Lakes Area Music Festival

Analysis

Lakes Area Music Festival is a registered charity in United States, based in Brainerd, MN. It received its IRS tax-exemption ruling in April 2013, 13 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 September 2023, Lakes Area Music Festival reported income of $877k and spending of $900k, spending 103% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $519k to $877k (+69%), an average of +14% a year. The sharpest change came in the year to September 2021, when income rose by 44%. Over the whole period it spent 97% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Lakes Area Music Festival 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 78th percentile, and in the 77th percentile within MN. Charities of a similar size with the same main cause include Point Arena Lighthouse Keepers Inc ($877k), Sooner Theatre of Norman Inc ($878k) and Co Lab Theater Group Inc ($877k).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 86% and program service revenue 0.5% of the total. Other salaries and wages came to $199k. At year end it held assets of $162k against liabilities of $3,124, net assets of $159k. It reported 11 employees.