Glorystar Music Education and Cultural Foundation Inc

Analysis

Glorystar Music Education and Cultural Foundation Inc is a registered charity in United States, based in Potomac, MD. It received its IRS tax-exemption ruling in May 1997, 29 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 June 2023, Glorystar Music Education and Cultural Foundation Inc reported income of $193k and spending of $170k, spending 88% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $128k to $193k (+51%), an average of +11% a year. The sharpest change came in the year to June 2020, when income rose by 35%. 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, Glorystar Music Education and Cultural Foundation Inc sits at the 59th percentile: it is larger than about 59% of them. Against every charity in United States with reported income it ranks in the 53rd percentile, and in the 53rd percentile within MD. Charities of a similar size with the same main cause include Dance Moves STL ($193k), Social Justice Film Institute ($193k) and Ne Sculpture ($193k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 36% and program service revenue 63% of the total. Compensation of current officers, directors and key employees was $36k (21% of expenses). Other salaries and wages came to $64k. At year end it held assets of $346k against liabilities of $78k, net assets of $268k. It reported 13 employees.