Powers Music School Inc

Analysis

Powers Music School Inc is a registered charity in United States, based in Belmont, MA. It received its IRS tax-exemption ruling in May 1976, 50 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 school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending August 2023, Powers Music School Inc reported income of $2.2m and spending of $2.1m, spending 96% of its income. Across the 5 years on record, from August 2019 to August 2023, income grew from $1.6m to $2.2m (+37%), an average of +8.2% a year. The sharpest change came in the year to August 2023, when income rose by 17%. Over the whole period it spent 99% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Powers Music School Inc sits at the 92nd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 87th percentile, and in the 85th percentile within MA. Charities of a similar size with the same main cause include Eastside Arts Alliance ($2.2m), Grand Rapids Childrens Museum ($2.2m) and DC Jazz Festival ($2.2m).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 18% and program service revenue 73% of the total. Compensation of current officers, directors and key employees was $136k (6.6% of expenses). Other salaries and wages came to $1.1m. At year end it held assets of $4.0m against liabilities of $2.4m, net assets of $1.6m. It reported 93 employees.