BALTIMORE MUSEUM OF ART
Income Statement
Fiscal Year Start:
Jul 1
Revenues in 2024
$26,532,056
Contributions
27%
Government Grants
24%
Other
21%
Investments
15%
Program Services
9%
Membership Dues
2%
Fundraising Events
2%
Expenses in 2024
$27,065,544
Salaries & Benefits
49%
Other
29%
Offices, Occupancy & IT
16%
Fees to Service Providers
3%
Depreciation
2%
Advertising & Promotion
1%
Grants
0%
Benefits to Members
0%
Interest
0%
Revenues
2023
2024
Change
Contributions
$9,571,514
$7,047,266
-26%
Government Grants
$9,917,894
$6,457,349
-35%
Fundraising Events
$0
$440,529
-
Program Services
$2,025,216
$2,331,460
+15%
Membership Dues
$587,445
$522,419
-11%
Investments
$4,290,314
$4,110,463
-4%
Other
$1,244,383
$5,622,570
+352%
Total Revenues
$27,636,766
$26,532,056
-4%
Expenses
2023
2024
Change
Grants
$0
$0
-
Benefits to Members
$0
$0
-
Salaries & Benefits
$12,623,832
$13,360,561
+6%
Fees to Service Providers
$658,755
$757,599
+15%
Advertising & Promotion
$257,077
$282,092
+10%
Offices, Occupancy & IT
$16,992,838
$4,249,216
-75%
Interest
$0
$0
-
Depreciation
$464,025
$532,054
+15%
Other
$10,564,114
$7,884,022
-25%
Total Expenses
$41,560,641
$27,065,544
-35%
Net income
2023
2024
Change
Net income
-$13,923,875
-$533,488
+96%
Functional Expenses
Summary
2023
2024
Change
Program
$38,067,868
$22,132,899
-42%
Admin
$2,336,228
$3,936,082
+68%
Fundraising
$1,156,545
$996,563
-14%
Total Expenses
$41,560,641
$27,065,544
-35%
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