Musicworks Inc

Analysis

Musicworks Inc is a registered charity in United States, based in Leicester, NC. It received its IRS tax-exemption ruling in June 2017, 9 years ago. Its declared purposes cover youth development, which this site groups under children and youth development. 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, Musicworks Inc reported income of $146k and spending of $188k, spending 128% of what it took in. Across the 4 years on record, from June 2019 to June 2023, income fell from $330k to $146k (-56%), an average of -24% a year. The sharpest change came in the year to June 2020, when income dropped by 36%. Over the whole period it spent 104% of the income it received.

Among 14,332 United States charities whose main cause is children and youth development and that reported income, Musicworks Inc sits at the 52nd percentile: it is larger than about 52% of them. Against every charity in United States with reported income it ranks in the 47th percentile, and in the 44th percentile within NC. Charities of a similar size with the same main cause include Evergreen Sports Academy Incorporated ($146k), Junior Guides Raft Camp ($146k) and Full Court Peace ($146k).

On its Form 990-EZ for the period ending June 2023, revenue came from contributions and grants 88% and program service revenue 12% of the total. At year end it held assets of $39k against liabilities of $4,376, net assets of $35k.