Opus Ithaca School of Music Inc

Analysis

Opus Ithaca School of Music Inc is a registered charity in United States, based in Ithaca, NY. It received its IRS tax-exemption ruling in March 2013, 13 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 August 2023, Opus Ithaca School of Music Inc reported income of $737k and spending of $666k, spending 90% of its income. Across the 5 years on record, from August 2019 to August 2023, income grew from $433k to $737k (+70%), an average of +14% a year. The sharpest change came in the year to August 2022, when income rose by 22%. Over the whole period it spent 93% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Opus Ithaca School of Music Inc sits at the 82nd percentile: it is larger than about 82% of them. Against every charity in United States with reported income it ranks in the 76th percentile, and in the 72nd percentile within NY. Charities of a similar size with the same main cause include Society for Military History ($737k), Open Book ($737k) and Bilingual School of Business & Performing Arts Inc ($737k).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 18% and program service revenue 82% of the total. Compensation of current officers, directors and key employees was $80k (12% of expenses). Other salaries and wages came to $80k. At year end it held assets of $218k against liabilities of $3,606, net assets of $215k. It reported 4 employees.