Settlement Music School of Philadelphia

Analysis

Settlement Music School of Philadelphia is a registered charity in United States, based in Philadelphia, PA. It received its IRS tax-exemption ruling in October 1932, 94 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, Settlement Music School of Philadelphia reported income of $12.1m and spending of $13.5m, spending 112% of what it took in. Across the 4 years on record, from June 2020 to June 2023, income grew from $11.8m to $12.1m (+2.4%), an average of +0.8% a year. The sharpest change came in the year to June 2022, when income dropped by 20%. Over the whole period it spent 100% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Settlement Music School of Philadelphia sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 95th percentile within PA. Charities of a similar size with the same main cause include Bionexus Foundation Inc ($12.0m), Institute of Contemporary Art Miami Inc ($12.1m) and Historic Hudson Valley ($12.0m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 57% and program service revenue 39% of the total. Compensation of current officers, directors and key employees was $400k (3.0% of expenses). Other salaries and wages came to $6.2m. At year end it held assets of $33.9m against liabilities of $3.4m, net assets of $30.5m. It reported 322 employees.