Franklin G Burroughs Simeon B Chapin Art Museum

Analysis

Franklin G Burroughs Simeon B Chapin Art Museum is a registered charity in United States, based in Myrtle Beach, SC. It received its IRS tax-exemption ruling in October 1989, 37 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 (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 2023, Franklin G Burroughs Simeon B Chapin Art Museum reported income of $607k and spending of $732k, spending 120% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $666k to $607k (-8.7%), an average of -2.3% a year. The sharpest change came in the year to December 2021, when income rose by 47%. Over the whole period it spent 98% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Franklin G Burroughs Simeon B Chapin Art Museum sits at the 80th percentile: it is larger than about 80% of them. Against every charity in United States with reported income it ranks in the 73rd percentile, and in the 77th percentile within SC. Charities of a similar size with the same main cause include Jefferson County Historical Society ($607k), Symphony Management Inc ($608k) and Eighth Blackbird Performing Arts Association ($607k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 84% and program service revenue 13% of the total. Compensation of current officers, directors and key employees was $86k (12% of expenses). At year end it held assets of $508k against liabilities of $0, net assets of $508k. It reported 13 employees.