Lpmc Foundation
- Assets
- $652.0k
- Revenue
- $48.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Chicago, IL
- Founding
- 02/2015
- Data as of
- 12/2022
- EIN
- 47-2032801
Organization Overview
Lpmc Foundation is located in Chicago, IL. The organization was established in 2015. According to its NTEE Classification (A12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lpmc Foundation 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 12/2022, Lpmc Foundation generated $48.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (18.5%) each year. All expenses for the organization totaled $32.6k during the year ending 12/2022. 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
TO PROVIDE FUNDING TO MUSICAL ORGANIZATIONS IN ORDER TO SHARE THE BENEFITS OF A CREATIVE EDUCATION
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE FUNDING TO MUSICAL ORGANIZATIONS IN ORDER TO SHARE THE BENEFITS OF A CREATIVE EDUCATION. THESE ORGANIZATIONS INCLUDE A DIVERSE GROUP WITH BROAD REACH INCLUDING CHICAGO PUBLIC SCHOOLS IN UNDERSERVED NEIGHBOURHOODS AND GROUPS WITH DISABILITIES SUCH AS LIGHTHOUSE FOR VISUALLY IMPAIRED STUDENTS.TO HOLD PUBLIC PROGRAMMING THAT ALLOWS FOR BROAD ENJOYMENT AND ACCESS TO MUSIC FOR THE COMMUNITY INCLUDING AT NURSING HOMES AND EDUCATIONAL INSTITUTIONS. LINCOLN PARK MUSIC CENTER STUDENTS ALSO VOLUNTEER AND TUTOR AT THESE ORGANIZATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Whe DO Kim President | OfficerTrustee | 2 | $0 |
Lisa Capitanini Vice President | OfficerTrustee | 1 | $0 |
Mariam Alsikafi Treasurer | OfficerTrustee | 1 | $0 |
Fannie Young Secretary | OfficerTrustee | 1 | $0 |
Jeane-Emily Dubose Assistant Secretary | Trustee | 1 | $0 |
Colin Flood Assistant Treasurer | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $51,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $51,000 |
| Total Program Service Revenue | $0 |
| Investment income | $14,240 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$16,814 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $48,426 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $26,810 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $3,675 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,251 |
| Fees for services: Other | $604 |
| Advertising and promotion | $0 |
| Office expenses | $305 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $32,645 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $32,619 |
| 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 | $0 |
| Investments—publicly traded securities | $619,375 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $651,994 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $651,994 |
| 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 | $651,994 |
Grants Awarded
Over the last fiscal year, Lpmc Foundation has awarded $26,810 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
THE CHICAGO LIGHTHOUSE PURPOSE: FUNDS IN 2022 USED TO SUPPORT THE LIGHTHOUSE'S PROJECT IN CREATING A MULTI-SENSORY ENVIRONMENT IN THE CHILDREN'S DEVELOPMENT CENTER MUSIC LAB TO PURCHASE MATERIALS AND TOOLS TO SUPPORT THE MUSIC/SOUND PORTION OF THE ROOM. | $10,000 |
JONES COLLEGE PREP PURPOSE: SUPPORT JONES' CHOIR DEPARTMENT WITH ITS 2 PROJECTS: (1) PURCHASING GUITAR RACKS, AND (2) PURCHASE GENDER INCLUSIVE FORMAL PERFORMANCE ATTIRE. | $9,310 |
MUSIC IN URBAN SCHOOLS INSPIRING CHANGE PURPOSE: SUPPORT MUSIC INC.'S PROJECT IN PROVIDING MORE ADVANCED STUDENTS WITH NEW INSTRUMENTS TO HELP IN THEIR MUSICAL DEVELOPMENT. | $7,500 |