Phillip and Patricia Frost Museum of Science Inc

Analysis

Phillip and Patricia Frost Museum of Science Inc is a registered charity in United States, based in Miami, FL. It received its IRS tax-exemption ruling in September 1950, 76 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, Phillip and Patricia Frost Museum of Science Inc reported income of $28.4m and spending of $35.2m, spending 124% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income grew from $19.8m to $28.4m (+43%), an average of +9.4% a year. The sharpest change came in the year to September 2021, when income rose by 58%. Over the whole period it spent 144% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Phillip and Patricia Frost Museum of Science Inc sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 98th percentile within FL. Charities of a similar size with the same main cause include The Fred Rogers Company ($28.0m), Collings Foundation Inc ($28.4m) and Municipal Theatre Association of St Louis ($27.8m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 31% and program service revenue 67% of the total. Compensation of current officers, directors and key employees was $1.3m (3.6% of expenses). Other salaries and wages came to $6.4m. At year end it held assets of $206.4m against liabilities of $4.9m, net assets of $201.4m. It reported 321 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.