Eastern Music Festival Inc

Analysis

Eastern Music Festival Inc is a registered charity in United States, based in Greensboro, NC. It received its IRS tax-exemption ruling in February 2023, 3 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 September 2023, Eastern Music Festival Inc reported income of $2.2m and spending of $2.6m, spending 116% of what it took in. Across the 4 years on record, from September 2019 to September 2023, income fell from $2.7m to $2.2m (-18%), an average of -6.3% a year. The sharpest change came in the year to September 2021, when income dropped by 30%. 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, Eastern Music Festival Inc sits at the 92nd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 87th percentile, and in the 88th percentile within NC. Charities of a similar size with the same main cause include The Ark ($2.2m), Sewell C Biggs Trust 12-29-89 ($2.2m) and Yellowstone Art Museum ($2.2m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 25% and program service revenue 74% of the total. Compensation of current officers, directors and key employees was $100k (3.9% of expenses). Other salaries and wages came to $975k. At year end it held assets of $1.8m against liabilities of $275k, net assets of $1.6m. It reported 79 employees.