Musical Arts Institute

Analysis

Musical Arts Institute is a registered charity in United States, based in Chicago, IL. It received its IRS tax-exemption ruling in June 2010, 16 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, Musical Arts Institute reported income of $839k and spending of $975k, spending 116% of what it took in. Across the 6 years on record, from December 2017 to December 2023, income grew from $195k to $839k (+330%), an average of +34% a year. The sharpest change came in the year to December 2020, when income rose by 73%. Over the whole period it spent 97% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Musical Arts Institute sits at the 84th percentile: it is larger than about 84% of them. Against every charity in United States with reported income it ranks in the 77th percentile, and in the 77th percentile within IL. Charities of a similar size with the same main cause include Childrens Museum of the Desert ($838k), Oregon Music Education Association ($839k) and Center for Maine Contemporary Art ($838k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 76% and program service revenue 22% of the total. At year end it held assets of $628k against liabilities of $568k, net assets of $59k.