Midcoast Music Academy
- Assets
- $339.1k
- Revenue
- $341.2k
- Investments
- $0.0
- Employees
- 3
- Location
- Rockport, ME
- Founding
- 09/2018
- Data as of
- 08/2022
- EIN
- 45-5600605
Organization Overview
Midcoast Music Academy is located in Rockport, ME. The organization was established in 2018. 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, Midcoast Music Academy employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Midcoast Music Academy 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, Midcoast Music Academy generated $341.2k in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 28.1% each year . All expenses for the organization totaled $320.1k during the year ending 08/2022. While expenses have increased by 26.4% per year over the past 5 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PRIMARY EXEMPT PURPOSEMIDCOAST MUSIC ACADEMY IS ORGANIZED AND OPERATED EXCLUSIVELY FOR CHARITABLE AND EDUCATION PURPOSES AS SET FORTH IN SECTION 501 (C) (3) OF THE INTERNAL REVENUE CODE, OR CORRESPONDING SECTION OF ANY FUTURE FEDERAL TAX CODE. THE ORGANIZATION IS DEVOTED TO PROMOTING PUBLIC APPRECIATION OF MUSIC THROUGH INSTRUCTION, COMMUNITY PROGRAMS, AND PERFORMANCES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MIDCOAST MUSIC ACADEMY PROVIDES INDIVIDUAL AND GROUP MUSIC INSTRUCTION TO STUDENTS OF ALL AGES AND SKILL LEVELS. COMPLIMENTING THIS INSTRUCTION, STUDENTS ARE PROVIDED THE OPPORTUNITY TO PERFORM IN BOTH FORMAL AND INFORMAL SETTINGS SPONSORED BY THE ORGANIZATION. STUDENTS, FACULTY, AND THE COMMUNITY AT LARGE ALSO PARTICIPATE IN PRESENTATIONS OF LIVE MUSIC AND COMMUNITY EVENTS AND FESTIVALS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Claire Donnelly Secretary | Officer | 5 | $0 |
Guy Scalzi Treasurer | Officer | 10 | $0 |
Walter Reitz President | Officer | 5 | $0 |
Merle Rockwell Secretary | Officer | 5 | $0 |
Paul Benjamin Director | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $16,176 |
| All other contributions, gifts, grants, and similar amounts not included above | $95,237 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $111,413 |
| Total Program Service Revenue | $229,832 |
| Investment income | $0 |
| 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 | $341,245 |
| 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 | $189,696 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $900 |
| Payroll taxes | $6,054 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $10,488 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $9,296 |
| Advertising and promotion | $3,587 |
| Office expenses | $2,538 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $12,501 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $15,083 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $18,427 |
| Insurance | $7,432 |
| All other expenses | $3,986 |
| Total functional expenses | $320,106 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $25,786 |
| 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 | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $313,271 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $51 |
| Total assets | $339,108 |
| Accounts payable and accrued expenses | $0 |
| 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 | $354,482 |
| Total liabilities | $354,482 |
| Net assets without donor restrictions | -$15,374 |
| 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 | $339,108 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Midcoast Music Academy has recieved totaling $20,000.
| Awarding Organization | Amount |
|---|---|
Anonimo Foundation Damariscotta, ME PURPOSE: OPERATIONS SUPPORT | $20,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Concord Community Music School Concord, NH | $1,545,273 | $1,585,620 |
317 Main St Community Music Center Inc Yarmouth, ME | $4,625,414 | $3,657,456 |
Kneisel Hall Blue Hill, ME | $13,811,555 | $1,519,605 |
The Spartan Junior Drum And Bugle Corps Inc Nashua, NH | $341,545 | $843,857 |
Portland Conservatory Of Music Portland, ME | $1,611,562 | $945,126 |
Portland School Of Ballet Portland, ME | $186,689 | $547,468 |
Nashua Community Music School Nashua, NH | $219,055 | $475,725 |
Pierre Monteux Memorial Foundation Hancock, ME | $2,143,744 | $541,077 |
Midcoast Music Academy Rockport, ME | $339,108 | $341,245 |
River Tree Arts Kennebunk, ME | $536,279 | $341,114 |
Flying Gravity Circus Wilton, NH | $76,420 | $0 |
New Surry Repertory Theatre And Acting School Inc Blue Hill, ME | $61,781 | $0 |