Chelsea Music Festival Corporation

Analysis

Chelsea Music Festival Corporation is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in September 2012, 14 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 (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Chelsea Music Festival Corporation reported income of $172k and spending of $310k, spending 181% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $253k to $172k (-32%), an average of -9.3% a year. The sharpest change came in the year to December 2021, when income rose by 462%. 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, Chelsea Music Festival Corporation sits at the 56th percentile: it is larger than about 56% of them. Against every charity in United States with reported income it ranks in the 50th percentile, and in the 48th percentile within NY. Charities of a similar size with the same main cause include Frederick Douglass Familyfoundation Inc ($172k), Aiken Community Theatre Inc ($172k) and Taos Historic Museums Inc ($171k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 94% and program service revenue 9.0% of the total. Compensation of current officers, directors and key employees was $30k (9.8% of expenses). Other salaries and wages came to $43k. At year end it held assets of $433k against liabilities of $4,120, net assets of $429k.