Ocean City Museum Society Inc

Analysis

Ocean City Museum Society Inc is a registered charity in United States, based in Ocean City, MD. It received its IRS tax-exemption ruling in October 1979, 47 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 2024, Ocean City Museum Society Inc reported income of $670k and spending of $299k, leaving 55% of income unspent that year. Across the 6 years on record, from June 2019 to June 2024, income grew from $268k to $670k (+150%), an average of +20% a year. The sharpest change came in the year to June 2024, when income rose by 103%. Over the whole period it spent 72% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Ocean City Museum Society Inc sits at the 81st percentile: it is larger than about 81% of them. Against every charity in United States with reported income it ranks in the 74th percentile, and in the 73rd percentile within MD. Charities of a similar size with the same main cause include World Around Inc ($670k), American Volkssport Association Inc ($670k) and Foundation for Cultural Arts in San Antonio Dba Las Casas Foundation ($670k).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 101% and program service revenue 4.3% of the total. Other salaries and wages came to $163k. At year end it held assets of $1.2m against liabilities of $193, net assets of $1.2m.