Musicares Foundation Inc

Analysis

Musicares Foundation Inc is a registered charity in United States, based in Santa Monica, CA. It received its IRS tax-exemption ruling in December 1994, 32 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 (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending July 2023, Musicares Foundation Inc reported income of $15.3m and spending of $12.8m, spending 84% of its income. Across the 5 years on record, from July 2019 to July 2023, income grew from $9.0m to $15.3m (+69%), an average of +14% a year. The sharpest change came in the year to July 2020, when income rose by 259%. Over the whole period it spent 92% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Musicares Foundation Inc sits at the 99th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 97th percentile within CA. Charities of a similar size with the same main cause include Worcester Art Museum ($15.3m), Chinese Culture and Community Service Center Inc ($15.3m) and Milwaukee Ballet Company Inc ($15.3m).

On its Form 990 for the period ending July 2023, revenue came from contributions and grants 108% of the total. Other salaries and wages came to $2.9m. It paid $57k in professional fundraising fees. At year end it held assets of $30.1m against liabilities of $891k, net assets of $29.2m. It reported 36 employees.