Jazz Legacy Foundation Incorporated

Analysis

Jazz Legacy Foundation Incorporated is a registered charity in United States, based in Portsmouth, VA. It received its IRS tax-exemption ruling in March 2024, 2 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, Jazz Legacy Foundation Incorporated reported income of $1.2m and spending of $1.2m, spending 97% of its income. Across the 6 years on record, from December 2018 to December 2023, income grew from $508k to $1.2m (+136%), an average of +19% a year. The sharpest change came in the year to December 2021, when income rose by 258%. Over the whole period it spent 89% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Jazz Legacy Foundation Incorporated sits at the 88th percentile: it is larger than about 88% of them. Against every charity in United States with reported income it ranks in the 81st percentile, and in the 81st percentile within VA. Charities of a similar size with the same main cause include Myanmar Policy Institute ($1.2m), Fort Worth Community Arts Center ($1.2m) and Friends of Villa Aurora & Thomas Mann House Inc ($1.2m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $66k (5.7% of expenses). At year end it held assets of $57k against liabilities of $0, net assets of $57k.