Madison Museum of Contemporary Art Inc

Analysis

Madison Museum of Contemporary Art Inc is a registered charity in United States, based in Madison, WI. It received its IRS tax-exemption ruling in December 1969, 57 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 April 2023, Madison Museum of Contemporary Art Inc reported income of $2.0m and spending of $2.9m, spending 146% of what it took in. Across the 4 years on record, from April 2020 to April 2023, income fell from $2.2m to $2.0m (-11%), an average of -3.8% a year. The sharpest change came in the year to April 2022, when income rose by 32%. Over the whole period it spent 141% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Madison Museum of Contemporary Art Inc sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 86th percentile, and in the 86th percentile within WI. Charities of a similar size with the same main cause include Cleveland Music Foundation Inc ($2.0m), Congressional Hispanic Leadership Institute Inc ($2.0m) and Axelrod Performing Arts Center Inc ($2.0m).

On its Form 990 for the period ending April 2023, revenue came from contributions and grants 81% and program service revenue 1.9% of the total. Compensation of current officers, directors and key employees was $198k (6.9% of expenses). Other salaries and wages came to $778k. At year end it held assets of $14.4m against liabilities of $3.5m, net assets of $10.9m. It reported 86 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.