Memphis Music Archives Inc

Analysis

Memphis Music Archives Inc is a registered charity in United States, based in Memphis, TN. It received its IRS tax-exemption ruling in January 2021, 5 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, Memphis Music Archives Inc reported income of $96k and spending of $307k, spending 321% of what it took in. Across the 3 years on record, from December 2021 to December 2023, income fell from $459k to $96k (-79%), an average of -54% a year. The sharpest change came in the year to December 2022, when income dropped by 86%. Over the whole period it spent 132% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Memphis Music Archives Inc sits at the 40th percentile: it is larger than about 40% of them. Against every charity in United States with reported income it ranks in the 36th percentile, and in the 35th percentile within TN. Charities of a similar size with the same main cause include Spread the Tunes Inc ($96k), Wisconsin Craft Inc ($96k) and Old House Society ($96k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 40% and program service revenue 3.6% of the total. Other salaries and wages came to $57k. At year end it held assets of $597k against liabilities of $836k, net assets of -$239k. It reported 5 employees.