Merit School of Music

Analysis

Merit School of Music is a registered charity in United States, based in Chicago, IL. It received its IRS tax-exemption ruling in September 1979, 47 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, Merit School of Music reported income of $11.7m and spending of $8.4m, leaving 28% of income unspent that year. Across the 6 years on record, from June 2019 to August 2023, income grew from $11.7m to $11.7m (+0.4%), an average of +0.1% a year. The sharpest change came in the year to August 2021, when income rose by 1067%. Over the whole period it spent 79% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Merit School of Music 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 95th percentile within IL. Charities of a similar size with the same main cause include Los Angeles Master Chorale Assn ($11.7m), Virginia Historical Society ($11.7m) and Springboard for the Arts ($11.7m).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 63% and program service revenue 22% of the total. Other salaries and wages came to $4.8m. At year end it held assets of $36.0m against liabilities of $1.3m, net assets of $34.7m. It reported 207 employees.