Brooklyn Academy of Music Inc

Analysis

Brooklyn Academy of Music Inc is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in December 1969, 57 years ago. 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 June 2023, Brooklyn Academy of Music Inc reported income of $46.6m and spending of $51.9m, spending 111% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $53.4m to $46.6m (-13%), an average of -3.3% a year. The sharpest change came in the year to June 2022, when income rose by 59%. Over the whole period it spent 94% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Brooklyn Academy of Music Inc sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 99th percentile, and in the 98th percentile within NY. Charities of a similar size with the same main cause include Arkansas Childrens Hospital Research Institute ($46.5m), Nu-Way House Inc ($46.6m) and Native American Health Center Inc ($46.3m).

On its Form 990 for the period ending June 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 $2.9m (5.5% of expenses). Other salaries and wages came to $20.7m. At year end it held assets of $151.0m against liabilities of $12.4m, net assets of $138.6m. It reported 976 employees.