Earl Scruggs Music Festival Inc

Analysis

Earl Scruggs Music Festival Inc is a registered charity in United States, based in Shelby, NC. It received its IRS tax-exemption ruling in May 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 supporting organisation (type i) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Earl Scruggs Music Festival Inc reported income of $113k and spending of $2,103, leaving 98% of income unspent that year. Across the 2 years on record, from December 2022 to December 2023, income grew from $5,096 to $113k (+2112%), an average of +2112% a year. The sharpest change came in the year to December 2023, when income rose by 2112%. Over the whole period it spent 3.9% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Earl Scruggs Music Festival Inc sits at the 45th percentile: it is larger than about 45% of them. Against every charity in United States with reported income it ranks in the 40th percentile, and in the 38th percentile within NC. Charities of a similar size with the same main cause include The Chamber Music Society of Minnesota Inc ($113k), Nanka Kochi Kenjinkai Inc ($113k) and Nepalese Society Inc ($113k).

On its Form 990-EZ for the period ending December 2023, revenue came from contributions and grants 89% and program service revenue 11% of the total. At year end it held assets of $84k against liabilities of $1,050, net assets of $83k.