Figge Art Museum

Analysis

Figge Art Museum is a registered charity in United States, based in Davenport, IA. It received its IRS tax-exemption ruling in September 1966, 60 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, Figge Art Museum reported income of $6.5m and spending of $3.7m, leaving 43% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income grew from $3.2m to $6.5m (+100%), an average of +19% a year. The sharpest change came in the year to June 2023, when income rose by 72%. 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, Figge Art Museum sits at the 97th percentile: it is larger than about 97% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 94th percentile within IA. Charities of a similar size with the same main cause include Galveston Historical Foundation Inc ($6.5m), 300 Stewart Avenue Corporation ($6.5m) and Seaport Museum New York ($6.5m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 76% and program service revenue 16% of the total. Compensation of current officers, directors and key employees was $330k (8.9% of expenses). Other salaries and wages came to $1.1m. At year end it held assets of $12.5m against liabilities of $381k, net assets of $12.1m. It reported 41 employees.