Summit Music Festival Inc

Analysis

Summit Music Festival Inc is a registered charity in United States, based in Pleasantville, NY. It received its IRS tax-exemption ruling in November 2019, 7 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Summit Music Festival Inc reported income of $74k and spending of $137k, spending 185% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $196k to $74k (-62%), an average of -22% a year. The sharpest change came in the year to December 2021, when income rose by 7068%. Over the whole period it spent 104% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Summit Music Festival Inc sits at the 32nd percentile: it is larger than about 32% of them. Against every charity in United States with reported income it ranks in the 29th percentile, and in the 30th percentile within NY. Charities of a similar size with the same main cause include Taste of the Caribbean Arts & Culture CT Inc ($74k), Lumiere Ballet Co Inc ($74k) and Sala Diaz Inc ($74k).

On its Form 990-EZ for the period ending December 2023, revenue came from contributions and grants 35% and program service revenue 61% of the total. At year end it held assets of $120k against liabilities of $19k, net assets of $101k.