Harmony Labs Inc

Analysis

Harmony Labs Inc is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in February 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 December 2023, Harmony Labs Inc reported income of $3.4m and spending of $4.2m, spending 123% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $3.6m to $3.4m (-6.2%), an average of -1.6% a year. The sharpest change came in the year to December 2021, when income rose by 96%. Over the whole period it spent 102% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Harmony Labs Inc sits at the 94th percentile: it is larger than about 94% of them. Against every charity in United States with reported income it ranks in the 90th percentile, and in the 87th percentile within NY. Charities of a similar size with the same main cause include America-Israel Cultural Foundation Inc ($3.4m), Preservation of Egyptian Theatre Inc ($3.4m) and Florida Falun Dafa Association Inc ($3.4m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 56% and program service revenue 44% of the total. Compensation of current officers, directors and key employees was $408k (9.8% of expenses). Other salaries and wages came to $2.1m. At year end it held assets of $829k against liabilities of $352k, net assets of $477k. It reported 17 employees.