Reading Musical Foundation

Analysis

Reading Musical Foundation is a registered charity in United States, based in Reading, PA. It received its IRS tax-exemption ruling in May 1943, 83 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 June 2023, Reading Musical Foundation reported income of $1.7m and spending of $1.1m, leaving 38% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.3m to $1.7m (+37%), an average of +8.2% a year. The sharpest change came in the year to June 2022, when income rose by 139%. Over the whole period it spent 51% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Reading Musical Foundation sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 85th percentile, and in the 83rd percentile within PA. Charities of a similar size with the same main cause include Southern Vermont Arts Center Incorporated ($1.7m), Scientific Analysis Corp ($1.7m) and Venice Institute for Performing Arts Center Management Inc ($1.7m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 69% and program service revenue 0.2% of the total. Compensation of current officers, directors and key employees was $87k (8.1% of expenses). Other salaries and wages came to $97k. At year end it held assets of $19.5m against liabilities of $404k, net assets of $19.1m. It reported 3 employees.