Colorado Music Hall of Fame

Analysis

Colorado Music Hall of Fame is a registered charity in United States, based in Denver, CO. It received its IRS tax-exemption ruling in November 2011, 15 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, Colorado Music Hall of Fame reported income of $271k and spending of $295k, spending 109% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $258k to $271k (+5.0%), an average of +1.2% a year. The sharpest change came in the year to December 2023, when income rose by 119%. Over the whole period it spent 123% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Colorado Music Hall of Fame sits at the 66th percentile: it is larger than about 66% of them. Against every charity in United States with reported income it ranks in the 60th percentile, and in the 57th percentile within CO. Charities of a similar size with the same main cause include Employment Research & Development Institute ($271k), Banzerini House ($271k) and Indiana Medical History Museum Inc ($271k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 85% and program service revenue 14% of the total. Compensation of current officers, directors and key employees was $151k (51% of expenses). At year end it held assets of $347k against liabilities of $2,121, net assets of $344k. It reported 2 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.