317 Main St Community Music Center Inc

Analysis

317 Main St Community Music Center Inc is a registered charity in United States, based in Yarmouth, ME. It received its IRS tax-exemption ruling in October 2006, 20 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 2023, 317 Main St Community Music Center Inc reported income of $1.4m and spending of $1.7m, spending 127% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $2.0m to $1.4m (-31%), an average of -8.9% a year. The sharpest change came in the year to June 2021, when income rose by 128%. Over the whole period it spent 58% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, 317 Main St Community Music Center Inc sits at the 89th percentile: it is larger than about 88% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 80th percentile within ME. Charities of a similar size with the same main cause include Eastern Woodland Lacrosse ($1.4m), Coral Gables Cinemateque Inc ($1.4m) and Museum of the Great Plains Authority ($1.4m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 38% and program service revenue 61% of the total. Compensation of current officers, directors and key employees was $110k (6.4% of expenses). Other salaries and wages came to $969k. It paid $60k in professional fundraising fees. At year end it held assets of $7.4m against liabilities of $2.5m, net assets of $5.0m. It reported 50 employees.