Reading Musical Foundation
- Assets
- $19.5m
- Revenue
- $1.7m
- Investments
- $0.0
- Employees
- 3
- Location
- Reading, PA
- Founding
- 05/1943
- Data as of
- 06/2023
- EIN
- 23-1472487
Organization Overview
Reading Musical Foundation is located in Reading, PA. The organization was established in 1943. According to its NTEE Classification (A68) the organization is classified as: Music, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 06/2023, Reading Musical Foundation employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Reading Musical 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 06/2023, Reading Musical Foundation generated $1.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 7.3% each year. All expenses for the organization totaled $1.1m during the year ending 06/2023. While expenses have increased by 4.2% per year over the past 8 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.
Since 2015, Reading Musical Foundation has awarded 84 individual grants totaling $1,956,384. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO ADVANCE AND ADVOCATE FOR MUSIC EDUCATION AND APPRECIATION IN BERKS COUNTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
STUDENT SCHOLARSHIPS - THE SCHOLARSHIP PROGRAM PROVIDES FINANCIAL ASSISTANCE FOR COMMITTED BERKS COUNTY MUSIC STUDENTS WHO AUDITION ON MERIT OR DEMONSTRATE A FINANCIAL NEED MERIT. SCHOLARSHIPS INCLUDE THE AREAS OF PIANO, ORGAN, WOODWIND, BRASS, PERCUSSION, STRING, HARP, GUITAR, VOCAL, AND AWARDS FOR COLLEGE TUITION. FINANCIAL NEED SCHOLARSHIPS INCLUDE SUMMER CAMP, PRIVATE MUSIC STUDY, AND INSTRUMENT UPGRADE REQUESTS.
APPROPRIATIONS TO MUSIC PRESENTERS AND SPECIAL PROJECTS GRANTS ARE PROVIDED FOR CULTURAL DEVELOPMENT TO MUSIC PRESENTING ORGANIZATIONS THAT PERFORM PRIMARILY IN BERKS COUNTY. FUNDING SUPPORT WAS PROVIDED TO 24 MUSICAL ORGANIZATIONS AND PROGRAM GRANTS AWARDED BASED UPON THE ORGANIZATION/PROGRAM'S ABILITY TO RELATED TO THE MISSION OF THE READING MUSICAL FOUNDATION.
MUSIC OUTREACH - MUSIC OUTREACH PROGRAMS SHARE THE MUSICAL EXPERIENCE WITH MEMBERS OF THE COMMUNITY WHO MAY NOT BE ABLE TO PAY FOR OR APPRECIATE WHY IT IS WORTH PAYING FOR PROGRAMS INCLUDING OPERATION REPLAY (INSTRUMENT RECYCLING), MUSIC IN THE SCHOOLS, AFTER-SCHOOL INSTRUCTIONAL PROGRAMS, WORKSHOPS AND MASTER CLASSES. RMF DEVOTED OVER 15 HOURS/WEEKLY OF AFTER-SCHOOL PROGRAMMING FROM SEPTEMBER 2022- MAY 2023.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Keri M Shultz President | Officer | 40 | $83,407 |
Paul G Oxholm Chair | OfficerTrustee | 2 | $0 |
Virginia Dodge Vice Chair Of Development | OfficerTrustee | 1 | $0 |
David L Kline Vice Chair Of Development | OfficerTrustee | 1 | $0 |
Lewis Freeman Vice Chair Of Finance | OfficerTrustee | 2 | $0 |
Martha Aynardi Vice Chair Of Programs | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $13,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,189,428 |
| Noncash contributions included in lines 1a–1f | $21,831 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,202,428 |
| Total Program Service Revenue | $2,700 |
| Investment income | $493,352 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $32,471 |
| Net Income from Fundraising Events | -$8,826 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,734,772 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $479,529 |
| Grants and other assistance to domestic individuals. | $238,902 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $87,283 |
| Compensation of current officers, directors, key employees. | $22,108 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $96,845 |
| Pension plan accruals and contributions | $2,612 |
| Other employee benefits | $0 |
| Payroll taxes | $13,145 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $14,020 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $33,576 |
| Fees for services: Other | $0 |
| Advertising and promotion | $13,412 |
| Office expenses | $55,963 |
| Information technology | $8,811 |
| Royalties | $0 |
| Occupancy | $18,083 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,278 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,083,790 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $152,896 |
| Savings and temporary cash investments | $69,214 |
| Pledges and grants receivable | $86,190 |
| Accounts receivable, net | $2,900 |
| 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 | $0 |
| Net Land, buildings, and equipment | $5,675 |
| Investments—publicly traded securities | $15,194,060 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,035,395 |
| Total assets | $19,546,330 |
| Accounts payable and accrued expenses | $78,636 |
| Grants payable | $324,954 |
| 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 | $403,590 |
| Net assets without donor restrictions | $10,259,200 |
| Net assets with donor restrictions | $8,883,540 |
| 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 | $19,546,330 |
Grants Awarded
Over the last fiscal year, Reading Musical Foundation has awarded $268,195 in support to 11 organizations.
| Grant Recipient | Amount |
|---|---|
BERKS ARTS PURPOSE: RESTRICTED GRANT FOR GET JAZZED, SUMMER JAZZ CAMP, AND MEC FESTIVALS | $13,700 |
BERKS SINFONIETTA PURPOSE: RESTRICTED GRANT FOR CONCERT PERFORMANCE EXPENSES | $7,000 |
BERKS YOUTH CHORUS PURPOSE: RESTRICTED GRANT FOR SCHOLARSHIP AND SUMMER SING EXPENSES | $7,000 |
FRIENDS OF CHAMBER MUSIC PURPOSE: RESTRICTED GRANT FOR CONCERT PERFORMANCES AND OUTREACH PROGRAM EXPENSES | $7,800 |
GOGGLEWORKS CENTER FOR THE ARTS PURPOSE: RESTRICTED GRANT FOR SOUND STUDIO INTENSIVE/MUSIC INDUSTRY PROGRAM | $15,000 |
OLIVET BOYS & GIRLS CLUB PURPOSE: RESTRICTED GRANT FOR SUMMER MUSIC AND WEEKLY MUSIC CLASSES | $29,990 |