Vero Beach Museum of Art Inc

Analysis

Vero Beach Museum of Art Inc is a registered charity in United States, based in Vero Beach, FL. It received its IRS tax-exemption ruling in August 1981, 45 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 June 2023, Vero Beach Museum of Art Inc reported income of $21.8m and spending of $6.7m, leaving 69% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income grew from $6.4m to $21.8m (+239%), an average of +36% a year. The sharpest change came in the year to June 2023, when income rose by 123%. Over the whole period it spent 59% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Vero Beach Museum of Art Inc sits at the 99th percentile: it is larger than about 99% of them. Against every charity in United States with reported income it ranks in the 97th percentile, and in the 98th percentile within FL. Charities of a similar size with the same main cause include Theatre & Arts Foundation of San Diego County ($21.8m), Academy of Natural Sciences of Philadelphia ($21.9m) and Pen American Center Inc ($21.8m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 84% and program service revenue 3.2% of the total. Compensation of current officers, directors and key employees was $442k (6.5% of expenses). At year end it held assets of $75.5m against liabilities of $3.0m, net assets of $72.5m.