Grammy Museum Foundation Inc

Analysis

Grammy Museum Foundation Inc is a registered charity in United States, based in Los Angeles, CA. It received its IRS tax-exemption ruling in February 2015, 11 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 July 2023, Grammy Museum Foundation Inc reported income of $14.1m and spending of $16.5m, spending 117% of what it took in. Across the 5 years on record, from July 2019 to July 2023, income fell from $16.0m to $14.1m (-12%), an average of -3.1% a year. The sharpest change came in the year to July 2022, when income rose by 55%. Over the whole period it spent 111% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Grammy Museum Foundation Inc sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 96th percentile within CA. Charities of a similar size with the same main cause include Mount Desert Island Biological Laboratory ($14.1m), Witte Museum ($14.1m) and Cincinnati Playhouse in the Park ($14.1m).

On its Form 990 for the period ending July 2023, revenue came from contributions and grants 60% and program service revenue 26% of the total. Compensation of current officers, directors and key employees was $2.1m (13% of expenses). Other salaries and wages came to $2.9m. At year end it held assets of $31.1m against liabilities of $23.6m, net assets of $7.5m. It reported 59 employees.