Music Academy NFP

Analysis

Music Academy NFP is a registered charity in United States, based in Rockford, IL. It received its IRS tax-exemption ruling in June 2011, 15 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 publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2024, Music Academy NFP reported income of $487k and spending of $527k, spending 108% of what it took in. Across the 5 years on record, from June 2020 to June 2024, income fell from $520k to $487k (-6.3%), an average of -1.6% a year. Over the whole period it spent 102% 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 Academy NFP sits at the 77th percentile: it is larger than about 76% of them. Against every charity in United States with reported income it ranks in the 70th percentile, and in the 70th percentile within IL. Charities of a similar size with the same main cause include State Fair of Virginia Inc ($487k), Oakland Theater Project ($488k) and A-Wol Dance Collective Inc ($487k).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 17% and program service revenue 85% of the total. Compensation of current officers, directors and key employees was $63k (12% of expenses). Other salaries and wages came to $323k. At year end it held assets of $137k against liabilities of $49k, net assets of $87k. It reported 33 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.