Preservation Foundation of Palm Beach Inc

Analysis

Preservation Foundation of Palm Beach Inc is a registered charity in United States, based in Palm Beach, FL. It received its IRS tax-exemption ruling in June 1980, 46 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, Preservation Foundation of Palm Beach Inc reported income of $11.1m and spending of $3.3m, leaving 70% of income unspent that year. Across the 4 years on record, from June 2020 to June 2023, income grew from $1.9m to $11.1m (+485%), an average of +80% a year. The sharpest change came in the year to June 2022, when income rose by 447%. Over the whole period it spent 28% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Preservation Foundation of Palm Beach Inc sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 96th percentile within FL. Charities of a similar size with the same main cause include Arts and Humanities Council of Montgomery County in ($11.1m), New Orleans Museum of Art ($11.1m) and Mint Museum of Art Inc ($11.1m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 86% and program service revenue 0.1% of the total. Compensation of current officers, directors and key employees was $240k (7.2% of expenses). Other salaries and wages came to $523k. At year end it held assets of $34.6m against liabilities of $266k, net assets of $34.3m. It reported 14 employees.