Galesburg Museums Inc

Analysis

Galesburg Museums Inc is a registered charity in United States, based in Galesburg, IL. It received its IRS tax-exemption ruling in December 1996, 30 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, Galesburg Museums Inc reported income of $554k and spending of $619k, spending 112% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $553k to $554k (+0.2%), an average of +0.0% a year. The sharpest change came in the year to December 2020, when income rose by 29%. Over the whole period it spent 97% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Galesburg Museums 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 72nd percentile, and in the 71st percentile within IL. Charities of a similar size with the same main cause include Bag and Baggage Productions ($554k), Arts Council of Midland ($554k) and Fargo Theatre Management Corporation ($554k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 59% and program service revenue 34% of the total. Compensation of current officers, directors and key employees was $79k (13% of expenses). Other salaries and wages came to $139k. At year end it held assets of $2.8m against liabilities of $468k, net assets of $2.3m. It reported 23 employees.