Magical Strings of Youth NFP

Analysis

Magical Strings of Youth NFP is a registered charity in United States, based in Arlington Heights, IL. It received its IRS tax-exemption ruling in March 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 December 2023, Magical Strings of Youth NFP reported income of $129k and spending of $253k, spending 197% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $290k to $129k (-56%), an average of -18% a year. The sharpest change came in the year to December 2020, when income dropped by 41%. Over the whole period it spent 103% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Magical Strings of Youth NFP sits at the 48th percentile: it is larger than about 48% of them. Against every charity in United States with reported income it ranks in the 43rd percentile, and in the 44th percentile within IL. Charities of a similar size with the same main cause include Town and Gown Theatre Inc ($128k), Aliso Niguel High School Instrumental Music Booster Inc ($129k) and Bonner Institute for the Advancement of Choral Music ($128k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 3.8% and program service revenue 8.1% of the total. Compensation of current officers, directors and key employees was $15k (5.9% of expenses). At year end it held assets of $203k against liabilities of $10k, net assets of $193k.

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.