Elite Music Competition Corp

Analysis

Elite Music Competition Corp is a registered charity in United States, based in East Hanover, NJ. It received its IRS tax-exemption ruling in September 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, Elite Music Competition Corp reported income of $387k and spending of $383k, spending 99% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $313k to $387k (+24%), an average of +5.5% a year. The sharpest change came in the year to December 2022, when income rose by 92%. Over the whole period it spent 64% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Elite Music Competition Corp sits at the 73rd percentile: it is larger than about 73% of them. Against every charity in United States with reported income it ranks in the 66th percentile, and in the 72nd percentile within NJ. Charities of a similar size with the same main cause include Dimensions Dance Theater Incorporated ($387k), Dance New England Inc ($387k) and Hampton Community Library ($387k).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 100% of the total. Compensation of current officers, directors and key employees was $162k (42% of expenses). At year end it held assets of $504k against liabilities of $270k, net assets of $233k.