Institute of Music for Children Inc

Analysis

Institute of Music for Children Inc is a registered charity in United States, based in Elizabeth, NJ. It received its IRS tax-exemption ruling in April 2004, 22 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 September 2023, Institute of Music for Children Inc reported income of $1.4m and spending of $1.5m, spending 105% of its income. Across the 5 years on record, from December 2019 to September 2023, income grew from $843k to $1.4m (+69%), an average of +14% a year. The sharpest change came in the year to December 2021, when income rose by 596%. Over the whole period it spent 51% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Institute of Music for Children Inc sits at the 89th percentile: it is larger than about 89% of them. Against every charity in United States with reported income it ranks in the 83rd percentile, and in the 85th percentile within NJ. Charities of a similar size with the same main cause include Only Make Believe Inc ($1.4m), Young Audiences of Indiana Inc ($1.4m) and Forward Performing Arts Inc ($1.4m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 63% and program service revenue 34% of the total. Compensation of current officers, directors and key employees was $101k (6.8% of expenses). Other salaries and wages came to $831k. At year end it held assets of $5.9m against liabilities of $185k, net assets of $5.7m. It reported 80 employees.