Minneapolis Society of Fine Arts

Analysis

Minneapolis Society of Fine Arts is a registered charity in United States, based in Minneapolis, MN. It received its IRS tax-exemption ruling in December 1967, 59 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 June 2023, Minneapolis Society of Fine Arts reported income of $63.9m and spending of $50.8m, leaving 21% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income grew from $48.9m to $63.9m (+31%), an average of +6.9% a year. The sharpest change came in the year to June 2021, when income rose by 58%. Over the whole period it spent 89% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Minneapolis Society of Fine Arts sits at the 100th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 99th percentile, and in the 99th percentile within MN. Charities of a similar size with the same main cause include Noblereach Foundation ($63.8m), MCNC ($64.3m) and Society for Science and the Public ($63.6m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 78% and program service revenue 5.3% of the total. Compensation of current officers, directors and key employees was $2.8m (5.6% of expenses). Other salaries and wages came to $14.1m. At year end it held assets of $386.1m against liabilities of $7.0m, net assets of $379.1m. It reported 348 employees.