Old Town School Of Folk Music Inc
- Assets
- $26.3m
- Revenue
- $13.6m
- Investments
- $0.0
- Employees
- 344
- Location
- Chicago, IL
- Founding
- 10/1962
- Data as of
- 12/2021
- EIN
- 36-2373635
Organization Overview
Old Town School Of Folk Music Inc is located in Chicago, IL. The organization was established in 1962. 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 12/2021, Old Town School Of Folk Music Inc employed 344 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Old Town School Of Folk Music 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 12/2021, Old Town School Of Folk Music Inc generated $13.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.9% each year. All expenses for the organization totaled $10.3m during the year ending 12/2021. 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
TEACHES AND CELEBRATES MUSIC AND CULTURAL EXPRESSIONS ROOTED IN THE TRADITIONS OF DIVERSE AMERICAN AND GLOBAL COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ART INSTRUCTION: ALL OF OLD TOWN SCHOOL OF FOLK MUSIC'S ACCREDITED INSTRUMENTAL DANCE, MUSIC AND ANCILLARY PROGRAMS ARE DESIGNED TO STIMULATE CREATIVITY AND COMMUNAL ARTS PARTICIPATION AMONG PEOPLE OF ALL AGES. THROUGH APRIL OF 2021, THE MAJORITY OF CLASSES OFFERED CONTINUED TO BE ONLINE. IN THE SUMMER 2021 IN PERSON CLASSES WERE OFFERED IN AN OUTDOOR SETTING AND IN THE FALL OF 2021 A SIGNIFICANT NUMBER OF CLASSES FOR BOTH ADULTS AND CHILDREN WERE OFFERED INDOORS, AT THE SCHOOL'S TWO CAMPUSES. STUDENTS WERE EXCITED TO ONCE AGAIN BE MAKING MUSIC AND DANCE TOGETHER IN PERSON. HOWEVER, THE NUMBER OF REGISTRATIONS WAS AGAIN LOWER IN 2021 THAN 2020; AS THERE WAS STILL HESITANCY TO RETURN TO IN PERSON EVENTS DUE TO THE COVID VIRUS. THE NUMBER OF REGISTRATIONS FOR GROUP CLASSES WAS 17,600 AND THE NUMBER OF STUDENTS WAS 7,300. PRIVATE LESSONS ALSO RESUMED IN PERSON; 1,600 STUDENTS COMPLETED 5,300 LESSONS.
CONCERTS: OLD TOWN SCHOOL OF FOLK MUSIC IS ONE OF REGION'S MOST PROLIFIC CONCERT VENUES, FEATURING WELL KNOWN HEADLINERS, AS WELL AS CONCERTS BY LOCAL AND GLOBAL ARTISTS. THE SCHOOL HELD A SERIES OF OUTDOOR CONCERTS IN THE SUMMER IN PARTNERSHIP WITH A LOCAL AMERICAN LEGION POST. THE FIRST IN PERSON CONCERT AT THE SCHOOL'S CAMPUS WAS HELD ON AUGUST 22. A TOTAL OF 59 EVENTS WERE PRESENTED IN 2021, WITH 17,100 CONCERT GOERS IN ATTENDANCE.
OUTREACH: OLD TOWN SCHOOL OF FOLK MUSIC SERVES CHICAGO'S CHILDREN EACH YEAR, PROVIDING ARTS EDUCATION PROGRAMMING THROUGHOUT THE CITY. IN PERSON PROGRAMMING RESUMED IN THE FALL OF 2021 IN CONJUNCTION WITH THE REOPENING OF CHICAGO PUBLIC SCHOOLS.
