Minnesota Marine Art Museum

Analysis

Minnesota Marine Art Museum is a registered charity in United States, based in Winona, MN. It received its IRS tax-exemption ruling in April 2004, 22 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 December 2023, Minnesota Marine Art Museum reported income of $1.6m and spending of $2.2m, spending 140% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.2m to $1.6m (+37%), an average of +8.2% a year. The sharpest change came in the year to December 2021, when income rose by 88%. Over the whole period it spent 116% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Minnesota Marine Art Museum sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 84th percentile, and in the 83rd percentile within MN. Charities of a similar size with the same main cause include Theater Project Inc ($1.6m), Wichita Sedgwick County Historial Museum Association ($1.6m) and Thomas Cole Historic House ($1.6m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 43% and program service revenue 12% of the total. Compensation of current officers, directors and key employees was $111k (5.0% of expenses). Other salaries and wages came to $595k. At year end it held assets of $26.5m against liabilities of $88k, net assets of $26.4m. It reported 26 employees.