Music Academy Foundation
- Assets
- $461.1k
- Revenue
- $0.0
- Investments
- $0.0
- Employees
- 0
- Location
- Rockford, IL
- Founding
- 09/2007
- Data as of
- 12/2021
- EIN
- 20-5792412
Organization Overview
Music Academy Foundation is located in Rockford, IL. The organization was established in 2007. According to its NTEE Classification (A11) the organization is classified as: Single Organization Support, 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. Music Academy Foundation 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, Music Academy Foundation generated $77.1k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.5% each year. All expenses for the organization totaled $37.1k during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990EZ
Mission & Program ActivityExcerpts From the 990EZ Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
Part 3
TO PROVIDE MUSIC ACADEMY STUDENTS WITH REDUCED FEES. APPROXIMATELY 3% OF STUDENTS REQUEST FINANCIAL ASSISTANCE TO OFFSET PRIVATE MUSIC INSTRUCTION. PROVIDING THIS FINANCIAL ASSISTANCE TO THOSE STUDENTS IS THE PRIMARY PURPOSE OF THE MUSIC ACADEMY FOUNDATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stephen Hofmann Chair | 1 | $0 | |
Phil Blair Vice Chair | 1 | $0 | |
Jonathan Lapworth Treasurer | 1 | $0 | |
Janice Bartik Secretary | 1 | $0 | |
Monique Aduddell Director | 1 | $0 | |
Susan Carlin Director | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $46,404 |
| Total Program Service Revenue | $0 |
| Membership dues | $0 |
| Investment income | $30,718 |
| Gain or Loss | $0 |
| Net Income from Gaming & Fundraising | $0 |
| Other Revenue | $0 |
| Total Revenue | $77,122 |
| Statement of Expenses | |
|---|---|
| Grants and similar amounts paid | $0 |
| Benefits paid to or for members | $0 |
| Salaries, other compensation, and employee benefits | $0 |
| Professional fees and other payments to independent contractors | $0 |
| Occupancy, rent, utilities, and maintenance | $0 |
| Printing, publications, postage, and shipping | $653 |
| Other expenses | $2,887 |
| Total expenses | $37,101 |
| Balance Sheet | |
|---|---|
| Cash, savings, and investments | $36,630 |
| Other assets | $0 |
| Total assets | $461,128 |
| Total liabilities | $7,386 |
| Net assets or fund balances | $453,742 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Music Academy Foundation has recieved totaling $72.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $72 |
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Commonwealth Fund For Ket Inc Lexington, KY | $35,205,433 | $8,912,254 |
St Louis Art Museum Foundation St Louis, MO | $296,394,608 | $22,752,701 |
Minnetrista Cultural Foundation Inc Muncie, IN | $19,419,646 | $5,083,805 |
Overture Center Foundation Inc Madison, WI | $20,998,721 | $8,215,874 |
Conner Prairie Foundation Inc Fishers, IN | $182,758,575 | $6,601,081 |
Overture Development Corporation Madison, WI | $128,656,351 | $0 |
Des Moines Metro Opera Foundation Inc Indianola, IA | $21,471,212 | $2,429,329 |
Mariners Museum Tr No 2 P03152009 Chicago, IL | $40,886,491 | $1,565,814 |
World Chess Museum Inc St Louis, MO | $1,624,573 | $2,628,298 |