Save the Music Foundation

Analysis

Save the Music Foundation is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in August 1955, 71 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 December 2023, Save the Music Foundation reported income of $8.8m and spending of $8.8m, spending 100% of its income. Across the 6 years on record, from September 2019 to December 2023, income grew from $3.9m to $8.8m (+125%), an average of +18% a year. The sharpest change came in the year to December 2020, when income rose by 673%. Over the whole period it spent 87% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Save the Music Foundation sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 93rd percentile within NY. Charities of a similar size with the same main cause include San Francisco Housing Development Corporation ($8.8m), Troy Christian Schools Inc ($8.8m) and St Annes School of Annapolis Incorporated ($8.8m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 101% of the total. Compensation of current officers, directors and key employees was $227k (2.6% of expenses). Other salaries and wages came to $1.3m. At year end it held assets of $6.4m against liabilities of $1.3m, net assets of $5.0m. It reported 21 employees.