Music Center Foundation

Analysis

Music Center Foundation is a registered charity in United States, based in Los Angeles, CA. It received its IRS tax-exemption ruling in July 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 March 2023, Music Center Foundation reported income of $2.5m and spending of $9.1m, spending 364% of what it took in. Across the 5 years on record, from March 2019 to March 2023, income fell from $6.2m to $2.5m (-60%), an average of -20% a year. The sharpest change came in the year to March 2022, when income rose by 146%. Over the whole period it spent 146% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Music Center Foundation sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 88th percentile within CA. Charities of a similar size with the same main cause include Northeast Radio Observatory Corporation ($2.5m), Community Theatre of Cedar Rapids Inc ($2.5m) and Betty Brinn Childrens Museum ($2.5m).

On its Form 990 for the period ending March 2023, revenue came from contributions and grants 57% of the total. Compensation of current officers, directors and key employees was $387k (4.3% of expenses). Other salaries and wages came to $140k. At year end it held assets of $285.1m against liabilities of $97.4m, net assets of $187.7m. It reported 3 employees.