Friends of the Lyric Inc

Analysis

Friends of the Lyric Inc is a registered charity in United States, based in Stuart, FL. It received its IRS tax-exemption ruling in April 1989, 37 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2023, Friends of the Lyric Inc reported income of $2.7m and spending of $2.7m, spending 98% of its income. Across the 5 years on record, from September 2019 to September 2023, income fell from $2.8m to $2.7m (-0.7%), an average of -0.2% a year. The sharpest change came in the year to September 2022, when income rose by 33%. Over the whole period it spent 84% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Friends of the Lyric Inc sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 90th percentile within FL. Charities of a similar size with the same main cause include Evansville Philharmonic Orchestra ($2.7m), Vermont Journalism Trust ($2.7m) and Hippodrome Colony Historical Theatre Association ($2.7m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 25% and program service revenue 72% of the total. Compensation of current officers, directors and key employees was $196k (7.3% of expenses). Other salaries and wages came to $638k. At year end it held assets of $6.2m against liabilities of $982k, net assets of $5.2m. It reported 48 employees.