North Carolina Museum of Art Foundation Inc

Analysis

North Carolina Museum of Art Foundation Inc is a registered charity in United States, based in Raleigh, NC. It received its IRS tax-exemption ruling in December 1969, 57 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, North Carolina Museum of Art Foundation Inc reported income of $18.8m and spending of $13.2m, leaving 30% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income grew from $12.6m to $18.8m (+49%), an average of +10% a year. The sharpest change came in the year to June 2022, when income rose by 26%. Over the whole period it spent 79% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, North Carolina Museum of Art Foundation Inc 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 NC. Charities of a similar size with the same main cause include Adler Planetarium ($18.8m), Wisconsin Youth Symphony Orchestra Inc ($18.9m) and American Public Media Group ($18.7m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 77% and program service revenue 7.8% of the total. Compensation of current officers, directors and key employees was $279k (2.1% of expenses). Other salaries and wages came to $2.7m. At year end it held assets of $82.2m against liabilities of $2.7m, net assets of $79.5m. It reported 43 employees.