Asheville Art Museum Association Inc

Analysis

Asheville Art Museum Association Inc is a registered charity in United States, based in Asheville, NC. It received its IRS tax-exemption ruling in October 1976, 50 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, Asheville Art Museum Association Inc reported income of $1.8m and spending of $3.3m, spending 188% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $4.5m to $1.8m (-61%), an average of -21% a year. The sharpest change came in the year to June 2022, when income dropped by 64%. Over the whole period it spent 53% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Asheville Art Museum Association 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 85th percentile, and in the 86th percentile within NC. Charities of a similar size with the same main cause include Acorn Center for Restoration and Freedom Inc ($1.8m), Northern in Historical Society ($1.8m) and The Broadway League Foundation Inc ($1.8m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 82% and program service revenue 49% of the total. Compensation of current officers, directors and key employees was $173k (5.2% of expenses). Other salaries and wages came to $1.1m. At year end it held assets of $29.9m against liabilities of $186k, net assets of $29.7m. It reported 58 employees.