Music Academy

Analysis

Music Academy is a registered charity in United States, based in State College, PA. It received its IRS tax-exemption ruling in August 1967, 59 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 school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending August 2024, Music Academy reported income of $243k and spending of $263k, spending 108% of what it took in. Across the 4 years on record, from August 2020 to August 2024, income fell from $300k to $243k (-19%), an average of -6.8% a year. Over the whole period it spent 104% 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 Academy sits at the 64th percentile: it is larger than about 64% of them. Against every charity in United States with reported income it ranks in the 58th percentile, and in the 55th percentile within PA. Charities of a similar size with the same main cause include Friends of Cedarmere Inc ($243k), Buckland Historical Society Inc ($243k) and Uptown Dance Academy Inc ($243k).

On its Form 990 for the period ending August 2024, revenue came from contributions and grants 0.8% and program service revenue 99% of the total. Compensation of current officers, directors and key employees was $33k (13% of expenses). Other salaries and wages came to $139k. At year end it held assets of $70k against liabilities of $5,782, net assets of $64k. It reported 23 employees.

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.