Cedar Rapids Museum of Art

Analysis

Cedar Rapids Museum of Art is a registered charity in United States, based in Cedar Rapids, IA. It received its IRS tax-exemption ruling in March 1951, 75 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, Cedar Rapids Museum of Art reported income of $1.1m and spending of $1.4m, spending 130% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $954k to $1.1m (+16%), an average of +3.9% a year. The sharpest change came in the year to June 2022, when income rose by 81%. Over the whole period it spent 120% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Cedar Rapids Museum of Art sits at the 87th percentile: it is larger than about 87% of them. Against every charity in United States with reported income it ranks in the 80th percentile, and in the 82nd percentile within IA. Charities of a similar size with the same main cause include Texarts Association for Visual & Performing Arts ($1.1m), Alliance for Global Water Adaptation ($1.1m) and Oatlands Inc ($1.1m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 79% and program service revenue 4.5% of the total. Compensation of current officers, directors and key employees was $140k (9.7% of expenses). Other salaries and wages came to $430k. At year end it held assets of $11.2m against liabilities of $230k, net assets of $11.0m. It reported 19 employees.