Music Academy International Inc

Analysis

Music Academy International Inc is a registered charity in United States, based in Hartford, CT. It received its IRS tax-exemption ruling in May 2017, 9 years ago. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Music Academy International Inc reported income of $387k and spending of $674k, spending 174% of what it took in. Across the 3 years on record, from December 2021 to December 2023, income fell from $549k to $387k (-30%), an average of -16% a year. The sharpest change came in the year to December 2023, when income dropped by 36%. Over the whole period it spent 114% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Music Academy International Inc sits at the 64th percentile: it is larger than about 64% of them. Against every charity in United States with reported income it ranks in the 66th percentile, and in the 63rd percentile within CT. Charities of a similar size with the same main cause include Colorado Chapter of the American Academy of Pediatrics ($387k), Faithsearch International ($387k) and Liberty School District Foundation ($387k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 32% and program service revenue 66% of the total. Compensation of current officers, directors and key employees was $22k (3.3% of expenses). Other salaries and wages came to $36k. At year end it held assets of $453k against liabilities of $161k, net assets of $292k. It reported 3 employees.