Academy Of Music Of Philadelphia Inc
- Assets
- $27.5m
- Revenue
- $4.9m
- Investments
- $0.0
- Employees
- 0
- Location
- Philadelphia, PA
- Founding
- 05/1956
- Data as of
- 08/2023
- EIN
- 23-1501159
Organization Overview
Academy Of Music Of Philadelphia Inc is located in Philadelphia, PA. The organization was established in 1956. 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. Academy Of Music Of Philadelphia 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 08/2023, Academy Of Music Of Philadelphia Inc generated $4.9m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 13.3% each year . All expenses for the organization totaled $3.5m during the year ending 08/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO RAISE FUNDS TO RESTORE AND MAINTAIN THE 166-YEAR-OLD ACADEMY OF MUSIC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION'S PRIMARY PROGRAM SERVICE ACTIVITY IS TO RAISE FUNDS FOR THE RESTORATION OF THE ACADEMY OF MUSIC BUILDING THROUGH SPECIAL EVENTS AND A CAPITAL CAMPAIGN PROGRAM. COMBINED PROCEEDS ARE USED TO FUND NUMEROUS RESTORATION PROJECTS AS APPROVED BY THE ACADEMY BOARD. THE ACADEMY OF MUSIC BUILDING HAS BEEN DESIGNATED AS A NATIONAL HISTORIC LANDMARK AND THEREFORE ITS UPKEEP AND MAINTENANCE IS THE ORGANIZATION'S PRIMARY CONCERN. FOR THE YEAR ENDED AUGUST 31, 2023, THE RESTORATION PROJECTS INCLUDED RESTORATION OF THE BALCONY, AND FACADE LIGHTING UPGRADES. IN ADDITION, THE ACADEMY CONTINUED ITS MULTI-YEAR CAPITAL RENOVATIONS PROJECT VIA THE PILOT PROGRAM WHICH CONSISTED OF EVALUATION, ASSESSMENT AND DESIGN WORK. (CONTINUED IN SCH O)(CONTINUED):THESE PROGRAM SERVICE ACTIVITY EXPENDITURES ARE REPORTED AS PART OF FIXED ASSETS IN SCHEDULE D, PART VI.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Matias Tarnopolsky Bd Member (president-Poa) | OfficerTrustee | 5 | $0 |
Ryan Fleur Bd Member/secretary (exec-Dir Poa) | OfficerTrustee | 5 | $0 |
Mario Mestichelli Bd Member/treasurer (cfo-Poa) | OfficerTrustee | 5 | $0 |
Caroline B Rogers Chair | OfficerTrustee | 10 | $0 |
Adele K Schaeffer Chair Emeritus | OfficerTrustee | 2 | $0 |
Ralph W Muller Board Member (co-Chair Poa) | OfficerTrustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Haverstick-borthwick Company Construction | 8/30/23 | $266,731 |
Elliott-lewis Corporation Construction | 8/30/23 | $184,698 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $599,846 |
| Related organizations | $1,059,897 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,561,690 |
| Noncash contributions included in lines 1a–1f | $91,992 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,221,433 |
| Total Program Service Revenue | $0 |
| 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 | -$342,929 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,878,504 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $20,000 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $559,780 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,589 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $550 |
| Fees for services: Accounting | $30,539 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $61,590 |
| Advertising and promotion | $0 |
| Office expenses | $9,452 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| 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 | $383,297 |
| Depreciation, depletion, and amortization | $2,413,663 |
| Insurance | $1,491 |
| All other expenses | $0 |
| Total functional expenses | $3,532,925 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $3,262,994 |
| Pledges and grants receivable | $181,972 |
| Accounts receivable, net | $5,100 |
| 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 | $24,063,015 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $27,513,081 |
| Accounts payable and accrued expenses | $88,018 |
| 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 | $186,263 |
| Total liabilities | $274,281 |
| Net assets without donor restrictions | $27,096,800 |
| Net assets with donor restrictions | $142,000 |
| 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 | $27,513,081 |