Lexington Philharmonic Society Inc

Analysis

Lexington Philharmonic Society Inc is a registered charity in United States, based in Lexington, KY. It received its IRS tax-exemption ruling in May 1963, 63 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 2024, Lexington Philharmonic Society Inc reported income of $1.1m and spending of $1.2m, spending 111% of what it took in. Across the 6 years on record, from June 2019 to June 2024, income fell from $1.1m to $1.1m (-6.6%), an average of -1.4% a year. The sharpest change came in the year to June 2021, when income dropped by 28%. Over the whole period it spent 101% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Lexington Philharmonic Society Inc sits at the 86th percentile: it is larger than about 86% of them. Against every charity in United States with reported income it ranks in the 80th percentile, and in the 81st percentile within KY. Charities of a similar size with the same main cause include American Islamic Community Center Inc ($1.1m), Shadowland Artists Inc ($1.1m) and Louisville Visual Art Inc ($1.1m).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 61% and program service revenue 39% of the total. Compensation of current officers, directors and key employees was $93k (7.9% of expenses). Other salaries and wages came to $579k. At year end it held assets of $52k against liabilities of $216k, net assets of -$164k. It reported 164 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.