Masters Music Co of Plano Inc

Analysis

Masters Music Co of Plano Inc is a registered charity in United States, based in McKinney, TX. It received its IRS tax-exemption ruling in October 1985, 41 years ago. Its declared purposes cover religion-related, which this site groups under religion. 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 December 2023, Masters Music Co of Plano Inc reported income of $99k and spending of $150k, spending 150% of what it took in. Across the 3 years on record, from December 2019 to December 2023, income fell from $208k to $99k (-52%), an average of -31% a year. The sharpest change came in the year to December 2023, when income dropped by 47%. Over the whole period it spent 102% of the income it received.

Among 31,138 United States charities whose main cause is religion and that reported income, Masters Music Co of Plano Inc sits at the 43rd percentile: it is larger than about 43% of them. Against every charity in United States with reported income it ranks in the 37th percentile, and in the 39th percentile within TX. Charities of a similar size with the same main cause include First Presbyterian Church Foundation of Hastings Nebraska ($99k), Freedom Ministries ($99k) and International Sports Academy LLC ($99k).

On its Form 990-EZ for the period ending December 2023, revenue came from contributions and grants 100% of the total. At year end it held assets of $80k against liabilities of $7,288, net assets of $73k.