Guitar Foundation of America Inc

Analysis

Guitar Foundation of America Inc is a registered charity in United States, based in Los Angeles, CA. It received its IRS tax-exemption ruling in October 2017, 9 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 August 2023, Guitar Foundation of America Inc reported income of $653k and spending of $700k, spending 107% of what it took in. Across the 5 years on record, from August 2019 to August 2023, income grew from $439k to $653k (+49%), an average of +10% a year. The sharpest change came in the year to August 2023, when income rose by 54%. Over the whole period it spent 100% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Guitar Foundation of America Inc sits at the 81st percentile: it is larger than about 81% of them. Against every charity in United States with reported income it ranks in the 74th percentile, and in the 75th percentile within CA. Charities of a similar size with the same main cause include Art House Productions Inc ($653k), American Lighthouse Foundation ($653k) and Commusication ($652k).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 46% and program service revenue 53% of the total. Compensation of current officers, directors and key employees was $22k (3.1% of expenses). Other salaries and wages came to $128k. At year end it held assets of $331k against liabilities of $205k, net assets of $126k. 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.