Bronx School for Music Inc

Analysis

Bronx School for Music Inc is a registered charity in United States, based in Bronx, NY. It received its IRS tax-exemption ruling in March 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 (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Bronx School for Music Inc reported income of $501k and spending of $505k, spending 101% of its income. Across the 2 years on record, from June 2022 to June 2023, income grew from $420k to $501k (+19%), an average of +19% a year. The sharpest change came in the year to June 2023, when income rose by 19%. Over the whole period it spent 95% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Bronx School for Music Inc sits at the 77th percentile: it is larger than about 77% of them. Against every charity in United States with reported income it ranks in the 70th percentile, and in the 66th percentile within NY. Charities of a similar size with the same main cause include Bi-Okoto Drum & Dance Theatre ($501k), Trustees of Bloomfield Academy ($501k) and Broadway School of Music & the Arts ($501k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 43% and program service revenue 57% of the total. Compensation of current officers, directors and key employees was $79k (16% of expenses). Other salaries and wages came to $190k. At year end it held assets of $104k against liabilities of $2,587, net assets of $102k. It reported 21 employees.