Norton Museum of Art Inc

Analysis

Norton Museum of Art Inc is a registered charity in United States, based in West Palm BCH, FL. It received its IRS tax-exemption ruling in August 1961, 65 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 September 2023, Norton Museum of Art Inc reported income of $60.3m and spending of $22.5m, leaving 63% of income unspent that year. Across the 5 years on record, from September 2019 to September 2023, income grew from $16.8m to $60.3m (+259%), an average of +38% a year. The sharpest change came in the year to September 2023, when income rose by 105%. Over the whole period it spent 61% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Norton Museum of Art Inc sits at the 100th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 99th percentile, and in the 99th percentile within FL. Charities of a similar size with the same main cause include Cubrc Inc ($60.3m), Global Poverty Project Inc ($60.6m) and San Francisco Ballet Association ($59.8m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 90% and program service revenue 1.5% of the total. Compensation of current officers, directors and key employees was $606k (2.7% of expenses). Other salaries and wages came to $6.0m. At year end it held assets of $264.3m against liabilities of $31.2m, net assets of $233.1m. It reported 150 employees.