Charleston Academy Of Music
Charleston Academy Of Music shows consistent revenue growth and strong program spending with no officer compensation.
EIN: 10739765 · Charleston, SC · NTEE: A68 · Updated: 2026-03-27
| Metric | Value |
|---|---|
| Total Revenue | $539K |
| Total Expenses | $402K |
| Program Spending | 85% |
| Net Assets | $409K |
| Transparency Score | 92/100 |
Is Charleston Academy Of Music Legit?
Appears Legitimate
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Charleston Academy Of Music directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Charleston Academy Of Music
Charleston Academy Of Music (EIN: 10739765) is a nonprofit organization based in Charleston, SC, classified under NTEE code A68. The organization reported total revenue of $539K and total assets of $522K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Charleston Academy Of Music's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Charleston Academy Of Music is a small nonprofit that has been operating for 23 years, with 14 years of IRS 990 filings on record (2010–2023). Revenue has grown at a compound annual rate of 3.8%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $515K |
| Total Expenses | $402K |
| Surplus / Deficit | +$114K |
| Total Assets | $415K |
| Total Liabilities | $6K |
| Net Assets | $409K |
| Operating Margin | 22.0% |
| Debt-to-Asset Ratio | 1.4% |
| Months of Reserves | 12.4 months |
Financial Health Grade: A
In 2023, Charleston Academy Of Music reported a surplus of $114K with revenue exceeding expenses, holds 12.4 months of operating reserves (strong position), has a debt-to-asset ratio of 1.4% (very low leverage).
Financial Trends
Over 14 years of filings (2010–2023), Charleston Academy Of Music's revenue has grown at a compound annual growth rate (CAGR) of 3.8%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +24.4% | +6.9% | +37.5% |
| 2022 | -4.5% | +11.9% | +15.0% |
| 2021 | +119.8% | +91.7% | +36.9% |
| 2020 | -35.3% | -40.6% | -18.8% |
| 2019 | +1.2% | +5.0% | +5.1% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2003 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Charleston Academy Of Music with a Mission Score of 92 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 10%
- programs: 85%
- fundraising: 5%
According to IRS 990 filings, Charleston Academy Of Music allocates its expenses as follows: admin: 10%, programs: 85%, fundraising: 5%. With 85% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a surplus of $114K, with revenue exceeding expenses.
- Debt-to-asset ratio: 1.4%.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, indicating that the organization's leadership either serves on a volunteer basis or is compensated through other means not classified as officer compensation, which is a strong indicator of lean administrative costs at the top.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Strengths
The following positive indicators were identified for Charleston Academy Of Music:
- Strong program spending ratio (85% in 2023)
- Consistent revenue growth over the past five years (from $197,315 in 2020 to $515,436 in 2023)
- Zero reported officer compensation across all filings
- Healthy asset-to-liability ratio ($415,270 assets vs. $5,772 liabilities in 2023)
- Consistent history of IRS 990 filings (14 filings)
Frequently Asked Questions about Charleston Academy Of Music
Is Charleston Academy Of Music a legitimate charity?
Based on AI analysis of IRS 990 filings, Charleston Academy Of Music (EIN: 10739765) appears legitimate. Mission Score: 92/100. 0 red flags identified, 5 strengths noted.
How does Charleston Academy Of Music spend its money?
Charleston Academy Of Music directs 85% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Charleston Academy Of Music tax-deductible?
Charleston Academy Of Music is registered as a tax-exempt nonprofit (EIN: 10739765). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Charleston Academy Of Music's spending goes to programs?
Charleston Academy Of Music directs 85% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Charleston Academy Of Music compare to similar nonprofits?
With a transparency score of 92/100 (Excellent), Charleston Academy Of Music is above average for NTEE category A68 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Charleston Academy Of Music located?
Charleston Academy Of Music is headquartered in Charleston, South Carolina and files with the IRS under EIN 10739765. It is classified under NTEE code A68.
How many years of IRS 990 filings does Charleston Academy Of Music have?
Charleston Academy Of Music has 14 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $539K in total revenue.
Is Charleston Academy Of Music a good charity?
