Texas Maritime Museum Association Inc

Analysis

Texas Maritime Museum Association Inc is a registered charity in United States, based in Rockport, TX. It received its IRS tax-exemption ruling in May 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, Texas Maritime Museum Association Inc reported income of $517k and spending of $416k, spending 80% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $296k to $517k (+75%), an average of +15% a year. The sharpest change came in the year to June 2021, when income rose by 65%. Over the whole period it spent 100% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Texas Maritime Museum Association Inc sits at the 77th percentile: it is larger than about 77% of them. Against every charity in United States with reported income it ranks in the 71st percentile, and in the 75th percentile within TX. Charities of a similar size with the same main cause include Taikoproject ($517k), State Street Theater Co ($518k) and Georgia Lawyers for the Arts Inc ($517k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 83% and program service revenue 8.8% of the total. Compensation of current officers, directors and key employees was $65k (16% of expenses). Other salaries and wages came to $82k. At year end it held assets of $1.3m against liabilities of $19k, net assets of $1.3m. It reported 15 employees.