National Music Museum

Analysis

National Music Museum is a registered charity in United States, based in Vermillion, SD. It received its IRS tax-exemption ruling in October 1973, 53 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 (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, National Music Museum reported income of $4.1m and spending of $2.8m, leaving 31% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.8m to $4.1m (+125%), an average of +22% a year. The sharpest change came in the year to June 2022, when income rose by 71%. Over the whole period it spent 84% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, National Music Museum sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 90th percentile within SD. Charities of a similar size with the same main cause include Bay Area Video Coalition Inc ($4.1m), Bellingrath Gardens and Home Foundation Inc ($4.1m) and Mariners Museum TR No 2 P03152009 ($4.1m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 96% and program service revenue 0.0% of the total. Other salaries and wages came to $983k. At year end it held assets of $17.4m against liabilities of $7.2m, net assets of $10.2m. It reported 11 employees.