The Academy of Music

Analysis

The Academy of Music is a registered charity in United States, based in Norfolk, VA. It received its IRS tax-exemption ruling in May 1996, 30 years ago. Its declared purposes cover education, which this site groups under education and training. 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 2024, The Academy of Music reported income of $778k and spending of $650k, spending 84% of its income. Across the 6 years on record, from August 2019 to August 2024, income grew from $701k to $778k (+11%), an average of +2.1% a year. The sharpest change came in the year to August 2024, when income rose by 16%. Over the whole period it spent 91% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, The Academy of Music sits at the 73rd percentile: it is larger than about 73% of them. Against every charity in United States with reported income it ranks in the 76th percentile, and in the 77th percentile within VA. Charities of a similar size with the same main cause include Boothbay Region Student Aid Fund Inc ($778k), Little Lighthouse Learning Center ($778k) and Ironworkers Local 21 T&e Fund ($778k).

On its Form 990 for the period ending August 2024, revenue came from contributions and grants 68% and program service revenue 31% of the total. Compensation of current officers, directors and key employees was $112k (17% of expenses). Other salaries and wages came to $388k. At year end it held assets of $2.1m against liabilities of $1,888, net assets of $2.1m. It reported 45 employees.