Young Musicians Unite Inc

Analysis

Young Musicians Unite Inc is a registered charity in United States, based in Miami, FL. It received its IRS tax-exemption ruling in July 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 July 2023, Young Musicians Unite Inc reported income of $2.1m and spending of $2.0m, spending 97% of its income. Across the 5 years on record, from July 2019 to July 2023, income grew from $489k to $2.1m (+327%), an average of +44% a year. The sharpest change came in the year to July 2023, when income rose by 66%. 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, Young Musicians Unite Inc sits at the 92nd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 86th percentile, and in the 88th percentile within FL. Charities of a similar size with the same main cause include Studebaker National Museum Inc ($2.1m), Kahilu Theatre Foundation ($2.1m) and San Diego Art Institute ($2.1m).

On its Form 990 for the period ending July 2023, revenue came from contributions and grants 71% and program service revenue 3.0% of the total. Compensation of current officers, directors and key employees was $220k (11% of expenses). Other salaries and wages came to $613k. At year end it held assets of $903k against liabilities of $167k, net assets of $736k. It reported 22 employees.