Berklee College of Music Inc

Analysis

Berklee College of Music Inc is a registered charity in United States, based in Boston, MA. It received its IRS tax-exemption ruling in January 1967, 59 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending May 2023, Berklee College of Music Inc reported income of $422.1m and spending of $406.1m, spending 96% of its income. Across the 5 years on record, from May 2019 to May 2023, income grew from $351.2m to $422.1m (+20%), an average of +4.7% a year. The sharpest change came in the year to May 2022, when income rose by 23%. Over the whole period it spent 96% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Berklee College of Music Inc sits at the 100th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 100th percentile, and in the 100th percentile within MA. Charities of a similar size with the same main cause include Commonwealth Charter Academy Charter School ($420.8m), High Point University ($422.1m) and Success Academy Charter Schools - NYC ($417.6m).

On its Form 990 for the period ending May 2023, revenue came from contributions and grants 4.0% and program service revenue 92% of the total. Compensation of current officers, directors and key employees was $1.9m (0.5% of expenses). Other salaries and wages came to $165.3m. At year end it held assets of $863.2m against liabilities of $371.0m, net assets of $492.2m. It reported 4,633 employees.