Long Island Music Hall of Fame Inc

Analysis

Long Island Music Hall of Fame Inc is a registered charity in United States, based in Stony Brook, NY. It received its IRS tax-exemption ruling in February 2006, 20 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, Long Island Music Hall of Fame Inc reported income of $834k and spending of $592k, leaving 29% of income unspent that year. Across the 2 years on record, from December 2022 to December 2023, income grew from $390k to $834k (+114%), an average of +114% a year. The sharpest change came in the year to December 2023, when income rose by 114%. Over the whole period it spent 69% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Long Island Music Hall of Fame 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 73rd percentile within NY. Charities of a similar size with the same main cause include Tilt Institute for the Contemporary Imag ($834k), The Ritz Theatre Company Inc ($834k) and The Kentuck Museum Association Inc ($834k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 58% and program service revenue 39% of the total. Compensation of current officers, directors and key employees was $99k (17% of expenses). Other salaries and wages came to $34k. It paid $13k in professional fundraising fees. At year end it held assets of $2.3m against liabilities of $216k, net assets of $2.1m. It reported 3 employees.