Old Town School Of Folk Music Inc
- Assets
- $27.0m
- Revenue
- $14.0m
- Investments
- $0.0
- Employees
- 371
- Location
- Chicago, IL
- Founding
- 10/1962
- Data as of
- 12/2023
- 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 12/2023, Old Town School Of Folk Music Inc employed 371 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 12/2023, Old Town School Of Folk Music Inc generated $14.0m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 1.1% each year. All expenses for the organization totaled $14.0m during the year ending 12/2023. While expenses have increased by 1.6% per year over the past 9 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
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: OLD TOWN SCHOOL OF FOLK MUSIC IS THE LARGEST COMMUNITY MUSIC SCHOOL IN THE US, THE LARGEST EMPLOYER OF TEACHING ARTISTS AND AN INTERNATIONAL MODEL FOR COMMUNITY MUSIC AND MOVEMENT. 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. WHILE CLASSES CONTINUE (AND WILL CONTINUE) TO BE OFFERED ONLINE, THE VAST MAJORITY OF STUDENTS ATTENDED IN PERSON CLASSES DURING 2023.REGISTRATION VOLUMES ARE BUILDING BACK TO PRE-PANDEMIC LEVELS FOR THE ADULT PROGRAMS; THE NUMBER OF STUDENTS IN THE LAST FOUR MONTHS OF THE YEAR, WERE AT 90% OF 2019 STUDENT VOLUME. THE CHILDREN'S PROGRAM CONTINUES TO BUILD BACK; STUDENT NUMBERS WERE 65% OF PRE PANDEMIC LEVELS AT THE END OF THE YEAR.THE NUMBER OF STUDENTS IN GROUP CLASSES AND WORKSHOPS WAS 23,273 AND IN PRIVATE LESSONS 4,865; COMPARED TO 2019 NUMBERS OF 29,795 AND 6,543, RESPECTIVELY.
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 WAS OPEN FOR IN PERSON SHOPPING THE ENTIRE YEAR, AND ALSO SERVED CUSTOMERS THROUGH OUR WEBSITE AND A THIRD-PARTY ONLINE WEBSITE, REVERB. AN IN-HOUSE CAFE OPERATES DURING CONCERTS, SERVING DRINKS AND SNACKS.
CONCERTS: OLD TOWN SCHOOL OF FOLK MUSIC IS A PROLIFIC CONCERT VENUE. EVENTS INCLUDE ON-SITE AND OFF-SITE CONCERTS FEATURING BIG NAME ACTS AND EMERGING ARTISTS IN STATE-OF-THE-ART FACILITIES. THE POPULAR WORLD MUSIC WEDNESDAY SERIES SHOWCASES INTERNATIONAL ARTISTS CO-PRODUCED WITH DOZENS OF COMMUNITY PARTNERS.THE SCHOOL PRESENTED A FULL SLATE OF CONCERTS IN 2023 AND EXPERIENCED A BANNER YEAR; 49,784 PEOPLE ATTENDED 190 EVENTS.
OUTREACH: OLD TOWN SCHOOL OF FOLK MUSIC SERVES THOUSANDS OF CHICAGO'S CHILDREN EACH YEAR, PROVIDING ARTS EDUCATION PROGRAMMING THROUGHOUT THE CITY. IN PERSON PROGRAMMING OCCURRED DURING THE ENTIRE YEAR. OLD TOWN SCHOOL ANNUALLY PROVIDES COMMUNITY-BASED ARTS EDUCATION FOR THOUSANDS OF CHILDREN THROUGH ARTIST RESIDENCIES IN CPS SCHOOLS, CENTER-BASED EARLY CHILDHOOD MUSIC PROGRAMMING IN NORTH LAWNDALE, AND ROBUST FIELD TRIP AND FINANCIAL AID PROGRAMS. OUR MUSIC MOVES/HEALING JUSTICE INITIATIVE CONNECTS NON-ARTS COMMUNITY PARTNERS LOCATED IN CHICAGO'S SOUTH SIDE AND WEST SIDE NEIGHBORHOODS WITH HIGH-QUALITY ARTS PROGRAMMING THAT BUILD ARTS CAPACITY, SKILL ACQUISITION IN MUSIC PERFORMANCE AND EQUITY THOUGH PERFORMANCE AND DISCOURSE RELATED TO LIBERATORY FUTURES, PERSONAL GROWTH, CURIOSITY AND IMAGINATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kate Tomford Chairman | OfficerTrustee | 4 | $0 |
Robert D Ospalik Vice Chairman | OfficerTrustee | 2 | $0 |
Michael Warner Secretary | OfficerTrustee | 2 | $0 |
Kenneth Kaufman Treasurer | OfficerTrustee | 2 | $0 |
Mary Beth Berkoff Director | Trustee | 1 | $0 |
Ernest Dawkins Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $583,906 |
| Fundraising events | $794,660 |
| Related organizations | $0 |
| Government grants | $606,877 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,328,298 |
| Noncash contributions included in lines 1a–1f | $103,586 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,313,741 |
| Total Program Service Revenue | $9,516,390 |
| Investment income | $449,346 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $44,739 |
| Net Income from Fundraising Events | -$116,056 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $820,118 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $14,028,278 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $179,468 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $644,454 |
| Compensation of current officers, directors, key employees. | $340,003 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,522,190 |
| Pension plan accruals and contributions | $44,729 |
| Other employee benefits | $536,105 |
| Payroll taxes | $586,488 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $32,756 |
| Fees for services: Accounting | $81,086 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,170,822 |
| Advertising and promotion | $617,199 |
| Office expenses | $313,915 |
| Information technology | $57,678 |
| Royalties | $0 |
| Occupancy | $227,687 |
| Travel | $172,764 |
| 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 | $625,422 |
| Insurance | $43,303 |
| All other expenses | $260,154 |
| Total functional expenses | $14,030,232 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $5,687,146 |
| Pledges and grants receivable | $936,873 |
| 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 | $362,018 |
| Prepaid expenses and deferred charges | $127,681 |
| Net Land, buildings, and equipment | $15,106,525 |
| Investments—publicly traded securities | $4,710,217 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $53,847 |
| Total assets | $26,984,307 |
| Accounts payable and accrued expenses | $500,808 |
| Grants payable | $0 |
| Deferred revenue | $1,583,199 |
| 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 | $54,457 |
| Total liabilities | $2,138,464 |
| Net assets without donor restrictions | $22,281,721 |
| Net assets with donor restrictions | $2,564,122 |
| 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 | $26,984,307 |