Visible Music College

Analysis

Visible Music College is a registered charity in United States, based in Memphis, TN. It received its IRS tax-exemption ruling in September 2002, 24 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, Visible Music College reported income of $4.7m and spending of $5.9m, spending 126% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income grew from $4.0m to $4.7m (+16%), an average of +3.9% a year. The sharpest change came in the year to June 2021, when income rose by 30%. Over the whole period it spent 113% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Visible Music College sits at the 89th percentile: it is larger than about 89% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 92nd percentile within TN. Charities of a similar size with the same main cause include Mid-Atlantic Christian University Inc ($4.7m), Renaissance Secondary School ($4.7m) and Chandler School Boosters Inc ($4.7m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 25% and program service revenue 75% of the total. Compensation of current officers, directors and key employees was $148k (2.5% of expenses). Other salaries and wages came to $1.7m. At year end it held assets of $9.6m against liabilities of $8.3m, net assets of $1.3m. It reported 98 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.