Merit School Of Music
- Assets
- $32.4m
- Revenue
- $6.6m
- Investments
- $0.0
- Employees
- 207
- Location
- Chicago, IL
- Founding
- 09/1979
- Data as of
- 08/2022
- EIN
- 36-3028768
Organization Overview
Merit School Of Music is located in Chicago, IL. The organization was established in 1979. 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, Merit School Of Music employed 207 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Merit School Of Music 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, Merit School Of Music generated $6.6m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.3%) each year. All expenses for the organization totaled $8.1m during the year ending 08/2022. 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
MERIT SCHOOL OF MUSIC TRANSFORMS THE LIVES OF CHICAGO-AREA YOUTH THROUGH REMOVING BARRIERS TO HIGH-QUALITY MUSIC EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MERIT MUSIC IN COMMUNITIES (MMIC) IS A COMMUNITY-BASED PROGRAM, SUPPORTING CHICAGO SCHOOLS AND COMMUNITY CENTERS WHOSE STUDENTS HAVE LITTLE OR NO ACCESS TO MUSIC INSTRUCTION THROUGH SCHOOL, OR PRIVATELY. INDIVIDUAL PROGRAMS VARY BY SIZE AND TYPE TO MEET THE INDIVIDUAL NEEDS, PREFERENCES, AND RESOURCES OF PARTNER SITES. MMIC OPERATES IN APPROXIMATELY 22 SITES, SERVING CHILDREN K-12TH GRADE WITH PROGRAMS IN BAND, STRINGS, GUITAR, CHOIR, EARLY CHILDHOOD, AND GENERAL MUSIC.
PRIVATE LESSONS ARE AVAILABLE TO ALL STUDENTS AND ESSENTIAL FOR CONSERVATORY STUDENTS. DISCOUNTED PRIVATE LESSON PASSPORTS, AND NEED-BASED FINANCIAL AID MAKE LESSONS AFFORDABLE FOR LOWER-INCOME STUDENTS. LESSONS ARE OFFERED IN BRASS, WINDS, STRINGS, PERCUSSION, PIANO, GUITAR, JAZZ, VOICE, COMPOSITION/THEORY.
MERIT'S INSTRUMENTAL & VOCAL MUSIC PROGRAM SUPPORTS CHILDREN K-9TH GRADE, OFFERING GROUP CLASSES IN PIANO, VOICE, GUITAR, STRINGS, AND BAND (BRASS, WOODWINDS, PERCUSSION). BAND, STRING, AND VOICE STUDENTS ALSO PARTICIPATE IN LARGE ENSEMBLES. THE PROGRAM OFFERS FINANCIAL AID (UP TO 75%) TO QUALIFYING FAMILIES AND PREPARES STUDENTS WITH AN INTEREST TO AUDITION SUCCESSFULLY FOR THE CONSERVATORY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Charles Grode President And Executive Director | Officer | 40 | $155,499 |
Meredith Barber Vice President For Development & Marketing | Officer | 40 | $111,007 |
Kurtis C Gildow Vice President For Programming | Officer | 40 | $105,474 |
Adrienne Thompson Vice President For Enrollment And Student Services | Officer | 40 | $95,472 |
Amy Johnson Vice President For Finance & Administration | Officer | 40 | $94,061 |
Ryan Devore Vice Chair And Secretary | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $940,268 |
| Related organizations | $0 |
| Government grants | $892,870 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,277,377 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,110,515 |
| Total Program Service Revenue | $2,565,089 |
| Investment income | $642,898 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $81,915 |
| Net Gain/Loss on Asset Sales | -$2,829,265 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$2,011 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,571,408 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,082,825 |
| 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 | $4,214,311 |
| Pension plan accruals and contributions | $89,012 |
| Other employee benefits | $462,857 |
| Payroll taxes | $302,876 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,703 |
| Fees for services: Accounting | $35,939 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $71,705 |
| Fees for services: Other | $317,562 |
| Advertising and promotion | $60,974 |
| Office expenses | $59,097 |
| Information technology | $140,004 |
| Royalties | $0 |
| Occupancy | $175,384 |
| Travel | $30,758 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,413 |
| Interest | $7,235 |
| Payments to affiliates | $38,650 |
| Depreciation, depletion, and amortization | $360,745 |
| Insurance | $59,882 |
| All other expenses | $0 |
| Total functional expenses | $8,085,007 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $143,430 |
| Savings and temporary cash investments | $5,733,297 |
| Pledges and grants receivable | $1,561,777 |
| Accounts receivable, net | $355,052 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $4,610 |
| Prepaid expenses and deferred charges | $90,865 |
| Net Land, buildings, and equipment | $8,182,565 |
| Investments—publicly traded securities | $16,334,561 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $32,406,157 |
| Accounts payable and accrued expenses | $314,718 |
| Grants payable | $0 |
| Deferred revenue | $640,092 |
| 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 | $34,182 |
| Total liabilities | $988,992 |
| Net assets without donor restrictions | $21,223,170 |
| Net assets with donor restrictions | $10,193,995 |
| 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 | $32,406,157 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Merit School Of Music has recieved totaling $1,000.
| Awarding Organization | Amount |
|---|---|
Lucille E And Joseph L Block Fndn Winnetka, IL PURPOSE: GENERAL CHARITABLE SUPPORT | $1,000 |
Endowment Analysis
| Beg. Balance | $20,634,219 |
| Earnings | -$2,260,678 |
| Admin Expense | $70,025 |
| Net Contributions | $220,000 |
| Other Expense | $206,443 |
| Grants | $483,558 |
| Ending Balance | $17,833,515 |
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 |