Academy of Music Endowment Fund

Analysis

Academy of Music Endowment Fund is a registered charity in United States, based in Pittsburgh, PA. It received its IRS tax-exemption ruling in September 1980, 46 years ago. The IRS classifies it as a supporting organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending April 2023, Academy of Music Endowment Fund reported income of $687k and spending of $1.1m, spending 163% of what it took in. Across the 4 years on record, from April 2020 to April 2023, income fell from $716k to $687k (-3.9%), an average of -1.3% a year. The sharpest change came in the year to April 2021, when income rose by 28%. Over the whole period it spent 143% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Academy of Music Endowment Fund sits at the 73rd percentile: it is larger than about 73% of them. Against every charity in United States with reported income it ranks in the 75th percentile, and in the 73rd percentile within PA. Charities of a similar size with the same main cause include Singh Foundation Inc ($687k), St Luke Geriatric Center Inc ($687k) and Machebeuf Apartments ($687k).

Compensation of current officers, directors and key employees was $19k (1.7% of expenses). At year end it held assets of $18.1m against liabilities of $0, net assets of $18.1m.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.