Nantucket Community Music Center

Analysis

Nantucket Community Music Center is a registered charity in United States, based in Nantucket, MA. It received its IRS tax-exemption ruling in March 1978, 48 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 June 2023, Nantucket Community Music Center reported income of $526k and spending of $494k, spending 94% of its income. Across the 5 years on record, from June 2019 to June 2023, income fell from $526k to $526k (-0.1%), an average of +-0.0% a year. The sharpest change came in the year to June 2021, when income rose by 50%. Over the whole period it spent 92% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Nantucket Community Music Center sits at the 78th percentile: it is larger than about 78% of them. Against every charity in United States with reported income it ranks in the 71st percentile, and in the 71st percentile within MA. Charities of a similar size with the same main cause include Hot Springs Documentary Film Institute ($526k), Breckenridge Film Festival ($526k) and River City Rhythm Inc ($526k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 59% and program service revenue 40% of the total. Compensation of current officers, directors and key employees was $75k (15% of expenses). Other salaries and wages came to $184k. At year end it held assets of $427k against liabilities of $22k, net assets of $405k. It reported 25 employees.