Sol-La Music Academy

Analysis

Sol-La Music Academy is a registered charity in United States, based in Santa Monica, CA. It received its IRS tax-exemption ruling in May 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 school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Sol-La Music Academy reported income of $475k and spending of $422k, spending 89% of its income. Across the 4 years on record, from June 2020 to June 2023, income grew from $435k to $475k (+9.4%), an average of +3.0% a year. The sharpest change came in the year to June 2023, when income rose by 36%. Over the whole period it spent 93% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Sol-La Music Academy sits at the 76th percentile: it is larger than about 76% of them. Against every charity in United States with reported income it ranks in the 69th percentile, and in the 71st percentile within CA. Charities of a similar size with the same main cause include The Museum Association Inc ($475k), Kantorei ($475k) and Metropolitan Waterworks Museum Inc ($475k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 53% and program service revenue 47% of the total. Compensation of current officers, directors and key employees was $98k (23% of expenses). Other salaries and wages came to $156k. At year end it held assets of $335k against liabilities of $13k, net assets of $322k. It reported 6 employees.