Formula Automotive Museum

Analysis

Formula Automotive Museum is a registered charity in United States, based in Houston, TX. It received its IRS tax-exemption ruling in April 2023, 3 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, Formula Automotive Museum reported income of $76k and spending of $20k, leaving 73% of income unspent that year. Across the 2 years on record, from December 2022 to December 2023, income fell from $162k to $76k (-53%), an average of -53% a year. The sharpest change came in the year to December 2023, when income dropped by 53%. Over the whole period it spent 13% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Formula Automotive Museum sits at the 33rd percentile: it is larger than about 33% of them. Against every charity in United States with reported income it ranks in the 30th percentile, and in the 31st percentile within TX. Charities of a similar size with the same main cause include Layyasaaram Institute of Indian Arts ($76k), Lake States Railway Historical Association Inc ($76k) and Pepperell Community Media Inc ($76k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. At year end it held assets of $267k against liabilities of $59k, net assets of $208k.