The National Museum of African American Music

Analysis

The National Museum of African American Music is a registered charity in United States, based in Nashville, TN. It received its IRS tax-exemption ruling in March 2002, 24 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 2023, The National Museum of African American Music reported income of $10.9m and spending of $10.1m, spending 93% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $8.4m to $10.9m (+29%), an average of +6.6% a year. The sharpest change came in the year to June 2020, when income rose by 100%. Over the whole period it spent 66% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, The National Museum of African American Music sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 96th percentile within TN. Charities of a similar size with the same main cause include Kutztown University Foundation ($10.9m), Oregon Historical Society ($10.9m) and Ohio & Erie Canalway Coalition ($10.8m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 61% and program service revenue 28% of the total. Compensation of current officers, directors and key employees was $902k (8.9% of expenses). Other salaries and wages came to $2.2m. At year end it held assets of $37.7m against liabilities of $12.9m, net assets of $24.8m. It reported 71 employees.