Groundup Music Foundation Inc

Analysis

Groundup Music Foundation Inc is a registered charity in United States, based in Miami, FL. It received its IRS tax-exemption ruling in October 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, Groundup Music Foundation Inc reported income of $819k and spending of $785k, spending 96% of its income. Across the 2 years on record, from December 2022 to December 2023, income grew from $403k to $819k (+103%), an average of +103% a year. The sharpest change came in the year to December 2023, when income rose by 103%. Over the whole period it spent 103% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Groundup Music Foundation Inc sits at the 84th percentile: it is larger than about 84% of them. Against every charity in United States with reported income it ranks in the 77th percentile, and in the 79th percentile within FL. Charities of a similar size with the same main cause include Downtown Asheboro Inc ($819k), Butler Heritage Foundation Inc ($819k) and National Association of Biology Teachers Inc ($819k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 43% and program service revenue 57% of the total. At year end it held assets of $127k against liabilities of $97k, net assets of $30k.