Academy of Music of Philadelphia Inc

Analysis

Academy of Music of Philadelphia Inc is a registered charity in United States, based in Philadelphia, PA. It received its IRS tax-exemption ruling in May 1956, 70 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, Academy of Music of Philadelphia Inc reported income of $4.9m and spending of $3.5m, leaving 28% of income unspent that year. Across the 5 years on record, from August 2019 to August 2023, income grew from $1.3m to $4.9m (+274%), an average of +39% a year. The sharpest change came in the year to August 2021, when income rose by 160%. Over the whole period it spent 136% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Academy of Music of Philadelphia Inc sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 90th percentile within PA. Charities of a similar size with the same main cause include The Museum of the African Diaspora ($4.9m), Crosstown Arts ($4.9m) and The Everyman Theatre Incorporated ($4.9m).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 107% of the total. Other salaries and wages came to $560k. At year end it held assets of $27.5m against liabilities of $274k, net assets of $27.2m.