Varna International Music Academy

Analysis

Varna International Music Academy is a registered charity in United States, based in Columbia, SC. It received its IRS tax-exemption ruling in May 2018, 8 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, Varna International Music Academy reported income of $646k and spending of $888k, spending 137% of what it took in. Across the 5 years on record, from July 2019 to July 2023, income grew from $334k to $646k (+94%), an average of +18% a year. The sharpest change came in the year to July 2022, when income rose by 757%. Over the whole period it spent 98% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Varna International Music Academy sits at the 81st percentile: it is larger than about 81% of them. Against every charity in United States with reported income it ranks in the 74th percentile, and in the 78th percentile within SC. Charities of a similar size with the same main cause include Greene County Historical Society ($645k), Manidoo Ogitigaan ($646k) and Crosstown Radio Partnership Inc ($645k).

On its Form 990 for the period ending July 2023, revenue came from contributions and grants 26% and program service revenue 74% of the total. At year end it held assets of $139k against liabilities of $97k, net assets of $42k.