Virginia Museum of Fine Arts Foundation

Analysis

Virginia Museum of Fine Arts Foundation is a registered charity in United States, based in Richmond, VA. It received its IRS tax-exemption ruling in February 1977, 49 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, Virginia Museum of Fine Arts Foundation reported income of $33.3m and spending of $36.0m, spending 108% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $29.9m to $33.3m (+11%), an average of +2.7% a year. The sharpest change came in the year to June 2020, when income rose by 63%. Over the whole period it spent 84% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Virginia Museum of Fine Arts Foundation sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 98th percentile within VA. Charities of a similar size with the same main cause include Public Library of Science ($33.0m), Civil-Military Innovation Institute Inc ($33.3m) and Society of Petroleum Engineers Spe Inc ($33.0m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 65% of the total. Compensation of current officers, directors and key employees was $804k (2.2% of expenses). Other salaries and wages came to $1.3m. At year end it held assets of $320.9m against liabilities of $49.9m, net assets of $271.0m. It reported 36 employees.