Vandercook College of Music

Analysis

Vandercook College of Music is a registered charity in United States, based in Chicago, IL. It received its IRS tax-exemption ruling in January 1954, 72 years ago. 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 July 2023, Vandercook College of Music reported income of $5.1m and spending of $6.2m, spending 120% of what it took in. Across the 5 years on record, from July 2019 to July 2023, income fell from $5.8m to $5.1m (-11%), an average of -2.9% a year. The sharpest change came in the year to July 2021, when income rose by 44%. Over the whole period it spent 92% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Vandercook College of Music sits at the 92nd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 92nd percentile within IL. Charities of a similar size with the same main cause include The Oklahoma United Methodist Foundation Inc ($5.1m), Head Start Child & Family Development Center Inc ($5.1m) and Camp Manitowish Y M C a Inc ($5.1m).

On its Form 990 for the period ending July 2023, revenue came from contributions and grants 29% and program service revenue 67% of the total. Compensation of current officers, directors and key employees was $99k (1.6% of expenses). Other salaries and wages came to $2.6m. It paid $24k in professional fundraising fees. At year end it held assets of $12.8m against liabilities of $5.8m, net assets of $7.0m. It reported 125 employees.