The Music Academy Foundation Inc

Analysis

The Music Academy Foundation Inc is a registered charity in United States, based in Garden City S, NY. It received its IRS tax-exemption ruling in October 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 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, The Music Academy Foundation Inc reported income of $599k and spending of $560k, spending 93% of its income. Across the 3 years on record, from December 2021 to December 2023, income grew from $382k to $599k (+57%), an average of +25% a year. The sharpest change came in the year to December 2023, when income rose by 25%. Over the whole period it spent 100% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, The Music Academy Foundation Inc sits at the 80th percentile: it is larger than about 80% of them. Against every charity in United States with reported income it ranks in the 73rd percentile, and in the 69th percentile within NY. Charities of a similar size with the same main cause include Area Agencies on Aging Association of Michigan ($599k), Northeast Classic Car Museum Inc ($599k) and Rhythmix Cultural Works ($599k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 2.3% and program service revenue 94% of the total. Compensation of current officers, directors and key employees was $125k (22% of expenses). Other salaries and wages came to $52k. At year end it held assets of $603k against liabilities of $589k, net assets of $13k. It reported 6 employees.