Musics Promise

Analysis

Musics Promise is a registered charity in United States, based in Brooklyn, NY. It received its IRS tax-exemption ruling in March 2022, 4 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, Musics Promise reported income of $598k and spending of $496k, spending 83% of its income. Across the 2 years on record, from December 2022 to December 2023, income grew from $384k to $598k (+56%), an average of +56% a year. The sharpest change came in the year to December 2023, when income rose by 56%. Over the whole period it spent 87% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Musics Promise sits at the 80th percentile: it is larger than about 80% of them. Against every charity in United States with reported income it ranks in the 73rd percentile, and in the 69th percentile within NY. Charities of a similar size with the same main cause include Anne Frank Center USA ($598k), Living Arts & Science Center Inc ($599k) and Friends of American Song Archives Inc ($598k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 19% of the total. Compensation of current officers, directors and key employees was $133k (27% of expenses). At year end it held assets of $106k against liabilities of $0, net assets of $106k.