Chesapeake Bay Maritime Museum Inc

Analysis

Chesapeake Bay Maritime Museum Inc is a registered charity in United States, based in St Michaels, MD. It received its IRS tax-exemption ruling in July 1968, 58 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 February 2024, Chesapeake Bay Maritime Museum Inc reported income of $6.5m and spending of $6.8m, spending 105% of its income. Across the 5 years on record, from February 2020 to February 2024, income grew from $4.5m to $6.5m (+45%), an average of +9.8% a year. The sharpest change came in the year to February 2021, when income rose by 165%. Over the whole period it spent 85% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Chesapeake Bay Maritime Museum Inc sits at the 97th percentile: it is larger than about 97% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 92nd percentile within MD. Charities of a similar size with the same main cause include Grandview Preparatory School Inc ($6.5m), Youth America Grand Prix Inc ($6.5m) and 300 Stewart Avenue Corporation ($6.5m).

On its Form 990 for the period ending February 2024, revenue came from contributions and grants 46% and program service revenue 33% of the total. Compensation of current officers, directors and key employees was $1.1m (17% of expenses). Other salaries and wages came to $1.9m. At year end it held assets of $41.4m against liabilities of $2.1m, net assets of $39.3m. It reported 93 employees.