Salt Lake Academy of Music

Analysis

Salt Lake Academy of Music is a registered charity in United States, based in Salt Lake Cty, UT. 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, Salt Lake Academy of Music reported income of $342k and spending of $351k, spending 103% of its income. Across the 2 years on record, from December 2022 to December 2023, income grew from $329k to $342k (+4.0%), an average of +4.0% a year. Over the whole period it spent 99% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Salt Lake Academy of Music sits at the 71st percentile: it is larger than about 71% of them. Against every charity in United States with reported income it ranks in the 64th percentile, and in the 62nd percentile within UT. Charities of a similar size with the same main cause include Bandera Natural History and Art Museum ($342k), National Society of the Daughters of the American Revolution ($342k) and Summer Solstice Celebration Inc ($341k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 21% and program service revenue 79% of the total. Compensation of current officers, directors and key employees was $61k (17% of expenses). Other salaries and wages came to $57k. It paid $920 in professional fundraising fees. At year end it held assets of $15k against liabilities of $4,438, net assets of $11k. It reported 2 employees.