7m) and Borealis Philanthropy ($39.4m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 50% and program service revenue 39% of the total. Compensation of current officers, directors and key employees was $2.9m (9.3% of expenses). Other salaries and wages came to $7.5m. It paid $20k in professional fundraising fees. At year end it held assets of $189.6m against liabilities of $10.9m, net assets of $178.8m. It reported 218 employees.