Miami Music Festival Inc

Analysis

Miami Music Festival Inc is a registered charity in United States, based in Miami Beach, FL. It received its IRS tax-exemption ruling in December 2014, 12 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending August 2023, Miami Music Festival Inc reported income of $1.1m and spending of $997k, spending 91% of its income. Across the 5 years on record, from August 2019 to August 2023, income fell from $1.1m to $1.1m (-1.6%), an average of -0.4% a year. The sharpest change came in the year to August 2022, when income rose by 117%. Over the whole period it spent 97% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Miami Music Festival Inc sits at the 76th percentile: it is larger than about 76% of them. Against every charity in United States with reported income it ranks in the 80th percentile, and in the 82nd percentile within FL. Charities of a similar size with the same main cause include Trinity Montessori Christian School Inc ($1.1m), N E Miles Jewish Day School ($1.1m) and Saint Michael the Archangel Highschool ($1.1m).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 67% and program service revenue 33% of the total. Compensation of current officers, directors and key employees was $99k (9.9% of expenses). Other salaries and wages came to $50k. At year end it held assets of $157k against liabilities of $34k, net assets of $122k. It reported 3 employees.