Richmond Art Museum Inc

Analysis

Richmond Art Museum Inc is a registered charity in United States, based in Richmond, IN. It received its IRS tax-exemption ruling in August 1948, 78 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 May 2023, Richmond Art Museum Inc reported income of $521k and spending of $521k, spending 100% of its income. Across the 5 years on record, from May 2019 to May 2023, income grew from $380k to $521k (+37%), an average of +8.2% a year. The sharpest change came in the year to May 2020, when income rose by 35%. Over the whole period it spent 92% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Richmond Art Museum Inc sits at the 78th percentile: it is larger than about 78% of them. Against every charity in United States with reported income it ranks in the 71st percentile, and in the 71st percentile within IN. Charities of a similar size with the same main cause include Leavenworth Nutcracker Museum ($521k), Hula Preservation Society ($521k) and Firehouse Theatre Project Inc ($521k).

On its Form 990 for the period ending May 2023, revenue came from contributions and grants 67% and program service revenue 15% of the total. Compensation of current officers, directors and key employees was $113k (22% of expenses). Other salaries and wages came to $79k. At year end it held assets of $2.6m against liabilities of $4,659, net assets of $2.6m. It reported 5 employees.