Southwest Florida Music Education Center Inc

Analysis

Southwest Florida Music Education Center Inc is a registered charity in United States, based in Naples, FL. It received its IRS tax-exemption ruling in September 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Southwest Florida Music Education Center Inc reported income of $1.1m and spending of $2.6m, spending 224% of what it took in. Across the 3 years on record, from December 2021 to December 2023, income grew from $544k to $1.1m (+110%), an average of +45% a year. The sharpest change came in the year to December 2022, when income rose by 1276%. Over the whole period it spent 42% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Southwest Florida Music Education Center Inc sits at the 87th percentile: it is larger than about 87% of them. Against every charity in United States with reported income it ranks in the 81st percentile, and in the 83rd percentile within FL. Charities of a similar size with the same main cause include Actors Express Inc ($1.1m), International Museum of Muslim Culture ($1.1m) and Seward House Museum ($1.1m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 14% and program service revenue 10% of the total. Compensation of current officers, directors and key employees was $91k (3.5% of expenses). Other salaries and wages came to $161k. At year end it held assets of $15.1m against liabilities of $9.6m, net assets of $5.5m. It reported 9 employees.