Society of the Third Street Music School Settlement Inc

Analysis

Society of the Third Street Music School Settlement Inc is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in December 1942, 84 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 school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Society of the Third Street Music School Settlement Inc reported income of $12.2m and spending of $10.4m, spending 85% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $9.3m to $12.2m (+31%), an average of +6.9% a year. The sharpest change came in the year to June 2022, when income rose by 18%. Over the whole period it spent 96% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Society of the Third Street Music School Settlement Inc sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 94th percentile within NY. Charities of a similar size with the same main cause include American Association of Physicists in Medicine ($12.2m), Steppenwolf Theater Co ($12.2m) and Public Television 19 Inc ($12.2m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 52% and program service revenue 45% of the total. Compensation of current officers, directors and key employees was $675k (6.5% of expenses). Other salaries and wages came to $5.1m. At year end it held assets of $23.6m against liabilities of $3.8m, net assets of $19.8m. It reported 219 employees.