Corning Elmira Musical Arts

Analysis

Corning Elmira Musical Arts is a registered charity in United States, based in Corning, NY. It received its IRS tax-exemption ruling in November 1996, 30 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 (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2024, Corning Elmira Musical Arts reported income of $380k and spending of $418k, spending 110% of what it took in. Across the 5 years on record, from June 2020 to June 2024, income grew from $334k to $380k (+14%), an average of +3.3% a year. The sharpest change came in the year to June 2022, when income rose by 75%. Over the whole period it spent 89% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Corning Elmira Musical Arts sits at the 72nd percentile: it is larger than about 72% 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 Jefferson Matters Main Street ($380k), Beaver Dam Community Theatre Inc ($380k) and Water Street Glassworks ($380k).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 73% and program service revenue 25% of the total. Compensation of current officers, directors and key employees was $61k (15% of expenses). Other salaries and wages came to $54k. At year end it held assets of $588k against liabilities of $47k, net assets of $541k. It reported 5 employees.