Brooklyn Arts Music Academy

Analysis

Brooklyn Arts Music Academy is a registered charity in United States, based in Wilmington, NC. It received its IRS tax-exemption ruling in March 2019, 7 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 school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2024, Brooklyn Arts Music Academy reported income of $321k and spending of $338k, spending 105% of what it took in. Across the 3 years on record, from June 2022 to June 2024, income grew from $202k to $321k (+59%), an average of +26% a year. The sharpest change came in the year to June 2023, when income rose by 52%. Over the whole period it spent 94% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Brooklyn Arts Music Academy sits at the 70th percentile: it is larger than about 70% of them. Against every charity in United States with reported income it ranks in the 63rd percentile, and in the 62nd percentile within NC. Charities of a similar size with the same main cause include Theater Lab Inc ($321k), Pulliam Community Building Foundation ($321k) and Michigan Ballet Academy ($321k).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 35% and program service revenue 65% of the total. Compensation of current officers, directors and key employees was $91k (27% of expenses). Other salaries and wages came to $148k. At year end it held assets of $80k against liabilities of $19, net assets of $80k. It reported 12 employees.