Florida Agricultural Museum Inc

Analysis

Florida Agricultural Museum Inc is a registered charity in United States, based in Palm Coast, FL. It received its IRS tax-exemption ruling in April 2019, 7 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, Florida Agricultural Museum Inc reported income of $458k and spending of $544k, spending 119% of what it took in. Across the 4 years on record, from June 2019 to June 2023, income grew from $297k to $458k (+54%), an average of +16% a year. The sharpest change came in the year to June 2022, when income rose by 46%. Over the whole period it spent 124% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Florida Agricultural Museum Inc sits at the 76th percentile: it is larger than about 76% of them. Against every charity in United States with reported income it ranks in the 69th percentile, and in the 71st percentile within FL. Charities of a similar size with the same main cause include Maine Traditional Music Association ($458k), Dolphin Biology Research Institute Inc ($458k) and Grand Marais Arts Inc ($458k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 18% and program service revenue 71% of the total. Compensation of current officers, directors and key employees was $56k (10% of expenses). Other salaries and wages came to $158k. At year end it held assets of $2.1m against liabilities of $271k, net assets of $1.8m. It reported 17 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.