Cleveland Music Foundation Inc

Analysis

Cleveland Music Foundation Inc is a registered charity in United States, based in Cleveland, MS. It received its IRS tax-exemption ruling in July 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, Cleveland Music Foundation Inc reported income of $2.0m and spending of $1.9m, spending 97% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.9m to $2.0m (+5.2%), an average of +1.3% a year. The sharpest change came in the year to December 2021, when income rose by 268%. Over the whole period it spent 82% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Cleveland Music Foundation Inc sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 86th percentile, and in the 87th percentile within MS. Charities of a similar size with the same main cause include Axelrod Performing Arts Center Inc ($2.0m), Madison Museum of Contemporary Art Inc ($2.0m) and Brooklyn Youth Chorus Academy Inc ($2.0m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 61% and program service revenue 28% of the total. Compensation of current officers, directors and key employees was $273k (14% of expenses). Other salaries and wages came to $326k. At year end it held assets of $17.0m against liabilities of $920k, net assets of $16.1m. It reported 13 employees.