Foundation Music School Inc

Analysis

Foundation Music School Inc is a registered charity in United States, based in Fort Collins, CO. It received its IRS tax-exemption ruling in April 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending August 2023, Foundation Music School Inc reported income of $743k and spending of $825k, spending 111% of what it took in. Across the 5 years on record, from August 2019 to August 2023, income grew from $639k to $743k (+16%), an average of +3.9% a year. The sharpest change came in the year to August 2022, when income rose by 26%. Over the whole period it spent 98% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Foundation Music School Inc sits at the 82nd percentile: it is larger than about 82% of them. Against every charity in United States with reported income it ranks in the 76th percentile, and in the 74th percentile within CO. Charities of a similar size with the same main cause include Mount Saint Michael Historical Preservation Society ($743k), Racine Theatre Guild Inc ($743k) and Culturefix ($743k).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 28% and program service revenue 71% of the total. Compensation of current officers, directors and key employees was $59k (7.2% of expenses). Other salaries and wages came to $444k. At year end it held assets of $247k against liabilities of $1,802, net assets of $245k. It reported 28 employees.