Music in the Somerset Hills Inc

Analysis

Music in the Somerset Hills Inc is a registered charity in United States, based in Bernardsville, NJ. It received its IRS tax-exemption ruling in January 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 (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending July 2023, Music in the Somerset Hills Inc reported income of $173k and spending of $205k, spending 118% of what it took in. Across the 5 years on record, from July 2019 to July 2023, income grew from $153k to $173k (+13%), an average of +3.0% a year. The sharpest change came in the year to July 2020, when income rose by 22%. Over the whole period it spent 108% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Music in the Somerset Hills Inc sits at the 56th percentile: it is larger than about 56% of them. Against every charity in United States with reported income it ranks in the 50th percentile, and in the 58th percentile within NJ. Charities of a similar size with the same main cause include GSN Foundation ($173k), Mad River Valley Arts Inc ($173k) and Orlando Urban Film Festival Foundation ($173k).

On its Form 990 for the period ending July 2023, revenue came from contributions and grants 75% and program service revenue 22% of the total. Compensation of current officers, directors and key employees was $55k (27% of expenses). At year end it held assets of $31k against liabilities of $29k, net assets of $2,003.

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.