New World Symphony Inc

Analysis

New World Symphony Inc is a registered charity in United States, based in Miami Beach, FL. It received its IRS tax-exemption ruling in December 1987, 39 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 June 2023, New World Symphony Inc reported income of $5.7m and spending of $23.8m, spending 420% of what it took in. Across the 4 years on record, from June 2020 to June 2023, income fell from $26.1m to $5.7m (-78%), an average of -40% a year. The sharpest change came in the year to June 2023, when income dropped by 88%. Over the whole period it spent 77% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, New World Symphony Inc sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 94th percentile within FL. Charities of a similar size with the same main cause include Imani School ($5.6m), Legacy Academy ($5.7m) and Abilene Christian Schools Inc ($5.6m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 210% and program service revenue 25% of the total. Compensation of current officers, directors and key employees was $1.6m (6.7% of expenses). Other salaries and wages came to $5.8m. At year end it held assets of $278.6m against liabilities of $16.2m, net assets of $262.4m. It reported 109 employees.