Science Museum of Minnesota

Analysis

Science Museum of Minnesota is a registered charity in United States, based in Saint Paul, MN. It received its IRS tax-exemption ruling in May 1943, 83 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 June 2023, Science Museum of Minnesota reported income of $35.1m and spending of $40.0m, spending 114% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $47.6m to $35.1m (-26%), an average of -7.4% a year. The sharpest change came in the year to June 2020, when income dropped by 44%. Over the whole period it spent 115% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Science Museum of Minnesota sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 98th percentile within MN. Charities of a similar size with the same main cause include Thomas Jefferson Foundation Inc ($35.0m), Medal of Honor Museum Foundation ($35.6m) and Griffiss Institute Inc ($34.9m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 59% and program service revenue 37% of the total. Compensation of current officers, directors and key employees was $632k (1.6% of expenses). Other salaries and wages came to $15.9m. At year end it held assets of $119.4m against liabilities of $15.5m, net assets of $103.9m. It reported 514 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.