Virginia Association of Museums

Analysis

Virginia Association of Museums is a registered charity in United States, based in Richmond, VA. It received its IRS tax-exemption ruling in April 1969, 57 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 June 2024, Virginia Association of Museums reported income of $306k and spending of $356k, spending 116% of what it took in. Across the 5 years on record, from June 2020 to June 2024, income grew from $300k to $306k (+2.1%), an average of +0.5% a year. The sharpest change came in the year to June 2022, when income rose by 32%. Over the whole period it spent 112% 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 Association of Museums sits at the 69th percentile: it is larger than about 69% of them. Against every charity in United States with reported income it ranks in the 62nd percentile, and in the 61st percentile within VA. Charities of a similar size with the same main cause include Arts Council of Lake Oswego ($306k), Darul Uloom New Jersey Inc ($306k) and Albemarle County Historical Society Inc ($306k).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 58% and program service revenue 38% of the total. Other salaries and wages came to $128k. At year end it held assets of $247k against liabilities of $0, net assets of $247k. It reported 3 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.