Heritage Museum of Asian Art

Analysis

Heritage Museum of Asian Art is a registered charity in United States, based in Chicago, IL. It received its IRS tax-exemption ruling in July 2014, 12 years ago. Its declared purposes cover education, which this site groups under education and training. 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, Heritage Museum of Asian Art reported income of $306k and spending of $356k, spending 116% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $197k to $306k (+55%), an average of +12% a year. The sharpest change came in the year to December 2022, when income dropped by 226%. Over the whole period it spent 211% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Heritage Museum of Asian Art sits at the 61st percentile: it is larger than about 61% of them. Against every charity in United States with reported income it ranks in the 62nd percentile, and in the 62nd percentile within IL. Charities of a similar size with the same main cause include Financial Wellness Institute Inc ($306k), Consumer Action Network ($306k) and National Hospitality Institute ($306k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 95% and program service revenue 2.1% of the total. Other salaries and wages came to $100k. At year end it held assets of $473k against liabilities of $824, net assets of $472k. It reported 1 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.