Asbury Park Music Foundation Inc

Analysis

Asbury Park Music Foundation Inc is a registered charity in United States, based in Asbury Park, NJ. It received its IRS tax-exemption ruling in September 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 (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2024, Asbury Park Music Foundation Inc reported income of $830k and spending of $964k, spending 116% of what it took in. Across the 6 years on record, from June 2019 to June 2024, income grew from $781k to $830k (+6.2%), an average of +1.2% a year. The sharpest change came in the year to June 2023, when income rose by 76%. 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, Asbury Park Music Foundation Inc sits at the 84th percentile: it is larger than about 84% of them. Against every charity in United States with reported income it ranks in the 77th percentile, and in the 80th percentile within NJ. Charities of a similar size with the same main cause include Lake Region Arts Council Inc ($829k), Sharlot Hall Historical Society of Arizona ($830k) and Tryon Fine Arts Center Inc ($829k).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 96% and program service revenue 4.0% of the total. Other salaries and wages came to $111k. At year end it held assets of $293k against liabilities of $77k, net assets of $217k. It reported 4 employees.