Mint Museum of Art Inc

Analysis

Mint Museum of Art Inc is a registered charity in United States, based in Charlotte, NC. It received its IRS tax-exemption ruling in October 1943, 83 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 2023, Mint Museum of Art Inc reported income of $11.1m and spending of $15.5m, spending 140% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $7.0m to $11.1m (+58%), an average of +12% a year. The sharpest change came in the year to June 2022, when income rose by 52%. Over the whole period it spent 134% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Mint Museum of Art Inc sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 96th percentile within NC. Charities of a similar size with the same main cause include Big Thought ($11.0m), Arts and Humanities Council of Montgomery County in ($11.1m) and Better Angels Society Inc ($11.0m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 58% and program service revenue 15% of the total. Compensation of current officers, directors and key employees was $1.0m (6.6% of expenses). Other salaries and wages came to $3.8m. At year end it held assets of $79.4m against liabilities of $2.1m, net assets of $77.3m. It reported 103 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.