New Music USA Inc

Analysis

New Music USA Inc is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in July 1946, 80 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 June 2023, New Music USA Inc reported income of $2.1m and spending of $3.1m, spending 149% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.3m to $2.1m (+59%), an average of +12% a year. The sharpest change came in the year to June 2020, when income rose by 137%. Over the whole period it spent 98% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, New Music USA 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 86th percentile, and in the 83rd percentile within NY. Charities of a similar size with the same main cause include Fitton Center for Creative Arts ($2.1m), Family Action Network Movement Inc ($2.1m) and Great American Songbook Foundation Inc ($2.1m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 83% of the total. Compensation of current officers, directors and key employees was $219k (7.0% of expenses). Other salaries and wages came to $758k. At year end it held assets of $19.7m against liabilities of $1.5m, net assets of $18.2m. It reported 15 employees.