Hoover Instrumental Music Association

Analysis

Hoover Instrumental Music Association is a registered charity in United States, based in North Canton, OH. It received its IRS tax-exemption ruling in August 2018, 8 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a supporting organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Hoover Instrumental Music Association reported income of $160k and spending of $183k, spending 114% of what it took in. Across the 2 years on record, from June 2022 to June 2023, income fell from $215k to $160k (-25%), an average of -25% a year. The sharpest change came in the year to June 2023, when income dropped by 25%. Over the whole period it spent 112% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Hoover Instrumental Music Association sits at the 50th percentile: it is larger than about 50% of them. Against every charity in United States with reported income it ranks in the 49th percentile, and in the 49th percentile within OH. Charities of a similar size with the same main cause include Lycoming County Library System ($160k), River School Ps281 Parent Teacher Association ($160k) and Flower Mound High School Theatrebooster Club ($160k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 39% and program service revenue 34% of the total. At year end it held assets of $178k against liabilities of $0, net assets of $178k.