Midcoast Music Academy

Analysis

Midcoast Music Academy is a registered charity in United States, based in Rockport, ME. It received its IRS tax-exemption ruling in September 2018, 8 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 school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending August 2023, Midcoast Music Academy reported income of $304k and spending of $339k, spending 112% of what it took in. Across the 4 years on record, from December 2019 to August 2023, income fell from $419k to $304k (-27%), an average of -10% a year. The sharpest change came in the year to August 2022, 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, Midcoast Music Academy sits at the 68th percentile: it is larger than about 68% of them. Against every charity in United States with reported income it ranks in the 62nd percentile, and in the 57th percentile within ME. Charities of a similar size with the same main cause include The Aftermath Project Inc ($304k), National Society of the Daughters of the American Revolution ($304k) and Michigan Community Media Inc ($304k).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 29% and program service revenue 71% of the total. Other salaries and wages came to $198k. At year end it held assets of $304k against liabilities of $355k, net assets of -$50k. It reported 3 employees.