Old Town School of Folk Music Inc

Analysis

Old Town School of Folk Music Inc is a registered charity in United States, based in Chicago, IL. It received its IRS tax-exemption ruling in October 1962, 64 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 school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Old Town School of Folk Music Inc reported income of $14.0m and spending of $14.0m, spending 100% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $12.1m to $14.0m (+16%), an average of +3.8% a year. The sharpest change came in the year to December 2021, when income rose by 28%. Over the whole period it spent 90% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Old Town School of Folk Music Inc sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 96th percentile within IL. Charities of a similar size with the same main cause include New Jersey Symphony Orchestra ($14.0m), Cincinnati Playhouse in the Park ($14.1m) and American Academy of Arts and Sciences ($14.0m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 24% and program service revenue 68% of the total. Compensation of current officers, directors and key employees was $644k (4.6% of expenses). Other salaries and wages came to $6.5m. At year end it held assets of $27.0m against liabilities of $2.1m, net assets of $24.8m. It reported 371 employees.