Imagine Museum Corporation

Analysis

Imagine Museum Corporation is a registered charity in United States, based in St Petersburg, FL. It received its IRS tax-exemption ruling in June 2017, 9 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 2022, Imagine Museum Corporation reported income of $1.8m and spending of $1.9m, spending 103% of its income. Across the 4 years on record, from December 2019 to December 2022, income grew from $483k to $1.8m (+280%), an average of +56% a year. The sharpest change came in the year to December 2021, when income rose by 291%. Over the whole period it spent 166% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Imagine Museum Corporation sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 85th percentile, and in the 87th percentile within FL. Charities of a similar size with the same main cause include Chicago International Puppet Theater Festival ($1.8m), Project Bandaloop ($1.8m) and Kalani Honua Inc ($1.8m).

On its Form 990 for the period ending December 2022, revenue came from contributions and grants 64% and program service revenue 25% of the total. Compensation of current officers, directors and key employees was $128k (6.8% of expenses). Other salaries and wages came to $754k. At year end it held assets of $357k against liabilities of $5.4m, net assets of -$5.1m. It reported 36 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.