Boca Raton Museum of Art Inc

Analysis

Boca Raton Museum of Art Inc is a registered charity in United States, based in Boca Raton, FL. It received its IRS tax-exemption ruling in December 1955, 71 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, Boca Raton Museum of Art Inc reported income of $4.1m and spending of $8.1m, spending 199% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income fell from $7.1m to $4.1m (-43%), an average of -13% a year. The sharpest change came in the year to September 2023, when income dropped by 46%. Over the whole period it spent 109% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Boca Raton Museum of Art Inc sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 92nd percentile within FL. Charities of a similar size with the same main cause include Dallas Childrens Theater Inc ($4.0m), Applied Information Management ($4.1m) and Washington Renaissance Arts & Education Society ($4.0m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 81% and program service revenue 37% of the total. Compensation of current officers, directors and key employees was $555k (6.9% of expenses). Other salaries and wages came to $2.1m. At year end it held assets of $17.2m against liabilities of $1.7m, net assets of $15.5m. It reported 60 employees.