National Corvette Museum Foundation Inc

Analysis

National Corvette Museum Foundation Inc is a registered charity in United States, based in Bowling Green, KY. It received its IRS tax-exemption ruling in May 1989, 37 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, National Corvette Museum Foundation Inc reported income of $18.2m and spending of $15.5m, spending 85% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $14.1m to $18.2m (+29%), an average of +6.5% a year. The sharpest change came in the year to December 2022, when income rose by 35%. Over the whole period it spent 76% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, National Corvette Museum Foundation Inc sits at the 99th percentile: it is larger than about 99% of them. Against every charity in United States with reported income it ranks in the 97th percentile, and in the 96th percentile within KY. Charities of a similar size with the same main cause include Newark Museum Association ($18.2m), Union Station Kansas City Inc ($18.3m) and Capital Public Radio Inc ($18.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 13% and program service revenue 43% of the total. Compensation of current officers, directors and key employees was $623k (4.0% of expenses). Other salaries and wages came to $5.2m. At year end it held assets of $86.9m against liabilities of $11.3m, net assets of $75.6m. It reported 258 employees.