Chops Inc
- Assets
- $438.0k
- Revenue
- $803.4k
- Investments
- $0.0
- Employees
- 50
- Location
- Minneapolis, MN
- Founding
- 02/1997
- Data as of
- 12/2021
- EIN
- 41-1832890
Organization Overview
Chops Inc is located in Minneapolis, MN. The organization was established in 1997. According to its NTEE Classification (A6C) the organization is classified as: Bands & Ensembles, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2022, Chops Inc employed 50 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Chops 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, Chops Inc generated $803.4k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 14.1% each year . All expenses for the organization totaled $472.6k during the year ending 12/2021. While expenses have increased by 12.9% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
CHOPS, INC. OFFERS MUSIC EDUCATION THAT TEACHES DEDICATION, COMMITMENT, CREATIVITY AND SELF-EXPRESSION TO INDIVIDUALS INTERESTED IN HIGH QUALITY, RESPECTED AND PROFESSIONAL MUSIC PERFORMANCE PROGRAMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CHOPS, INC. SERVES AND ENTERTAINS COMMUNITIES THROUGHOUT MINNESOTA. THOUSANDS OF YOUTH AND YOUNG ADULTS HAVE BEEN IMPACTED THROUGH MUSIC AND PERFORMANCE EDUCATION UNDER THE POSITIVE ENVIRONMENT THAT CHOPS PROVIDES, AND HUNDREDS OF THOUSANDS OF SPECTATORS HAVE BEEN ENTERTAINED THROUGH THE VARIOUS PERFORMANCE PROGRAMS. OUT EDUCATION OUTREACH PROGRAM INCLUDES MULTI-WEEK IN- SCHOOL PROGRAMS THAT TEACH MUSIC PERFORMANCE TO STUDENTS, AND PARTNERSHIPS WITH SCHOOLS TO SUSTAIN MUSIC PROGRAMS. WE ALSO SUPPORT FAMILIES AND COMMUNITIES THROUGH OUR CONTRIBUTIONS TO VARIOUS COMMUNITY AND SCHOOL MUSIC PROGRAMS AND EVENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Megan O'leary Executive Dir. | Trustee | 40 | $0 |
Kathleen Liska-Jackson Director - Gm | Trustee | 40 | $0 |
Jacob Bradner Director | Trustee | 2 | $0 |
Jodi Kuehn Director | Trustee | 2 | $0 |
Stephen Podobinski Chair Person | OfficerTrustee | 4 | $0 |
Sarah Mathias Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $158,898 |
| Investment income | $2,856 |
| 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 | $619,289 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $803,393 |
| Statement of Expenses | |
|---|---|
| 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. | $76,193 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,225 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $6,255 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,775 |
| Fees for services: Accounting | $7,525 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $17,457 |
| Office expenses | $507 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $51,192 |
| Travel | $4,436 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $4,336 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $59,259 |
| Insurance | $5,465 |
| All other expenses | $0 |
| Total functional expenses | $472,637 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $405,850 |
| 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 | $2,696 |
| Prepaid expenses and deferred charges | $1,568 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $14,560 |
| Total assets | $438,049 |
| Accounts payable and accrued expenses | $3,289 |
| 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 | $5,941 |
| Total liabilities | $9,230 |
| Net assets without donor restrictions | $428,819 |
| 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 |
| Total liabilities and net assets/fund balances | $428,819 |
Grants Awarded
Over the last fiscal year, Chops Inc has awarded $40,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
HOPEWELL MUSIC COOPERATIVE PURPOSE: DONATE FUNDS TO HELP PROVIDE BETTER ACCESS TO MUSIC EDUCATION IN NORTH MINNEAPOLIS. | $30,000 |
NORTH ANOKA COUNTY EMERGENCY FOOD SHELF PURPOSE: DONATE FUNDS TO HELP SUPPORT THE LOCAL FOOD SHELF. | $10,000 |