Music Academy of North Carolina Inc

Analysis

Music Academy of North Carolina Inc is a registered charity in United States, based in Greensboro, NC. It received its IRS tax-exemption ruling in October 1984, 42 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 May 2024, Music Academy of North Carolina Inc reported income of $1.9m and spending of $806k, leaving 57% of income unspent that year. Across the 6 years on record, from May 2019 to May 2024, income grew from $629k to $1.9m (+200%), an average of +24% a year. The sharpest change came in the year to May 2024, when income rose by 82%. Over the whole period it spent 75% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Music Academy of North Carolina Inc sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 85th percentile, and in the 86th percentile within NC. Charities of a similar size with the same main cause include New York City Opera Inc ($1.9m), Dallas Theater Center Endowment Fund ($1.9m) and Partnership for Clean Competition Research Collaborative ($1.9m).

On its Form 990 for the period ending May 2024, revenue came from contributions and grants 57% and program service revenue 37% of the total. Other salaries and wages came to $536k. At year end it held assets of $2.0m against liabilities of $96k, net assets of $1.9m. It reported 37 employees.