Korean American Music Academy

Analysis

Korean American Music Academy is a registered charity in United States, based in Tujunga, CA. It received its IRS tax-exemption ruling in January 1991, 35 years ago. 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, Korean American Music Academy reported income of $346k and spending of $367k, spending 106% of what it took in. Across the 3 years on record, from August 2019 to August 2023, income grew from $299k to $346k (+16%), an average of +7.7% a year. The sharpest change came in the year to August 2023, when income rose by 123%. Over the whole period it spent 105% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Korean American Music Academy sits at the 62nd percentile: it is larger than about 62% of them. Against every charity in United States with reported income it ranks in the 64th percentile, and in the 66th percentile within CA. Charities of a similar size with the same main cause include Volunteers of America Inc ($346k), Beddow School Inc ($346k) and Spiritual Care Consultants of West Michigan Inc ($346k).

On its Form 990 for the period ending August 2023, revenue came from contributions and grants 35% and program service revenue 65% of the total. Compensation of current officers, directors and key employees was $96k (26% of expenses). At year end it held assets of $21k against liabilities of $0, net assets of $21k. It reported 7 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.