Newport Car Museum Inc

Analysis

Newport Car Museum Inc is a registered charity in United States, based in Portsmouth, RI. It received its IRS tax-exemption ruling in July 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 2023, Newport Car Museum Inc reported income of $1.3m and spending of $1.9m, spending 145% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $653k to $1.3m (+102%), an average of +19% a year. The sharpest change came in the year to December 2020, when income rose by 129%. Over the whole period it spent 96% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Newport Car Museum Inc sits at the 88th percentile: it is larger than about 88% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 78th percentile within RI. Charities of a similar size with the same main cause include Clifton Cultural Arts Center ($1.3m), Southern Alleghenies Museum of Art ($1.3m) and North Dakota Cowboy Hall of Fame Inc ($1.3m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 0.2% and program service revenue 69% of the total. Other salaries and wages came to $680k. At year end it held assets of $2.3m against liabilities of $936k, net assets of $1.4m. It reported 14 employees.