Source Music Inc

Analysis

Source Music Inc is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in October 1989, 37 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 September 2023, Source Music Inc reported income of $390k and spending of $59k, leaving 85% of income unspent that year. Across the 2 years on record, from September 2022 to September 2023, income grew from $26k to $390k (+1402%), an average of +1402% a year. The sharpest change came in the year to September 2023, when income rose by 1402%. Over the whole period it spent 22% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Source Music Inc sits at the 64th percentile: it is larger than about 64% of them. Against every charity in United States with reported income it ranks in the 66th percentile, and in the 62nd percentile within NY. Charities of a similar size with the same main cause include Comunidad Cristiana Ven Y Ve ($390k), USA Swimming Inc ($391k) and Medical Center Memorial Foundation Inc ($390k).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 99% of the total. Compensation of current officers, directors and key employees was $45k (76% of expenses). At year end it held assets of $334k against liabilities of $0, net assets of $334k.