National Museum of Gospel Music

Analysis

National Museum of Gospel Music is a registered charity in United States, based in Chicago, IL. It received its IRS tax-exemption ruling in May 2018, 8 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 (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, National Museum of Gospel Music reported income of $2.2m and spending of $109k, leaving 95% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $131k to $2.2m (+1556%), an average of +102% a year. The sharpest change came in the year to December 2023, when income rose by 6758%. Over the whole period it spent 18% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, National Museum of Gospel Music sits at the 92nd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 87th percentile, and in the 86th percentile within IL. Charities of a similar size with the same main cause include Oregon International Airshow Hillsboro Inc ($2.2m), Ballet Rhode Island ($2.2m) and Public Lands Interpretive Association ($2.2m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $50k (46% of expenses). Other salaries and wages came to $4,480. At year end it held assets of $2.3m against liabilities of $253k, net assets of $2.0m. It reported 3 employees.