Colour of Music Inc

Analysis

Colour of Music Inc is a registered charity in United States, based in Charleston, SC. It received its IRS tax-exemption ruling in May 2020, 6 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Colour of Music Inc reported income of $1.1m and spending of $1.1m, spending 101% of its income. Across the 6 years on record, from December 2018 to December 2023, income grew from $541k to $1.1m (+103%), an average of +15% a year. The sharpest change came in the year to December 2021, when income rose by 332%. Over the whole period it spent 94% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Colour of Music Inc sits at the 87th percentile: it is larger than about 87% of them. Against every charity in United States with reported income it ranks in the 80th percentile, and in the 84th percentile within SC. Charities of a similar size with the same main cause include Museum of Western Colorado ($1.1m), Toledo Opera Association ($1.1m) and Ashkenaz Music & Dance Community Center ($1.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 98% and program service revenue 2.0% of the total. Compensation of current officers, directors and key employees was $77k (6.9% of expenses). At year end it held assets of $10k against liabilities of $126k, net assets of -$116k.