Herbie Hancock Institute of Jazz

Analysis

Herbie Hancock Institute of Jazz is a registered charity in United States, based in Washington, DC. It received its IRS tax-exemption ruling in August 1988, 38 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 December 2023, Herbie Hancock Institute of Jazz reported income of $3.6m and spending of $2.9m, spending 81% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $2.5m to $3.6m (+40%), an average of +8.8% a year. The sharpest change came in the year to December 2023, when income rose by 37%. Over the whole period it spent 102% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Herbie Hancock Institute of Jazz sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 90th percentile, and in the 75th percentile within DC. Charities of a similar size with the same main cause include Cygnet Theatre Company ($3.6m), The Historymakers ($3.6m) and Green-Wood Historic Fund Inc ($3.6m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $165k (5.7% of expenses). Other salaries and wages came to $583k. At year end it held assets of $3.8m against liabilities of $1.9m, net assets of $2.0m. It reported 7 employees.