Forney Museum

Analysis

Forney Museum is a registered charity in United States, based in Denver, CO. It received its IRS tax-exemption ruling in September 1964, 62 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Forney Museum reported income of $695k and spending of $1.1m, spending 152% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $749k to $695k (-7.2%), an average of -1.9% a year. The sharpest change came in the year to December 2021, when income rose by 60%. Over the whole period it spent 135% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Forney Museum sits at the 82nd percentile: it is larger than about 82% of them. Against every charity in United States with reported income it ranks in the 75th percentile, and in the 73rd percentile within CO. Charities of a similar size with the same main cause include Friends of the Coltrane Home in Dix Hills ($695k), James Madison Education Fund Inc ($695k) and Pennsylvania Youth Theatre ($695k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 12% and program service revenue 39% of the total. Compensation of current officers, directors and key employees was $60k (5.7% of expenses). Other salaries and wages came to $212k. It paid $800 in professional fundraising fees. At year end it held assets of $4.2m against liabilities of $1.5m, net assets of $2.7m. It reported 10 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.