Friends of the Bass Museum Inc

Analysis

Friends of the Bass Museum Inc is a registered charity in United States, based in Miami Beach, FL. It received its IRS tax-exemption ruling in October 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2023, Friends of the Bass Museum Inc reported income of $5.3m and spending of $6.0m, spending 115% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income grew from $5.1m to $5.3m (+2.4%), an average of +0.6% a year. The sharpest change came in the year to September 2023, when income rose by 38%. Over the whole period it spent 110% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Friends of the Bass Museum Inc sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 93rd percentile within FL. Charities of a similar size with the same main cause include Oregon Community Programs ($5.3m), Idaho Central Spokane Valley Performing Arts Center ($5.3m) and Shoreshim Inc ($5.2m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 74% and program service revenue 25% of the total. Compensation of current officers, directors and key employees was $264k (4.4% of expenses). Other salaries and wages came to $1.4m. At year end it held assets of $14.1m against liabilities of $922k, net assets of $13.2m. It reported 41 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.