Joy of Music Youth Music School Corporation

Analysis

Joy of Music Youth Music School Corporation is a registered charity in United States, based in Knoxville, TN. It received its IRS tax-exemption ruling in July 2001, 25 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 June 2023, Joy of Music Youth Music School Corporation reported income of $968k and spending of $653k, leaving 33% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income grew from $855k to $968k (+13%), an average of +3.2% a year. The sharpest change came in the year to June 2020, when income rose by 221%. Over the whole period it spent 51% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Joy of Music Youth Music School Corporation sits at the 85th percentile: it is larger than about 85% of them. Against every charity in United States with reported income it ranks in the 79th percentile, and in the 81st percentile within TN. Charities of a similar size with the same main cause include Congo Helping Hands Incorporated ($968k), Rogue Theatre ($968k) and Sigal Music Museum ($968k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 80% of the total. Compensation of current officers, directors and key employees was $82k (13% of expenses). Other salaries and wages came to $191k. At year end it held assets of $5.2m against liabilities of $28k, net assets of $5.2m. It reported 6 employees.