Young Singers of the Palm Beaches Inc

Analysis

Young Singers of the Palm Beaches Inc is a registered charity in United States, based in West Palm BCH, FL. It received its IRS tax-exemption ruling in June 2004, 22 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending July 2023, Young Singers of the Palm Beaches Inc reported income of $1.1m and spending of $1.1m, spending 100% of its income. Across the 5 years on record, from July 2019 to July 2023, income grew from $901k to $1.1m (+18%), an average of +4.3% a year. The sharpest change came in the year to July 2022, when income rose by 38%. Over the whole period it spent 101% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Young Singers of the Palm Beaches Inc sits at the 76th percentile: it is larger than about 76% of them. Against every charity in United States with reported income it ranks in the 80th percentile, and in the 82nd percentile within FL. Charities of a similar size with the same main cause include Preschool Advantage Inc ($1.1m), Wild Whatcom ($1.1m) and Kipp NYC Facility Holdings Inc ($1.1m).

On its Form 990 for the period ending July 2023, revenue came from contributions and grants 72% and program service revenue 28% of the total. Compensation of current officers, directors and key employees was $84k (7.9% of expenses). Other salaries and wages came to $418k. At year end it held assets of $503k against liabilities of $210k, net assets of $293k. It reported 27 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.