Historic Palmyra Inc

Analysis

Historic Palmyra Inc is a registered charity in United States, based in Palmyra, NY. It received its IRS tax-exemption ruling in April 1975, 51 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 May 2023, Historic Palmyra Inc reported income of $70k and spending of $157k, spending 223% of what it took in. Across the 5 years on record, from May 2019 to May 2023, income fell from $76k to $70k (-7.2%), an average of -1.8% a year. The sharpest change came in the year to May 2022, when income rose by 145%. Over the whole period it spent 155% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Historic Palmyra Inc sits at the 31st percentile: it is larger than about 31% of them. Against every charity in United States with reported income it ranks in the 28th percentile, and in the 29th percentile within NY. Charities of a similar size with the same main cause include East Hartford Community Television Inc ($70k), Elmhurst Memorial League Inc ($70k) and Artisans Guild of America Inc ($70k).

On its Form 990 for the period ending May 2023, revenue came from contributions and grants 41% and program service revenue 29% of the total. Compensation of current officers, directors and key employees was $35k (22% of expenses). Other salaries and wages came to $26k. At year end it held assets of $797k against liabilities of $73k, net assets of $725k. It reported 7 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.