Monterey Jazz Festival

Analysis

Monterey Jazz Festival is a registered charity in United States, based in Monterey, CA. It received its IRS tax-exemption ruling in May 1960, 66 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, Monterey Jazz Festival reported income of $4.0m and spending of $4.5m, spending 112% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $4.2m to $4.0m (-4.9%), an average of -1.3% a year. The sharpest change came in the year to December 2021, when income rose by 222%. Over the whole period it spent 91% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Monterey Jazz Festival sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 91st percentile within CA. Charities of a similar size with the same main cause include Detroit Jazz Festival Foundation ($4.0m), Reut USA ($4.0m) and Florida Childrens Museum Inc ($4.0m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 20% and program service revenue 79% of the total. Compensation of current officers, directors and key employees was $446k (10% of expenses). Other salaries and wages came to $847k. At year end it held assets of $3.4m against liabilities of $198k, net assets of $3.2m. It reported 142 employees.