Salt Lake Music School Foundation

Analysis

Salt Lake Music School Foundation is a registered charity in United States, based in SLC, UT. It received its IRS tax-exemption ruling in November 2021, 5 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 May 2023, Salt Lake Music School Foundation reported income of $1.4m and spending of $1.7m, spending 120% of what it took in. Across the 6 years on record, from May 2018 to May 2023, income grew from $814k to $1.4m (+73%), an average of +12% a year. The sharpest change came in the year to May 2020, when income rose by 78%. Over the whole period it spent 91% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Salt Lake Music School Foundation sits at the 89th percentile: it is larger than about 89% of them. Against every charity in United States with reported income it ranks in the 83rd percentile, and in the 81st percentile within UT. Charities of a similar size with the same main cause include Robot Heart Foundation Inc ($1.4m), Virginia War Memorial Foundation Inc ($1.4m) and West Virginia Public Broadcasting Foundation Inc ($1.4m).

On its Form 990 for the period ending May 2023, revenue came from contributions and grants 61% and program service revenue 38% of the total. Compensation of current officers, directors and key employees was $239k (14% of expenses). Other salaries and wages came to $852k. At year end it held assets of $1.6m against liabilities of $866k, net assets of $745k. It reported 61 employees.