I Love Music Tour Inc

Analysis

I Love Music Tour Inc is a registered charity in United States, based in Jacksonville, FL. It received its IRS tax-exemption ruling in January 2008, 18 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 August 2023, I Love Music Tour Inc reported income of $571k and spending of $694k, spending 122% of what it took in. Across the 5 years on record, from August 2019 to August 2023, income grew from $343k to $571k (+66%), an average of +14% a year. The sharpest change came in the year to August 2022, when income rose by 35%. Over the whole period it spent 115% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, I Love Music Tour Inc sits at the 79th percentile: it is larger than about 79% of them. Against every charity in United States with reported income it ranks in the 72nd percentile, and in the 75th percentile within FL. Charities of a similar size with the same main cause include Flagstaff Friends of Traditional Music Incorporated ($571k), Dreamwrights Youth & Family Theatre ($571k) and Rocky Mountain Ballet Theatre ($571k).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 5.3% and program service revenue 95% of the total. Other salaries and wages came to $316k. At year end it held assets of -$124k against liabilities of $0, net assets of -$124k. It reported 2 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.