Peoples Music School Inc

Analysis

Peoples Music School Inc is a registered charity in United States, based in Chicago, IL. It received its IRS tax-exemption ruling in May 1976, 50 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 school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending August 2023, Peoples Music School Inc reported income of $2.8m and spending of $3.2m, spending 118% of what it took in. Across the 5 years on record, from August 2019 to August 2023, income fell from $2.8m to $2.8m (-3.0%), an average of -0.8% a year. The sharpest change came in the year to August 2021, when income rose by 75%. Over the whole period it spent 104% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Peoples Music School Inc sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 88th percentile within IL. Charities of a similar size with the same main cause include Winston Salem Symphony Assoc ($2.8m), Hispanic Heritage Council of Western New York Inc ($2.8m) and Mijente Support Committee ($2.8m).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 94% of the total. Compensation of current officers, directors and key employees was $346k (11% of expenses). Other salaries and wages came to $1.9m. At year end it held assets of $3.9m against liabilities of $233k, net assets of $3.6m. It reported 111 employees.