OTHER PROGRAM SERVICES: OLD TOWN SCHOOL OF FOLK MUSIC'S CAMPUS INCLUDES A RETAIL MUSIC STORE WHICH PROVIDES INSTRUMENTS FOR PURCHASE OR RENTAL TO OUR STUDENTS. THE RETAIL STORE CONTINUED OPERATIONS THE ENTIRE YEAR, THROUGH OUR WEBSITE AND A THIRD-PARTY ONLINE WEBSITE, REVERB; AS WELL AS CURB SIDE PICK-UPS AND RE-OPENED FOR IN PERSON SHOPPING IN THE FALL OF 2021. THE CAF NOW OPERATES SOLELY DURING CONCERTS SERVING DRINKS AND SNACKS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mary Jane Drews Director Of Institutional | Officer | 40 | $223,110 |
James Newcomb CEO | OfficerTrustee | 40 | $214,396 |
Troy Hansbrough Senior Director Of Programming | 40 | $120,614 | |
Gail Tyler Sr Director Of Business Administration | 40 | $119,240 | |
Kish Khemani Vice Chairman | OfficerTrustee | 2 | $0 |
Robert D Ospalik Chairman | OfficerTrustee | 4 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $589,396 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $4,558,309 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,063,481 |
| Noncash contributions included in lines 1a–1f | $64,408 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,211,186 |
| Total Program Service Revenue | $5,896,918 |
| Investment income | $58,174 |
| 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 | $419,651 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,585,929 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $134,701 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $460,010 |
| Compensation of current officers, directors, key employees. | $227,589 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,254,262 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $474,762 |
| Payroll taxes | $432,682 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $65,677 |
| Fees for services: Accounting | $81,172 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $908,470 |
| Advertising and promotion | $392,036 |
| Office expenses | $210,616 |
| Information technology | $71,357 |
| Royalties | $0 |
| Occupancy | $233,719 |
| Travel | $82,685 |
| 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 | $630,725 |
| Insurance | $37,049 |
| All other expenses | $281,388 |
| Total functional expenses | $10,254,391 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $7,459,946 |
| Pledges and grants receivable | $531,780 |
| 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 | $253,197 |
| Prepaid expenses and deferred charges | $200,434 |
| Net Land, buildings, and equipment | $15,291,257 |
| Investments—publicly traded securities | $2,555,050 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $26,291,664 |
| Accounts payable and accrued expenses | $469,645 |
| Grants payable | $0 |
| Deferred revenue | $1,539,109 |
| 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 | $1,484,762 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,073 |
| Total liabilities | $3,496,589 |
| Net assets without donor restrictions | $20,402,884 |
| Net assets with donor restrictions | $2,392,191 |
| 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 | $26,291,664 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Old Town School Of Folk Music Inc has recieved totaling $2,500.
| Awarding Organization | Amount |
|---|---|
Laurence E Herman Family Foundation Oak Brook, IL PURPOSE: ADVOCACY | $1,500 |
Lubetkin Family Foundation Winnetka, IL PURPOSE: SOCIAL | $1,000 |
Endowment Analysis
| Beg. Balance | $1,405,337 |
| Earnings | $146,753 |
| Net Contributions | $1,349,302 |
| Ending Balance | $2,901,392 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Old Town School Of Folk Music Inc Chicago, IL | $26,291,664 | $13,585,929 |
Merit School Of Music Chicago, IL | $32,406,157 | $6,571,408 |
Wisconsin Conservatory Of Music Inc Milwaukee, WI | $12,916,262 | $4,546,941 |
Peoples Music School Inc Chicago, IL | $5,536,992 | $3,227,151 |
The Patrick G and Shirley W Ryan Opera Center Chicago, IL | $0 | $2,321,702 |
Preucil School Of Music Iowa City, IA | $5,696,584 | $1,870,215 |
Kentucky Music Educators Assn Inc Richmond, KY | $990,506 | $1,002,541 |
Hyde Park School Of Dance Chicago, IL | $889,337 | $1,144,142 |
Dayspring School Of The Arts Maryland Heights, MO | $2,572,227 | $1,177,461 |
Suzuki-Orff School For Young Musicians Chicago, IL | $442,454 | $1,030,627 |
Woodlawn Arts Academy Sterling, IL | $415,650 | $718,677 |
Wausau Conservatory Of Music Inc Wausau, WI | $2,318,265 | $970,609 |