Friends of Naval Academy Music

Analysis

Friends of Naval Academy Music is a registered charity in United States, based in Crofton, MD. It received its IRS tax-exemption ruling in December 2014, 12 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, Friends of Naval Academy Music reported income of $217k and spending of $86k, leaving 60% of income unspent that year. Across the 3 years on record, from December 2019 to December 2023, income grew from $215k to $217k (+1.3%), an average of +0.6% a year. The sharpest change came in the year to December 2023, when income rose by 30%. Over the whole period it spent 36% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Friends of Naval Academy Music sits at the 61st percentile: it is larger than about 61% of them. Against every charity in United States with reported income it ranks in the 56th percentile, and in the 55th percentile within MD. Charities of a similar size with the same main cause include Davis Shakespeare Ensemble Inc ($217k), North Shore Music Alliance Inc ($217k) and Bradford Creative and Performing Arts Center Inc ($217k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 81% of the total. At year end it held assets of $639k against liabilities of $42k, net assets of $597k.