Minnesota Museum of American Art

Analysis

Minnesota Museum of American Art is a registered charity in United States, based in Saint Paul, MN. It received its IRS tax-exemption ruling in June 1953, 73 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, Minnesota Museum of American Art reported income of $5.8m and spending of $2.7m, leaving 53% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income grew from $5.2m to $5.8m (+11%), an average of +2.6% a year. The sharpest change came in the year to June 2023, when income rose by 287%. Over the whole period it spent 77% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Minnesota Museum of American Art sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 92nd percentile within MN. Charities of a similar size with the same main cause include National Forensic League ($5.8m), Dayton Art Institute ($5.8m) and The Mexican Museum ($5.8m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 98% and program service revenue 0.6% of the total. Compensation of current officers, directors and key employees was $174k (6.4% of expenses). Other salaries and wages came to $783k. It paid $27k in professional fundraising fees. At year end it held assets of $12.0m against liabilities of $1.4m, net assets of $10.5m. It reported 14 employees.