Academy Of Music Of Philadelphia Inc
- Assets
- $30.9m
- Revenue
- $3.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Philadelphia, PA
- Founding
- 05/1956
- Data as of
- 08/2021
- 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 08/2021, Academy Of Music Of Philadelphia Inc generated $3.3m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 10.5% each year . All expenses for the organization totaled $3.4m during the year ending 08/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO RAISE FUNDS THROUGH THE RESTORATION AND PRESERVATION FUND TO RESTORE AND MAINTAIN THE (CONTINUED):164-YEAR-OLD ACADEMY OF MUSIC, THE OLDEST KNOWN CONTINUOUSLY OPERATING OPERA HOUSE IN THE UNITED STATES.
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, 2021, THE RESTORATION PROJECTS INCLUDED RESTORATION OF THE BALCONY, REPAIRS TO THE BUILDING'S ROOF AND CUPOLA, AND ELEVATOR REPLACEMENT. IN ADDITION, THE AOM CONTINUED ITS MULTI-YEAR CAPITAL RENOVATIONS PROJECT VIA THE PILOT PROGRAM WHICH CONSISTED OF EVALUATION, ASSESSMENT AND DESIGN WORK. (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 | 10 | $0 |
Ryan Fleur Bd Member/secretary (exec-Dir Poa) | OfficerTrustee | 10 | $0 |
Mario Mestichelli Bd Member/treasurer (cfo-Poa) | OfficerTrustee | 10 | $0 |
Caroline B Rogers Chair | OfficerTrustee | 10 | $0 |
Ralph W Muller Board Member (chair-Poa) | OfficerTrustee | 10 | $0 |
Adele K Schaffer Chair Emeritus | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Wyatt Elevator Company Elevator Repair | 8/30/21 | $232,530 |
Hyatt At The Bellevue Catering | 8/30/21 | $228,083 |
Haverstick-borthwick Company Construction | 8/30/21 | $570,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $539,889 |
| Related organizations | $1,161,441 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,776,735 |
| Noncash contributions included in lines 1a–1f | $33,263 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,478,065 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $8,500 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$226,291 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,266,946 |
| 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 | $542,810 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $8,041 |
| Payroll taxes | $1,549 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $398 |
| Fees for services: Accounting | $40,831 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $57,373 |
| Advertising and promotion | $4,102 |
| Office expenses | $27,458 |
| 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 | $172,712 |
| Depreciation, depletion, and amortization | $2,503,515 |
| Insurance | $1,481 |
| All other expenses | $0 |
| Total functional expenses | $3,411,061 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,438,123 |
| Pledges and grants receivable | $593,330 |
| Accounts receivable, net | $3,750 |
| 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 | $27,733,494 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $141,953 |
| Total assets | $30,910,650 |
| Accounts payable and accrued expenses | $378,844 |
| 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 | $57,359 |
| Total liabilities | $436,203 |
| Net assets without donor restrictions | $29,403,447 |
| Net assets with donor restrictions | $1,071,000 |
| 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 | $30,910,650 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Academy Of Music Of Philadelphia Inc has recieved totaling $22,106.
| Awarding Organization | Amount |
|---|---|
United Way Of Greater Philadelphia And Southern New Jersey Philadelphia, PA | | $10,106 |
Pew Charitable Trusts Washington, DC PURPOSE: Matching Gift | $10,000 |
Henry L Kimelman Family Foundation Wilmington, DE PURPOSE: GENERAL & UNRESTRICTED | $1,000 |
Phamsquad Foundation Media, PA PURPOSE: TO SUPPORT THE MISSION OF THE ORGANIZATION. | $1,000 |
Endowment Analysis
| Beg. Balance | $1 |
| Ending Balance | $1 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Friends Of The Israel Antiquities Authority Inc New York, NY | $7,188,185 | $4,799,124 |
Tate Americas Foundation New York, NY | $101,513,410 | $8,735,378 |
Museo Reina Sofia Foundation Usa Inc New York, NY | $1,828,282 | $604,276 |
American Associates Of The National Theatre Inc New York, NY | $4,697,341 | $5,678,751 |
Toledo Alliance For The Performing Arts Toledo, OH | $24,676,048 | $6,839,703 |
American Friends Of The Israel Philharmonic Orchestra Inc New York, NY | $30,416,918 | $8,529,001 |
Mary Louise Curtis Bok Foundation Philadelphia, PA | $100,159,634 | $12,712,681 |
American Friends Of The Louvre Inc New York, NY | $14,733,047 | $4,946,706 |
Air Force Museum Foundation Inc Wright Patterson Afb, OH | $28,184,823 | $8,102,292 |
Pbs39 Foundation Corporation Bethlehem, PA | $103,089,426 | $11,164,328 |
John L Severance Brooklyn, OH | $58,165,574 | $2,331,201 |
American Friends Of The National Portrait Gallery Foundation Inc New York, NY | $1,343,323 | $3,284,122 |