Racine Art Museum Association Inc

Analysis

Racine Art Museum Association Inc is a registered charity in United States, based in Racine, WI. It received its IRS tax-exemption ruling in February 1949, 77 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, Racine Art Museum Association Inc reported income of $2.8m and spending of $2.3m, spending 80% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $2.0m to $2.8m (+42%), an average of +9.2% a year. The sharpest change came in the year to December 2021, when income rose by 35%. Over the whole period it spent 98% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Racine Art Museum Association Inc 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 89th percentile within WI. Charities of a similar size with the same main cause include Louisiana Art & Science Museum Inc ($2.8m), American Institute of Biological Sciences Inc ($2.8m) and Oregon Jewish Museum and Center for Holocaust Education ($2.8m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 72% and program service revenue 11% of the total. Compensation of current officers, directors and key employees was $200k (8.8% of expenses). Other salaries and wages came to $882k. At year end it held assets of $12.9m against liabilities of $486k, net assets of $12.4m. It reported 53 employees.