Music Institute of Chicago

Analysis

Music Institute of Chicago is a registered charity in United States, based in Evanston, IL. It received its IRS tax-exemption ruling in February 1957, 69 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 August 2023, Music Institute of Chicago reported income of $6.7m and spending of $8.1m, spending 121% of what it took in. Across the 5 years on record, from August 2019 to August 2023, income grew from $6.7m to $6.7m (+0.1%), an average of +0.0% a year. The sharpest change came in the year to August 2020, when income rose by 37%. Over the whole period it spent 95% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Music Institute of Chicago sits at the 97th percentile: it is larger than about 97% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 93rd percentile within IL. Charities of a similar size with the same main cause include Center Stage Associates Inc ($6.7m), Gray Area Foundation for the Arts ($6.7m) and Grosse Pointe War Memorial Association ($6.7m).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 23% and program service revenue 76% of the total. Compensation of current officers, directors and key employees was $676k (8.4% of expenses). Other salaries and wages came to $3.9m. It paid $60k in professional fundraising fees. At year end it held assets of $10.5m against liabilities of $2.0m, net assets of $8.5m. It reported 218 employees.