Community Music School of Springfield Inc

Analysis

Community Music School of Springfield Inc is a registered charity in United States, based in Springfield, MA. It received its IRS tax-exemption ruling in August 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 school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Community Music School of Springfield Inc reported income of $2.5m and spending of $3.0m, spending 120% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.9m to $2.5m (+31%), an average of +7.0% a year. The sharpest change came in the year to June 2022, when income rose by 109%. Over the whole period it spent 88% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Community Music School of Springfield 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 87th percentile within MA. Charities of a similar size with the same main cause include American Institute of Indian Studies University of Chicago ($2.5m), Consultative Group on Biological Diversity ($2.5m) and School for Advanced Research ($2.5m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 59% and program service revenue 38% of the total. Compensation of current officers, directors and key employees was $73k (2.4% of expenses). Other salaries and wages came to $1.8m. At year end it held assets of $5.2m against liabilities of $496k, net assets of $4.7m. It reported 109 employees.