Charleston Academy of Music

Analysis

Charleston Academy of Music is a registered charity in United States, based in Charleston, SC. It received its IRS tax-exemption ruling in January 2003, 23 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 July 2023, Charleston Academy of Music reported income of $515k and spending of $402k, leaving 22% of income unspent that year. Across the 5 years on record, from December 2019 to July 2023, income grew from $305k to $515k (+69%), an average of +14% a year. The sharpest change came in the year to July 2021, when income rose by 120%. Over the whole period it spent 85% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Charleston Academy of Music sits at the 77th percentile: it is larger than about 77% of them. Against every charity in United States with reported income it ranks in the 71st percentile, and in the 75th percentile within SC. Charities of a similar size with the same main cause include National Opera House ($515k), Aradhana Committee ($515k) and Theater in the Round Players ($515k).

On its Form 990 for the period ending July 2023, revenue came from contributions and grants 28% and program service revenue 71% of the total. Compensation of current officers, directors and key employees was $63k (16% of expenses). Other salaries and wages came to $70k. At year end it held assets of $415k against liabilities of $5,772, net assets of $409k. It reported 4 employees.