Based on its financial data, Charleston Academy Of Music appears to be a very good charity. It consistently allocates a high percentage of its expenses to program services (85% in 2023), has shown strong revenue growth, and reports no officer compensation, indicating efficient use of donor funds.
How has Charleston Academy Of Music's revenue trended over time?
Charleston Academy Of Music has experienced significant revenue growth, increasing from $197,315 in 2020 to $515,436 in 2023, demonstrating increasing support and financial stability.
What is the organization's financial health?
The organization's financial health is strong. Its assets have grown to $415,270 in 2023, significantly outweighing its liabilities of $5,772, indicating a healthy balance sheet and good financial management.
Does Charleston Academy Of Music spend efficiently?
Yes, Charleston Academy Of Music spends very efficiently, with 85% of its expenses dedicated to program services in the latest filing, and no reported officer compensation, maximizing the impact of its funds on its mission.
Filing History
IRS 990 filing history for Charleston Academy Of Music showing financial trends over 14 years of public records:
Over 14 years of IRS 990 filings (2010–2023), Charleston Academy Of Music's revenue has grown by 62.3%, moving from $318K to $515K. Total assets increased by 186.2% over the same period, from $145K to $415K. Total functional expenses rose by 38.5%, from $290K to $402K. In its most recent filing year (2023), Charleston Academy Of Music reported a surplus of $114K, with revenue exceeding expenses. The organization holds $6K in liabilities against $415K in assets (debt-to-asset ratio: 1.4%), resulting in net assets of $409K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $515K | $402K | $415K | $6K | — | View 990 |
| 2022 | $414K | $376K | $302K | $6K | — | View 990 |
| 2021 | $434K | $336K | $263K | $5K | — | View 990 |
| 2020 | $197K | $175K | $192K | $32K | — | View 990 |
| 2019 | $305K | $295K | $236K | $3K | — | View 990 |
| 2018 | $301K | $281K | $225K | $2K | — | View 990 |
| 2017 | $291K | $279K | $204K | $90 | — | View 990 |
| 2016 | $318K | $301K | $210K | $0 | — | View 990 |
| 2015 | $325K | $307K | $189K | $0 | — | View 990 |
| 2014 | $384K | $350K | $185K | $0 | — | View 990 |
| 2013 | $338K | $328K | $167K | $15K | — | View 990 |
| 2012 | $286K | $275K | $142K | $391 | — | View 990 |
| 2011 | $283K | $298K | $130K | $0 | — | View 990 |
| 2010 | $318K | $290K | $145K | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $515K, expenses of $402K, and assets of $415K (revenue +24.4% year-over-year).
- 2022: Revenue of $414K, expenses of $376K, and assets of $302K (revenue -4.5% year-over-year).
- 2021: Revenue of $434K, expenses of $336K, and assets of $263K (revenue +119.8% year-over-year).
- 2020: Revenue of $197K, expenses of $175K, and assets of $192K (revenue -35.3% year-over-year).
- 2019: Revenue of $305K, expenses of $295K, and assets of $236K (revenue +1.2% year-over-year).
- 2018: Revenue of $301K, expenses of $281K, and assets of $225K (revenue +3.6% year-over-year).
- 2017: Revenue of $291K, expenses of $279K, and assets of $204K (revenue -8.6% year-over-year).
- 2016: Revenue of $318K, expenses of $301K, and assets of $210K (revenue -2.3% year-over-year).
- 2015: Revenue of $325K, expenses of $307K, and assets of $189K (revenue -15.3% year-over-year).
- 2014: Revenue of $384K, expenses of $350K, and assets of $185K (revenue +13.8% year-over-year).
- 2013: Revenue of $338K, expenses of $328K, and assets of $167K (revenue +17.9% year-over-year).
- 2012: Revenue of $286K, expenses of $275K, and assets of $142K (revenue +1.3% year-over-year).
- 2011: Revenue of $283K, expenses of $298K, and assets of $130K (revenue -11.0% year-over-year).
- 2010: Revenue of $318K, expenses of $290K, and assets of $145K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Charleston Academy Of Music:
Data Sources and Methodology
This transparency report for Charleston Academy Of Music is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.