Virginia Museum of Contemporary Art

Analysis

Virginia Museum of Contemporary Art is a registered charity in United States, based in Virginia BCH, VA. It received its IRS tax-exemption ruling in June 1971, 55 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 June 2023, Virginia Museum of Contemporary Art reported income of $3.0m and spending of $3.2m, spending 105% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $2.1m to $3.0m (+47%), an average of +10% a year. The sharpest change came in the year to June 2022, when income rose by 66%. Over the whole period it spent 104% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Virginia Museum of Contemporary Art sits at the 94th percentile: it is larger than about 94% of them. Against every charity in United States with reported income it ranks in the 89th percentile, and in the 90th percentile within VA. Charities of a similar size with the same main cause include Chandler Cultural Foundation ($3.0m), Its My Community Initiative ($3.0m) and Holocaust Documentation & Education Center Inc ($3.0m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 78% and program service revenue 6.3% of the total. Compensation of current officers, directors and key employees was $166k (5.2% of expenses). Other salaries and wages came to $1.6m. At year end it held assets of $2.4m against liabilities of $410k, net assets of $2.0m. It reported 54 employees.