Music Studio of Westchester Inc

Analysis

Music Studio of Westchester Inc is a registered charity in United States, based in Mamaroneck, NY. It received its IRS tax-exemption ruling in September 1996, 30 years ago. The IRS classifies it as a school under section 501(c)(3).

In the financial year ending August 2024, Music Studio of Westchester Inc reported income of $467k and spending of $477k, spending 102% of its income. Across the 5 years on record, from August 2020 to August 2024, income fell from $488k to $467k (-4.4%), an average of -1.1% a year. The sharpest change came in the year to August 2022, when income rose by 21%. Over the whole period it spent 98% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Music Studio of Westchester Inc sits at the 67th percentile: it is larger than about 67% of them. Against every charity in United States with reported income it ranks in the 69th percentile, and in the 65th percentile within NY. Charities of a similar size with the same main cause include Mid America All Indian Center Inc ($466k), Volunteers of America Inc ($467k) and Creation Truth Foundation Inc ($466k).

On its Form 990 for the period ending August 2024, revenue came from program service revenue 98% of the total. Compensation of current officers, directors and key employees was $135k (28% of expenses). Other salaries and wages came to $98k. At year end it held assets of $236k against liabilities of $0, net assets of $236k. It reported 8 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.