Tournament of Bands Music Festival Inc

Analysis

Tournament of Bands Music Festival Inc is a registered charity in United States, based in Norristown, PA. It received its IRS tax-exemption ruling in July 1991, 35 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 December 2023, Tournament of Bands Music Festival Inc reported income of $1.2m and spending of $963k, leaving 20% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income fell from $1.3m to $1.2m (-5.7%), an average of -1.5% a year. The sharpest change came in the year to December 2022, when income rose by 297%. Over the whole period it spent 94% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Tournament of Bands Music Festival Inc sits at the 88th percentile: it is larger than about 88% of them. Against every charity in United States with reported income it ranks in the 81st percentile, and in the 79th percentile within PA. Charities of a similar size with the same main cause include Kennedy Heights Art Center ($1.2m), The Guilford Art Center Inc ($1.2m) and Duluth-Superior Symphony Association ($1.2m).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 98% of the total. Compensation of current officers, directors and key employees was $99k (10% of expenses). Other salaries and wages came to $22k. At year end it held assets of $2.0m against liabilities of $0, net assets of $2.0m. It reported 9 employees.