Society For Strings Inc
- Assets
- $7.9m
- Revenue
- $180.7k
- Investments
- $0.0
- Employees
- 19
- Location
- Westport, NY
- Founding
- 12/1952
- Data as of
- 12/2021
- EIN
- 13-1686434
Organization Overview
Society For Strings Inc is located in Westport, NY. The organization was established in 1952. According to its NTEE Classification (A6E) the organization is classified as: Performing Arts Schools, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2021, Society For Strings Inc employed 19 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Society For Strings Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Society For Strings Inc generated $180.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (23.0%) each year. All expenses for the organization totaled $223.2k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (20.7%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TEACHING MUSIC TO GIFTED STUDENTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
SINCE THE CURRENT PERIOD CONSISTED OF ONLY TWO MONTHS, NO PROGRAM REVENUE WAS GENERATED. HOWEVER, THE PAST SUMMER OF 2021, EVEN WITH COVID-19 LIMITATIONS, THE SUMMER SCHOOL SERVED 140 STUDENTS ON VIOLIN, VIOLA AND CELLO VIRTUALLY FOR 7 WEEKS TO TRAIN, EDUCATE AND PROMOTE THE PLAYING OF STRING INSTRUMENTS AT A HIGH LEVEL; MANY STUDENTS PURSUE CAREERS AS PROFESSIONAL MUSICIANS. FREE PUBLIC CONCERTS BY STUDENTS WERE OFFERED ONLINE WEEKLY. THE INTENSIVE CURRICULUM OF SUPERVISED PRACTICE, TEACHING, PERFORMING AND LEARNING WAS REPLICATED VIRTUALLY AS CLOSELY AS POSSIBLE TO THE TRADITIONAL IN-PERSON PROGRAM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mary Mcgowan Interim Dire | Officer | 40 | $156,546 |
Mark Hayman Executive Di | Officer | 40 | $80,769 |
Ann Setzer Secretary | OfficerTrustee | 16 | $36,450 |
Hans Jorgen Jensen President | OfficerTrustee | 16 | $35,340 |
Sally Thomas Vice Preside | OfficerTrustee | $0 | |
Caroline Croen Treasurer | OfficerTrustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $20,729 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $20,729 |
| Total Program Service Revenue | $0 |
| Investment income | $22,199 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $5,652 |
| Net Gain/Loss on Asset Sales | $132,073 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $180,653 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $98,804 |
| Compensation of current officers, directors, key employees. | $87,548 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $39,383 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $10,982 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,100 |
| Fees for services: Accounting | $3,854 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | -$27 |
| Fees for services: Other | $4,610 |
| Advertising and promotion | $4,790 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $542 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $143 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $17,626 |
| Insurance | $12,585 |
| All other expenses | $9,317 |
| Total functional expenses | $223,212 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $116,057 |
| Savings and temporary cash investments | $103,119 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $33,110 |
| Net Land, buildings, and equipment | $3,554,152 |
| Investments—publicly traded securities | $4,081,707 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $6,000 |
| Other assets | $10,000 |
| Total assets | $7,904,145 |
| Accounts payable and accrued expenses | $190,779 |
| Grants payable | $0 |
| Deferred revenue | $9,164 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $199,943 |
| Net assets without donor restrictions | $7,578,080 |
| Net assets with donor restrictions | $126,122 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $7,904,145 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Society For Strings Inc has recieved totaling $5.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $5 |
Endowment Analysis
| Beg. Balance | $124,349 |
| Earnings | $1,773 |
| Ending Balance | $126,122 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
American Musical & Dramatic Academy New York, NY | $154,874,684 | $91,373,218 |
Curtis Institute Of Music Philadelphia, PA | $375,391,914 | $65,896,582 |
Universal Ballet Foundation Tarrytown, NY | $0 | $12,642,868 |
School Of American Ballet Inc New York, NY | $111,037,435 | $21,205,372 |
Settlement Music School Of Philadelphia Philadelphia, PA | $34,802,698 | $14,057,233 |
Society Of The Third Street Music School Settlement Inc New York, NY | $23,512,540 | $9,331,737 |
Professional Childrens School Inc New York, NY | $20,795,903 | $7,913,959 |
Elaine Kaufman Cultural Center-Lucy Moses School For Music And Dance New York, NY | $27,086,297 | $8,434,600 |
Usdan Center For The Creative And Performing Arts Wheatley Heights, NY | $9,094,063 | $7,842,834 |
The Brooklyn Queens Conservatory Of Music Brooklyn, NY | $5,364,852 | $5,242,264 |
South Shore Conservatory Of Music Inc Hingham, MA | $8,426,542 | $4,813,797 |
Academy Of Vocal Arts Philadelphia, PA | $44,375,102 | $5,042,502 |