Asbury Park Music Foundation Inc
- Assets
- $293.3k
- Revenue
- $829.9k
- Investments
- $0.0
- Employees
- 4
- Location
- Asbury Park, NJ
- Founding
- 09/2011
- Data as of
- 06/2024
- EIN
- 45-2675974
Organization Overview
Asbury Park Music Foundation Inc is located in Asbury Park, NJ. 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 06/2024, Asbury Park Music Foundation Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Asbury Park Music Foundation 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 06/2024, Asbury Park Music Foundation Inc generated $829.9k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 7.8% each year. All expenses for the organization totaled $963.8k during the year ending 06/2024. While expenses have increased by 13.2% 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE LIFE-CHANGING MUSIC EDUCATION TO ENGAGE UNDER-SERVED YOUTH AND RUN EVENTS TO IMPROVE THE ECONOMIC WELL-BEING OF THE RESIDENTS AND UNITE A DIVERSE COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION PROVIDES LIFE-CHANGING YOUTH EDUCATION PROGRAMS FOR UNDER-SERVED YOUTH. THIS INCLUDES PROGRAMS IN LOCAL SCHOOLS, SUBSIDIZING FREE MUSIC LESSONS FOR STUDENTS, PROVIDING DONATED INSTRUMENTS TO STUDENTS IN PROGRAMS. HUNDREDS OF CHILDREN HAVE PARTICIPATED IN THE PROGRAM. THE ORGANIZATION ALSO RUNS CONCERTS AND COMMUNITY EVENTS IN THE CITY OF ASBURY PARK.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas Donovan President/ex | Officer | 40 | $78,000 |
Jim Lenskold Treasurer | Officer | 5 | $0 |
Paul Weinstein Secretary | Officer | 5 | $0 |
Heather Cavise Trustee | Trustee | 5 | $0 |
Eileen Chapman Trustee | Trustee | 5 | $0 |
Thomas Gilmour Trustee | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $75,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $718,626 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $793,626 |
| Total Program Service Revenue | $33,013 |
| Investment income | $3,288 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $829,927 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $110,860 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,854 |
| Payroll taxes | $9,439 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $22,793 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $90,172 |
| Advertising and promotion | $500 |
| Office expenses | $1,365 |
| Information technology | $12,031 |
| Royalties | $0 |
| Occupancy | $9,314 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $52 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,675 |
| Insurance | $2,245 |
| All other expenses | $1,069 |
| Total functional expenses | $963,828 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $207,576 |
| Savings and temporary cash investments | $73,088 |
| Pledges and grants receivable | $2,255 |
| 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 | $7,067 |
| Prepaid expenses and deferred charges | $2,015 |
| Net Land, buildings, and equipment | $1,270 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $293,271 |
| Accounts payable and accrued expenses | $11,318 |
| 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 | $65,209 |
| Total liabilities | $76,527 |
| Net assets without donor restrictions | $19,744 |
| Net assets with donor restrictions | $197,000 |
| 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 | $293,271 |