Academy Art Museum Inc

Analysis

Academy Art Museum Inc is a registered charity in United States, based in Easton, MD. It received its IRS tax-exemption ruling in September 1960, 66 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 August 2023, Academy Art Museum Inc reported income of $1.9m and spending of $1.9m, spending 102% of its income. Across the 5 years on record, from August 2019 to August 2023, income grew from $1.7m to $1.9m (+14%), an average of +3.4% a year. The sharpest change came in the year to August 2020, when income rose by 73%. Over the whole period it spent 90% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Academy Art Museum Inc sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 86th percentile, and in the 84th percentile within MD. Charities of a similar size with the same main cause include Home to Community Living Inc ($1.9m), Samskrita Bharati ($1.9m) and Youth Oasis ($1.9m).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 75% and program service revenue 11% of the total. Compensation of current officers, directors and key employees was $238k (12% of expenses). Other salaries and wages came to $505k. At year end it held assets of $11.6m against liabilities of $262k, net assets of $11.4m. It reported 18 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.