Music Academy
- Assets
- $134.4k
- Revenue
- $265.7k
- Investments
- $0.0
- Employees
- 18
- Location
- State College, PA
- Founding
- 08/1967
- Data as of
- 08/2022
- EIN
- 25-1150099
Organization Overview
Music Academy is located in State College, PA. The organization was established in 1967. According to its NTEE Classification (A6E) the organization is classified as: Performing Arts Schools, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 08/2022, Music Academy employed 18 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Music Academy 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 08/2022, Music Academy generated $265.7k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.1% each year. All expenses for the organization totaled $289.5k during the year ending 08/2022. While expenses have increased by 6.8% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDSES MUSIC INSTRUCTION
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDES MUSIC INSTRUCTION AND EDUCATION TO 180 STUDENTS PER YEAR
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carol Pharo Past Directo | Trustee | 20 | $25,773 |
Jennene B Lundy Director | Trustee | 20 | $1,907 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $1,201 |
| Government grants | $3,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,201 |
| Total Program Service Revenue | $259,028 |
| Investment income | $2,459 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $265,688 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $33,150 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $145,374 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $15,530 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $11,733 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $8,094 |
| Advertising and promotion | $3,604 |
| Office expenses | $21,833 |
| Information technology | $228 |
| Royalties | $0 |
| Occupancy | $47,604 |
| 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 | $0 |
| Insurance | $2,308 |
| All other expenses | $0 |
| Total functional expenses | $289,458 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $26,974 |
| Savings and temporary cash investments | $68,206 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $38,088 |
| 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 | $1,160 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $134,428 |
| Accounts payable and accrued expenses | $0 |
| 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 | $53,046 |
| Total liabilities | $53,046 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $81,382 |
| Total liabilities and net assets/fund balances | $134,428 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Music Academy has recieved totaling $7,818.
| Awarding Organization | Amount |
|---|---|
Centre County Community Foundation Inc State College, PA PURPOSE: GENERAL SUPPORT | $7,774 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $44 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
American Musical & Dramatic Academy New York, NY | $154,874,684 | $91,373,218 |
Curtis Institute Of Music Philadelphia, PA | $375,391,914 | $65,896,582 |
Universal Ballet Foundation Tarrytown, NY | $0 | $12,642,868 |
School Of American Ballet Inc New York, NY | $111,037,435 | $21,205,372 |
Settlement Music School Of Philadelphia Philadelphia, PA | $34,802,698 | $14,057,233 |
Society Of The Third Street Music School Settlement Inc New York, NY | $23,512,540 | $9,331,737 |
Professional Childrens School Inc New York, NY | $20,795,903 | $7,913,959 |
Elaine Kaufman Cultural Center-Lucy Moses School For Music And Dance New York, NY | $27,086,297 | $8,434,600 |
Usdan Center For The Creative And Performing Arts Wheatley Heights, NY | $9,094,063 | $7,842,834 |
The Brooklyn Queens Conservatory Of Music Brooklyn, NY | $5,364,852 | $5,242,264 |
Imagination Stage Inc Bethesda, MD | $7,434,755 | $5,049,513 |
Cleveland Music School Settlement Cleveland, OH | $23,962,029 | $4,711,711 |