Third Coast International Audio Festival

Analysis

Third Coast International Audio Festival is a registered charity in United States, based in Chicago, IL. It received its IRS tax-exemption ruling in June 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 (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Third Coast International Audio Festival reported income of $279k and spending of $358k, spending 129% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $568k to $279k (-51%), an average of -16% a year. The sharpest change came in the year to December 2021, when income dropped by 37%. Over the whole period it spent 121% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Third Coast International Audio Festival sits at the 67th percentile: it is larger than about 67% of them. Against every charity in United States with reported income it ranks in the 60th percentile, and in the 60th percentile within IL. Charities of a similar size with the same main cause include American Friends of the Latvian National Museum Inc ($278k), Arts Council Napa Valley ($279k) and National Soc of Colonial Dames of America in the State of MD ($278k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 60% and program service revenue 27% of the total. Compensation of current officers, directors and key employees was $159k (44% of expenses). Other salaries and wages came to $56k. At year end it held assets of $117k against liabilities of $120k, net assets of -$3,730. It reported 3 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.