Rockport Music Inc

Analysis

Rockport Music Inc is a registered charity in United States, based in Rockport, MA. It received its IRS tax-exemption ruling in July 1984, 42 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 March 2023, Rockport Music Inc reported income of $2.5m and spending of $2.6m, spending 106% of what it took in. Across the 5 years on record, from August 2019 to March 2023, income fell from $5.1m to $2.5m (-52%), an average of -17% a year. The sharpest change came in the year to August 2022, when income rose by 87%. Over the whole period it spent 94% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Rockport Music Inc sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 86th percentile within MA. Charities of a similar size with the same main cause include Antique Automobile Club of America ($2.5m), Rice Institute Inc ($2.5m) and National Council for the Traditional Arts ($2.5m).

On its Form 990 for the period ending March 2023, revenue came from contributions and grants 61% and program service revenue 28% of the total. Compensation of current officers, directors and key employees was $121k (4.7% of expenses). Other salaries and wages came to $748k. At year end it held assets of $31.4m against liabilities of $825k, net assets of $30.5m. It reported 44 employees.