Somali Artifact and Cultural Museum

Analysis

Somali Artifact and Cultural Museum is a registered charity in United States, based in Minneapolis, MN. It received its IRS tax-exemption ruling in July 2014, 12 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 December 2023, Somali Artifact and Cultural Museum reported income of $617k and spending of $637k, spending 103% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $301k to $617k (+105%), an average of +20% a year. The sharpest change came in the year to December 2023, when income rose by 65%. Over the whole period it spent 86% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Somali Artifact and Cultural Museum sits at the 80th percentile: it is larger than about 80% of them. Against every charity in United States with reported income it ranks in the 73rd percentile, and in the 72nd percentile within MN. Charities of a similar size with the same main cause include Friends of the Ramsey County Libraries ($617k), World Media Foundation Inc ($617k) and Newtown Childrens Museum Inc ($617k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 84% and program service revenue 16% of the total. Compensation of current officers, directors and key employees was $60k (9.4% of expenses). Other salaries and wages came to $208k. At year end it held assets of $295k against liabilities of $236k, net assets of $59k. It reported 10 employees.