Friends of the Museum North Carolina Maritime Museum Inc

Analysis

Friends of the Museum North Carolina Maritime Museum Inc is a registered charity in United States, based in Beaufort, NC. It received its IRS tax-exemption ruling in February 1981, 45 years ago. 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 December 2022, Friends of the Museum North Carolina Maritime Museum Inc reported income of $811k and spending of $614k, leaving 24% of income unspent that year. Across the 4 years on record, from December 2019 to December 2022, income grew from $611k to $811k (+33%), an average of +9.9% a year. The sharpest change came in the year to December 2021, when income rose by 70%. Over the whole period it spent 71% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Friends of the Museum North Carolina Maritime Museum Inc sits at the 75th percentile: it is larger than about 75% of them. Against every charity in United States with reported income it ranks in the 77th percentile, and in the 77th percentile within NC. Charities of a similar size with the same main cause include Jackson County Schneck Memorial Hospital Foundation Inc ($811k), Alpha News ($811k) and Abilene Philharmonic Association ($810k).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 41% and program service revenue 18% of the total. Compensation of current officers, directors and key employees was $113k (18% of expenses). Other salaries and wages came to $124k. At year end it held assets of $1.3m against liabilities of $316k, net assets of $1.0m. It reported 27 employees.