Petersen Automotive Museum Foundation

Analysis

Petersen Automotive Museum Foundation is a registered charity in United States, based in Los Angeles, CA. It received its IRS tax-exemption ruling in January 2000, 26 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, Petersen Automotive Museum Foundation reported income of $25.1m and spending of $25.7m, spending 102% of its income. Across the 6 years on record, from September 2019 to December 2023, income grew from $24.7m to $25.1m (+1.7%), an average of +0.3% a year. The sharpest change came in the year to December 2022, when income rose by 250%. Over the whole period it spent 102% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Petersen Automotive Museum Foundation sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 98th percentile within CA. Charities of a similar size with the same main cause include Battleship Texas Foundation Inc ($25.0m), Utah Symphony & Opera ($25.1m) and VPM Media Corporation ($24.8m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 36% and program service revenue 33% of the total. Compensation of current officers, directors and key employees was $989k (3.9% of expenses). Other salaries and wages came to $8.5m. At year end it held assets of $220.7m against liabilities of $54.2m, net assets of $166.5m. It reported 236 employees.