Greater Akron Musical Asociation Foundation
- Assets
- $7.1m
- Revenue
- $330.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Akron, OH
- Founding
- 04/1990
- Data as of
- 06/2022
- EIN
- 34-1635435
Organization Overview
Greater Akron Musical Asociation Foundation is located in Akron, OH. The organization was established in 1990. 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. Greater Akron Musical Asociation 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, Greater Akron Musical Asociation Foundation generated $330.7k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 21.8% each year . All expenses for the organization totaled $392.9k during the year ending 06/2022. While expenses have increased by 2.3% 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
TO OPERATE THE ENDOWMENT FUND AND OTHER SPECIAL FUNDS FOR THE BENEFIT OF THE GAMA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION WAS ESTABLISHED TO HOLD CERTAIN INVESTMENTS FOR THE BENEFIT OF THE GREATER AKRON MUSICAL ASSOCIATION. THE FOUNDATION PROVIDES PAYMENTS TO THE ASSOCIATION TO SUPPORT THEIR MISSION. PAYMENTS ARE BASED ON A SPENDING POLICY ESTABLISHED BY THE BOARD OF THE FOUNDATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas J Clark President | OfficerTrustee | 2 | $0 |
Richard Harris Secretary | OfficerTrustee | 1 | $0 |
Dave Scarponi Treasurer | OfficerTrustee | 1 | $0 |
Paul Jarrett Gama Executive Director | Officer | 1 | $0 |
Susan Burnoski Member | Trustee | 1 | $0 |
Donna Valentine Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,952 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,952 |
| Total Program Service Revenue | $0 |
| Investment income | $128,620 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $197,098 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $330,670 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $331,000 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $61,892 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| 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 | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $392,892 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Investments—publicly traded securities | $7,075,051 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,075,051 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $7,075,051 |
| 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 | $7,075,051 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Greater Akron Musical Asociation Foundation has recieved totaling $46,500.
| Awarding Organization | Amount |
|---|---|
Mary And Dr George L Demetros Charitable Trust Columbus, OH PURPOSE: YOUTH & OUTREACH PRGMSDURING 2021-2022 AKRON INTERLUDESEASON & RED CHAIR SPNSORSHIP RENEWAL | $30,000 |
Martha Holden Jennings Foundation Cleveland, OH PURPOSE: A-116-21 ASO NORTH HIGH MUSIC PROGRAM | $10,000 |
Margaret Clark Morgan Foundation Hudson, OH PURPOSE: ORDINARY MAGIC A SUNDAY IN THE CUYAHOGA VALLEY 2021 | $4,000 |
Emma R Fox Charitable Trust National City Bank Pittsburgh, PA PURPOSE: GENERAL PURPOSE | $2,500 |
Endowment Analysis
| Beg. Balance | $8,357,745 |
| Earnings | -$894,754 |
| Admin Expense | $61,892 |
| Net Contributions | $4,952 |
| Grants | $331,000 |
| Ending Balance | $7,075,051 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
University Musical Society Ann Arbor, MI | $42,227,393 | $9,895,639 |
Flint And Genesee Chamber Foundation Flint, MI | $674,613 | $5,341,436 |
Sphinx Organization Inc Detroit, MI | $23,511,690 | $14,240,622 |
Detroit Jazz Festival Productions Inc Harper Woods, MI | $289,388 | $2,953,500 |
Detroit Jazz Festival Foundation Harper Woods, MI | $1,089,629 | $3,431,745 |
Play On Philly Philadelphia, PA | $3,128,034 | $1,933,765 |
Liveconnections Org Philadelphia, PA | $1,829,032 | $2,774,957 |
Irving S Gilmore International Keyboard Festival Kalamazoo, MI | $14,163,453 | $2,605,010 |
Percussive Arts Society Inc Indianapolis, IN | $5,047,679 | $2,367,696 |
Rainey Institute Cleveland, OH | $11,251,048 | $1,722,143 |
Musical Arts Assn Orch End Fd Brooklyn, OH | $16,962,824 | $1,881,945 |
Musicopia Inc Philadelphia, PA | $886,541 | $1,214,458 |