Musicians Foundation Inc
- Assets
- $3.4m
- Revenue
- $595.9k
- Investments
- $0.0
- Employees
- 1
- Location
- New York, NY
- Founding
- 05/1953
- Data as of
- 04/2021
- EIN
- 13-1790739
Organization Overview
Musicians Foundation Inc is located in New York, NY. The organization was established in 1953. According to its NTEE Classification (A68) the organization is classified as: Music, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Musicians Foundation 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 04/2021, Musicians Foundation Inc generated $595.9k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.1% each year. All expenses for the organization totaled $421.4k during the year ending 04/2021. While expenses have increased by 3.4% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
THE MUSICIAN'S FOUNDATION FOSTERS INTEREST AND ADVANCES THE CONDITION AND SOCIAL WELFARE OF PROFESSIONAL MUSICIANS AND PROVIDES VOLUNTARY AID AND ASSISTANCE TO THEM AND THEIR FAMILIES IN CASE OF NEED.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION PROVIDED FINANCIAL ASSISTANCE TO APPROXIMATELY 1,012 INDIVIDUALS ON AN AS-NEEDED BASIS.
THE FOUNDATION PROVIDED FINANCIAL ASSISTANCE TO APPROXIMATELY 1,012 INDIVIDUALS ON AN AS-NEEDED BASIS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bc Vermeersch Executive Director | 20 | $58,291 | |
Joseph Hertzberg Treasurer | OfficerTrustee | 1 | $0 |
Bess Forrell Steiger Secretary | OfficerTrustee | 1 | $0 |
Thomas F Parker Vice President | OfficerTrustee | 1 | $0 |
Lisa Megeaski President | OfficerTrustee | 1 | $0 |
Lance Linares Member Of Board | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $357,494 |
| Investment income | $28,432 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $205,472 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $595,941 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $200,638 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $60,958 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $3,219 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $11,900 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $15,992 |
| Fees for services: Other | $46,002 |
| Advertising and promotion | $0 |
| Office expenses | $36,320 |
| Information technology | $3,846 |
| Royalties | $0 |
| Occupancy | $28,877 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,230 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,783 |
| All other expenses | $0 |
| Total functional expenses | $421,449 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $79,999 |
| Savings and temporary cash investments | $230,288 |
| 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 | $4,388 |
| Investments—publicly traded securities | $3,064,158 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,378,833 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $3,378,833 |
Grants Recieved
Over the last fiscal year, we have identified 10 grants that Musicians Foundation Inc has recieved totaling $72,068.
| Awarding Organization | Amount |
|---|---|
The Community Foundation Inc Richmond, VA PURPOSE: GENERAL PURPOSES | $25,000 |
The Morris And Alma Schapiro Fund New York, NY PURPOSE: GENERAL PURPOSE | $25,000 |
Ernst And Elfriede Frank Foundation Inc New York, NY PURPOSE: GENERAL CHARITABLE | $15,000 |
Miller Foundation White Plains, NY PURPOSE: GENERAL SUPPORT | $3,000 |
Lagu Foundation Silverdale, WA PURPOSE: FOUNDATION ACTIVITIES | $1,000 |
N W Dible Foundation Marina Del Ray, CA PURPOSE: SUPPORT WELFARE OF PROFESSIONAL MUSICIANS | $1,000 |
Endowment Analysis
| Beg. Balance | $2,650,000 |
| Ending Balance | $2,650,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Jazz At Lincoln Center Inc New York, NY | $222,896,771 | $27,240,751 |
Handel And Haydn Society Boston, MA | $29,038,335 | $22,868,295 |
Groton Hill Music Inc Groton, MA | $210,830,113 | $41,196,688 |
Newport Festivals Foundation Inc Essex, MA | $20,080,911 | $11,132,304 |
Whyhunger Inc New York, NY | $5,607,325 | $7,869,621 |
Caramoor Center For Music & The Arts Inc Katonah, NY | $49,439,168 | $6,140,543 |
Save The Music Foundation New York, NY | $5,156,662 | $8,206,045 |
Rockport Music Inc Rockport, MA | $31,791,427 | $3,720,672 |
American Friends Of Les Arts Florissants Inc New York, NY | $1,107,997 | $2,546,808 |
Chicken & Egg Pictures Inc Brooklyn, NY | $9,525,742 | $4,390,371 |
Young Concert Artists Inc New York, NY | $10,777,916 | $2,607,839 |
Play On Philly Philadelphia, PA | $3,128,034 | $1,933,765 |