Fox Valley Music Foundation

Analysis

Fox Valley Music Foundation is a registered charity in United States, based in Aurora, IL. It received its IRS tax-exemption ruling in March 2015, 11 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, Fox Valley Music Foundation reported income of $599k and spending of $642k, spending 107% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $316k to $599k (+89%), an average of +17% a year. The sharpest change came in the year to December 2021, when income rose by 41%. Over the whole period it spent 108% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Fox Valley Music Foundation sits at the 80th percentile: it is larger than about 80% of them. Against every charity in United States with reported income it ranks in the 73rd percentile, and in the 72nd percentile within IL. Charities of a similar size with the same main cause include Associazione Culturale Italiana Di New York Inc ($599k), Marblehead Community Access and Media Incorporated ($600k) and Southern Heritage Air Foundation ($599k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 10% and program service revenue 87% of the total. Compensation of current officers, directors and key employees was $42k (6.6% of expenses). Other salaries and wages came to $118k. At year end it held assets of $397k against liabilities of $352k, net assets of $46k. It reported 8 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.