Music Academy Nfp
- Assets
- $194.4k
- Revenue
- $441.4k
- Investments
- $0.0
- Employees
- 34
- Location
- Rockford, IL
- Founding
- 06/2011
- Data as of
- 06/2022
- EIN
- 45-2281679
Organization Overview
Music Academy Nfp is located in Rockford, IL. The organization was established in 2011. According to its NTEE Classification (A68) the organization is classified as: Music, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 06/2022, Music Academy Nfp employed 34 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Music Academy Nfp 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, Music Academy Nfp generated $441.4k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.5%) each year. All expenses for the organization totaled $511.8k during the year ending 06/2022. 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
THE ACADEMY'S MISSION IS TO INSPIRE IN STUDENTS A LIFE-LONG LOVE OF MUSIC AND THE ARTS. STUDENTS ARE LIFE-LONG LEARNERS AND RANGE IN AGE FROM PRENATAL TO THOSE IN THEIR 70S AND 80S.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FOUNDED IN 1985, THE MUSIC ACADEMY, NFP (THE ACADEMY), WAS INDEPENDENTLY INCORPORATED IN MARCH 2011 AS AN ILLINOIS NOT-FOR-PROFIT COMMUNITY SCHOOL OF MUSIC DEDICATED TO PROVIDING HIGH QUALITY, AFFORDABLE INSTRUCTION AND PERFORMANCE OPPORTUNITIES TO ACADEMY STUDENTS, REGARDLESS OF AGE OR ABILITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Martha Frantz Executive Di | OfficerTrustee | 40 | $63,654 |
Candace Glidden Director | Trustee | 16 | $23,010 |
Phil Blair Vice Chair/t | OfficerTrustee | 2 | $0 |
Laura Eakman Executive Di | OfficerTrustee | 40 | $0 |
Janice Westlund Chair | OfficerTrustee | 2 | $0 |
Jonathan Rozman Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $1,500 |
| Related organizations | $35,670 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $29,177 |
| Noncash contributions included in lines 1a–1f | $10,895 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $66,347 |
| Total Program Service Revenue | $373,685 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$150 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $441,422 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $79,310 |
| Compensation of current officers, directors, key employees. | $13,539 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $291,605 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $30,262 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,816 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $332 |
| Office expenses | $18,513 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $43,009 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $196 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,934 |
| Insurance | $5,767 |
| All other expenses | $694 |
| Total functional expenses | $511,829 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $106,945 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,692 |
| 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 | $66 |
| Net Land, buildings, and equipment | $78,736 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $194,439 |
| Accounts payable and accrued expenses | $6,392 |
| Grants payable | $0 |
| Deferred revenue | $40,128 |
| 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 | $458 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $46,978 |
| Net assets without donor restrictions | $147,461 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $194,439 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Music Academy Nfp has recieved totaling $18,146.
| Awarding Organization | Amount |
|---|---|
Amended And Restated Brubaker Charitable Trust Cherry Valley, IL PURPOSE: ARTISTIC | $10,000 |
Community Foundation Of Northern Illinois Rockford, IL PURPOSE: FOR PURPOSES AS SPECIFIED IN A GRANT APPLICATION, FUND AGREEMENT OR GIFT INSTRUMENT | $7,646 |
D A O Foundation Loves Park, IL PURPOSE: ARTS | $500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Iowa County Recorders Association Ottumwa, IA | $2,929,223 | $39,789,803 |
Milwaukee World Festival Inc Milwaukee, WI | $107,459,917 | $5,773,948 |
Grant Park Orchestral Association Chicago, IL | $15,259,948 | $7,547,765 |
Jazz St Louis St Louis, MO | $11,818,193 | $2,884,733 |
Chicago Sinfonietta Inc Chicago, IL | $3,675,444 | $3,506,738 |
Ragtag Film Society Columbia, MO | $1,382,564 | $1,866,748 |
Percussive Arts Society Inc Indianapolis, IN | $5,047,679 | $2,367,696 |
Music Of The Baroque Concert Series Inc Chicago, IL | $2,610,285 | $1,900,263 |
Radio Arts Foundation Clayton, MO | $3,517,540 | $1,458,263 |
Great American Songbook Foundation Inc Carmel, IN | $8,944,393 | $1,441,715 |
Glenview Stars Hockey Assn 5 Glenview Ice Center Glenview, IL | $561,491 | $1,280,609 |
Saturday In The Park Inc Sioux City, IA | $111,911 | $911,266 |