Submarine Force Library & Museum Assoc

Analysis

Submarine Force Library & Museum Assoc is a registered charity in United States, based in Groton, CT. It received its IRS tax-exemption ruling in September 1973, 53 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, Submarine Force Library & Museum Assoc reported income of $560k and spending of $428k, leaving 24% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $434k to $560k (+29%), an average of +6.6% a year. The sharpest change came in the year to December 2021, when income rose by 291%. Over the whole period it spent 77% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Submarine Force Library & Museum Assoc sits at the 79th percentile: it is larger than about 79% of them. Against every charity in United States with reported income it ranks in the 72nd percentile, and in the 70th percentile within CT. Charities of a similar size with the same main cause include Wethersfield Historical Society of Wethersfield Conn Incorporated ($560k), California Mid-Winter Fair Heritage Foundation ($560k) and Barrington History Museum ($560k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 43% of the total. Compensation of current officers, directors and key employees was $79k (18% of expenses). Other salaries and wages came to $111k. At year end it held assets of $3.4m against liabilities of $22k, net assets of $3.3m. It reported 10 employees.