World Music Institute Inc
- Assets
- $564.8k
- Revenue
- $937.9k
- Investments
- $0.0
- Employees
- 3
- Location
- Brooklyn, NY
- Founding
- 03/1987
- Data as of
- 06/2022
- EIN
- 13-3323045
Organization Overview
World Music Institute Inc is located in Brooklyn, NY. The organization was established in 1987. According to its NTEE Classification (A20) the organization is classified as: Arts & Culture, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 06/2022, World Music Institute Inc employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. World Music Institute 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 06/2022, World Music Institute Inc generated $937.9k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.9% each year. All expenses for the organization totaled $687.7k during the year ending 06/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
WORLD MUSIC INSTITUTE INSPIRES WONDER FOR WORLD CULTURES THROUGH MUSIC AND DANCE. THROUGH POWERFUL PROGRAMMING,WMI IS CREATING A MOVEMENT THAT PROMOTES AWARENESS OF AND ENGAGEMENT WITH OTHER CULTURES, HELPING TO FOSTER DEEPER UNDERSTANDING OF COMMUNITIES AROUND THE GLOBE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE COMPANY PRESENTS CONCERTS AND AT HOME INTERVIEWS WITH INTERNATIONAL MUSICIANS, WHICH DURING THE COVID-19 PANDEMIC WERE PRIMARILY IN THE FORM OF VIRTUAL EVENTS. IT WORKS EXTENSIVELY WITH COMMUNITY GROUPS AND ORGANIZATIONS INCLUDING, INDIAN, CHINESE, KOREAN, MIDDLE EASTERN, LATIN AMERICAN, HUNGARIAN, IRISH AND CENTRAL ASIAN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Andrew Faulkner Director/co-Chair | OfficerTrustee | 1.5 | $0 |
Daisy Paradis Director/co-Chair | OfficerTrustee | 1.5 | $0 |
Zette Emmons Director/secretary | OfficerTrustee | 1.5 | $0 |
Moez Doraid Director | Trustee | 1.5 | $0 |
John Habel Director | Trustee | 1.5 | $0 |
Neal Parikh Director | Trustee | 1.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $4,561 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $402,403 |
| All other contributions, gifts, grants, and similar amounts not included above | $392,113 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $799,077 |
| Total Program Service Revenue | $138,826 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $937,903 |
| 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. | $170,000 |
| Compensation of current officers, directors, key employees. | $30,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $60,987 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $35,723 |
| Payroll taxes | $17,486 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $23,337 |
| Office expenses | $1,849 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $14,419 |
| Travel | $18,432 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $321 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $529 |
| Insurance | $11,692 |
| All other expenses | $23,423 |
| Total functional expenses | $687,703 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $449,032 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $87,340 |
| Accounts receivable, net | $5,712 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $4,616 |
| Prepaid expenses and deferred charges | $13,885 |
| Net Land, buildings, and equipment | $2,143 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,057 |
| Total assets | $564,785 |
| Accounts payable and accrued expenses | $22,740 |
| 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 | $22,740 |
| Net assets without donor restrictions | $430,045 |
| Net assets with donor restrictions | $112,000 |
| 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 | $564,785 |