Maine Academy of Modern Music

Analysis

Maine Academy of Modern Music is a registered charity in United States, based in Portland, ME. It received its IRS tax-exemption ruling in October 2009, 17 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, Maine Academy of Modern Music reported income of $789k and spending of $789k, spending 100% of its income. Across the 5 years on record, from August 2019 to August 2023, income grew from $479k to $789k (+65%), an average of +13% a year. The sharpest change came in the year to August 2020, when income rose by 24%. Over the whole period it spent 98% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Maine Academy of Modern Music sits at the 83rd percentile: it is larger than about 83% of them. Against every charity in United States with reported income it ranks in the 76th percentile, and in the 73rd percentile within ME. Charities of a similar size with the same main cause include Ocean Isle Museum Foundation Inc ($789k), Denver Young Artists Orchestra Assoc ($790k) and Stillwater Music ($789k).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 24% and program service revenue 75% of the total. Compensation of current officers, directors and key employees was $76k (9.6% of expenses). Other salaries and wages came to $374k. At year end it held assets of $66k against liabilities of $0, net assets of $66k. It reported 32 employees.