Reading Musical Foundation

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 06/2022, 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 06/2022, Reading Musical Foundation generated $3.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 20.0% each year . All expenses for the organization totaled $940.0k during the year ending 06/2022. While expenses have increased by 2.7% 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.

Since 2015, Reading Musical Foundation has awarded 83 individual grants totaling $1,989,321. 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2022

Describe the Organization's Mission:

Part 3 - Line 1

SUPPORTING MUSIC EDUCATION, ADVOCACY AND MUSIC PERFORMANCE THROUGHOUT GREATER READING.

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 28 MUSICAL ORGANIZATIONS, AND PROGRAM GRANTS WERE AWARDED BASED UPON THE ORGANIZATION/PROGRAM'S ABILITY TO RELATE 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 INCLUDE OPERATION REPLAY (INSTRUMENT RECYCLING), MUSIC IN THE SCHOOLS, AFTER-SCHOOL INSTRUCTIONAL PROGRAMS, WORKSHOPS, AND MASTER CLASSES. RMF DEVOTED OVER 100 HOURS OF AFTER-SCHOOL PROGRAMMING FROM SEPTEMBER 2021- MAY 2022, AS WELL AS IN-SCHOOL INSTRUCTION AT AREA PAROCHIAL SCHOOLS.


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Board, Officers & Key Employees

Name (title)Compensation
Keri M Shultz
President
$76,811
Paul G Oxholm
Vice Chair Of Finance
$0
Martha Aynardi
Vice Chair Of Programs
$0
Jayne R Schaeffer CPA
Chair
$0
Benjamin Watts Until 0122
Vice Chair Of Development
$0
Timothy Simmons
Treasurer
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $20,762
All other contributions, gifts, grants, and similar amounts not included above$1,146,989
Noncash contributions included in lines 1a–1f $9,532
Total Revenue from Contributions, Gifts, Grants & Similar$1,167,751
Total Program Service Revenue$2,800
Investment income $761,877
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $1,596,236
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $3,531,006

Grants Awarded

Over the last fiscal year, Reading Musical Foundation has awarded $224,999 in support to 10 organizations.

Grant RecipientAmount

READING SYMPHONY ORCHESTRA

Org PageRecipient Profile

Reading, PA

PURPOSE: RESTRICTED GRANT FOR CONCERT AND OUTREACH EXPENSES

$119,107

OLIVET BOYS & GIRLS CLUB

Org PageRecipient Profile

Reading, PA

PURPOSE: RESTRICTED GRANT FOR AFTER SCHOOL MUSIC PROGRAMS

$30,992

READING CHORAL SOCIETY

Org PageRecipient Profile

Reading, PA

PURPOSE: RESTRICTED GRANT FOR CONCERT AND OUTREACH EXPENSES

$17,750

Reading, PA

PURPOSE: RESTRICTED GRANT FOR JAZZ FEST EDUCATION PROGRAMS

$11,200

Laureldale, PA

PURPOSE: RESTRICTED GRANT FOR CONCERT AND OUTREACH EXPENSES

$11,000

READING POPS ORCHESTRA

Org PageRecipient Profile

Sinking Spring, PA

PURPOSE: RESTRICTED GRANT FOR CONCERT AND OUTREACH EXPENSES

$10,000
View Grant Profile

Grants Recieved

Over the last fiscal year, we have identified 12 grants that Reading Musical Foundation has recieved totaling $252,023.

Awarding OrganizationAmount
Florence Lauer Gibbs Trust

Las Vegas, NV

PURPOSE: GENERAL OPERATING

$180,000
Wyomissing Foundation Inc

Wyomissing, PA

PURPOSE: COMMUNITY GRANTS PROGRAM

$27,500
Pennsylvania Automotive Association Foundation

Harrisburg, PA

PURPOSE: GENERAL SUPPORT

$10,000
Presser Foundation

Philadelphia, PA

PURPOSE: ADVANCEMENT OF MUSIC

$7,500
Presser Foundation

Philadelphia, PA

PURPOSE: ADVANCEMENT OF MUSIC

$7,500
Henry Janssen Foundation

Wyomissing, PA

PURPOSE: GENERAL PURPOSE CONTRIBUTION

$7,500
View Grant Recipient Profile

Endowment Analysis

Beg. Balance$5,359,165
Earnings-$861,809
Net Contributions$255,544
Grants$293,871
Ending Balance$4,459,029

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