Friends of South Florida Music Inc

Analysis

Friends of South Florida Music Inc is a registered charity in United States, based in Miami, FL. It received its IRS tax-exemption ruling in July 2017, 9 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 December 2023, Friends of South Florida Music Inc reported income of $272k and spending of $223k, spending 82% of its income. Across the 2 years on record, from December 2022 to December 2023, income grew from $222k to $272k (+23%), an average of +23% a year. The sharpest change came in the year to December 2023, when income rose by 23%. Over the whole period it spent 73% 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 South Florida Music Inc sits at the 66th percentile: it is larger than about 66% of them. Against every charity in United States with reported income it ranks in the 60th percentile, and in the 63rd percentile within FL. Charities of a similar size with the same main cause include School of American Music ($272k), Academy of Musical Performance ($272k) and Spokane Childrens Theatre Inc ($272k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 96% of the total. Compensation of current officers, directors and key employees was $64k (28% of expenses). Other salaries and wages came to $44k. At year end it held assets of $313k against liabilities of $0, net assets of $313k. It reported 3 employees.