Musical Arts Institute
- Assets
- $627.7k
- Revenue
- $838.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Chicago, IL
- Founding
- 06/2010
- Data as of
- 12/2023
- EIN
- 30-0603029
Organization Overview
Musical Arts Institute is located in Chicago, IL. The organization was established in 2010. According to its NTEE Classification (A68) the organization is classified as: Music, 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. Musical Arts Institute 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 12/2023, Musical Arts Institute generated $838.6k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 27.5% each year . All expenses for the organization totaled $975.0k during the year ending 12/2023. While expenses have increased by 32.7% per year over the past 6 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
MUSICAL ARTS INSTITUTE PROVIDES INTENSIVE PRIVATE AND GROUP TRAINING, AFTER SCHOOLPROGRAMMING AND OTHER SPECIALIZED LEARNING OPPORTUNITIES FOR YOUTH. WE SERVE CULTURALLY AND ECONOMICALLY UNDERSERVED COMMUNITIES WHERE ACCESS TO HIGH QUALITY MUSIC IS LIMITED.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAI SERVES SEVERAL CHICAGO PUBLIC SCHOOLS WITHIN THE SURROUNDING CITY.STUDENTS IN THE INNER CITY OF CHICAGO ARE LEARNING THE TECHNICAL AND ARTISTIC SKILLS NEEDED FOR THEM TO REACH THEIR FULLEST POTENTIALAS YOUNG ARTISTS. MAI PROMOTES COMMUNITY AWARENESS OF THE ARTS AND HAS ENGAGED WITHTHE COMMUNITY THROUGH CULTURALLY ENRICHING EVENTS. MAI HAS SPONSOREDSTUDENTS/STAFF RECITALS, HOSTED YEAR ROUND WORKSHOPS FOR MUSIC STUDENTSIN DISTRESSED AREAS IN CHICAGO. MAI HAS ALSO PROVIDED FREE MUSIC CLASSESAND CONCERTS TO CHILDREN THROUGHOUT THE CITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Debrah Eldridge Member | Trustee | 0 | $0 |
Damon Thompson Member | Trustee | 0 | $0 |
Lana Manson Finance Executive | Trustee | 0 | $0 |
Derrick Buckingham Member | Trustee | 0 | $0 |
Erick Nickerson Member | Trustee | 0 | $0 |
Adrianne Jones Board Vice Chairman | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $252,285 |
| All other contributions, gifts, grants, and similar amounts not included above | $386,865 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $639,150 |
| Total Program Service Revenue | $183,976 |
| Investment income | $1,637 |
| 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 | $838,579 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $407,213 |
| Fees for services: Legal | $701 |
| Fees for services: Accounting | $19,087 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $78,691 |
| Advertising and promotion | $37,629 |
| Office expenses | $86,003 |
| Information technology | $5,689 |
| Royalties | $0 |
| Occupancy | $56,661 |
| Travel | $15,199 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $11,212 |
| Interest | $54,887 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,693 |
| Insurance | $1,037 |
| All other expenses | $4,433 |
| Total functional expenses | $974,999 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $487,340 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $112,165 |
| 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 | $28,158 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $627,663 |
| Accounts payable and accrued expenses | $66,801 |
| 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 | $12,313 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $489,100 |
| Other liabilities | $0 |
| Total liabilities | $568,214 |
| Net assets without donor restrictions | $59,449 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $627,663 |