Gift Of Music Foundation Inc
- Assets
- $348.9k
- Revenue
- $990.6k
- Investments
- $0.0
- Employees
- 11
- Location
- Marietta, GA
- Founding
- 03/2015
- Data as of
- 12/2022
- EIN
- 47-3268303
Organization Overview
Gift Of Music Foundation Inc is located in Marietta, GA. The organization was established in 2015. According to its NTEE Classification (P20) the organization is classified as: Human Service Organizations, under the broad grouping of Human Services and related organizations. As of 12/2022, Gift Of Music Foundation Inc employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Gift Of 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 12/2022, Gift Of Music Foundation Inc generated $990.6k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 61.1% each year . All expenses for the organization totaled $907.5k during the year ending 12/2022. While expenses have increased by 55.6% per year over the past 6 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
TO PROVIDE ESSENTIAL RESOURCES TO SUPPORT MUSIC PROGRAMS AND EDUCATION FOR YOUTH, ENSURING THAT MUSIC CONTINUES TO PLAY A VITAL ROLE IN ENRICHING OUR LIVES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ACCESS TO INSTRUMENTS (ATI) PROGRAM: PROVIDES ACCESS TO THE INSTRUMENT THAT A BEGINNING STUDENT NEEDS TO PARTICIPATE IN BAND OR ORCHESTRA. OUR INNOVATIVE MODEL SERVES FAMILIES OF ALL FINANCIAL MEANS AND PRICING IS BASED ON NEED. THE "PARTNER PLAN" IS OPEN TO ALL FAMILIES WITH A NEAR MARKET MONTHLY RENTAL RATE THAT HELPS SUBSIDIZE OTHER PLANS. THE "REDUCED PLAN" IS A MONTHLY RENTAL AT A GREATLY REDUCED COST. IT IS OPEN TO FAMILIES RECEIVING ANY KIND OF NUTRITION ASSISTANCE SUCH AS FREE/REDUCED LUNCH, SNAP, ETC. THE "GIFT OF MUSIC PLAN" IS AN OPTION FOR FAMILIES MEETING FURTHER INCOME AND HOUSEHOLD SIZE QUALIFICATIONS. IT HAS A SMALL APPLICATION FEE, BUT NO MONTHLY RENTAL PAYMENTS. BOTH THE PARTNER AND REDUCED PLANS ARE MONTH TO MONTH RENT TO OWN CONTRACTS THAT CAN BE CANCELLED AND RETURNED ANY TIME. THE GIFT OF MUSIC PLAN CAN BE RENEWED EACH SCHOOL YEAR. ALL PLANS INCLUDE OUR REPAIR AND MAINTENANCE (RAMP) AT NO ADDITIONAL COST.
ACCESS TO MUSIC EDUCATION PROGRAM (ATMEP): CREATES ACCESS TO BEGINNING AND/OR INTERMEDIATE INSTRUMENTAL MUSIC CLASSES WHERE THEY HAVE BEEN ELIMINATED OR ARE NOT OFFERED. TYPICALLY, AN ATMEP PARTNER WILL PROVIDE USE OF THEIR FACILITY WHILE THE GIFT OF MUSIC FOUNDATION PROVIDES THE TURN-KEY MUSIC CLASS OFFERINGS, INCLUDING THE TEACHER AND CURRICULUM. CLASSES ARE TAILORED AND PRICED FOR EACH SCHOOL BASED ON OVERALL NEED. PARENTS WILL PAY EITHER A MONTHLY TUITION, OR ONE TIME REGISTRATION FEE. THIS IS DETERMINED BY THE OVERALL SOCIOECONOMIC STATUS OF THE SCHOOL OR FACILITY. IF INSTRUMENTS ARE NEEDED, THE ATI PROGRAM IS OFFERED TO STUDENTS AND PARENTS. INDIVIDUAL CLASSES MAY ALSO CREATE FUNDRAISING TEAMS FOR SPECIFIC INSTRUMENTS OR TECHNOLOGY.
INSTRUMENT REPAIR PROGRAM: PROVIDES BOTH INTERNAL INSTRUMENT REPAIR IN SUPPORT OF THE ATI AND OTHER PROGRAMS, AS WELL AS EXTERNAL SUPPORT BY REPAIRING INSTRUMENTS FOR SCHOOLS AND INDIVIDUALS. GENERATES REVENUE THROUGH EXTERNAL CUSTOMERS AND SCHOLASTIC PARTNERSHIPS THAT PAY FOR THESE INSTRUMENT REPAIRS. THIS REVENUE COVERS THE COST OF INSTRUMENT TECHNICIANS, TOOLS AND EQUIPMENT. EXCESS REVENUE GENERATED IS USED THROUGHOUT THE GIFT OF MUSIC FOUNDATION IN THE GENERAL FUND TO SUPPORT OTHER PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christopher R Monroe Ceo/exec Dir | Officer | 30 | $25,000 |
D Scott Keefer Vice Pres/cc | Officer | 20 | $24,500 |
A Dixon Marlow CFO | Officer | 1 | $0 |
Jamie Gordon Secretary | Officer | 1 | $0 |
Pam Brems Board Chair | Trustee | 1 | $0 |
Michael Eckert Director | Trustee | $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 | $556,118 |
| Noncash contributions included in lines 1a–1f | $384,597 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $556,118 |
| Total Program Service Revenue | $204,463 |
| Investment income | $121 |
| 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 | $231,788 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $990,626 |
| 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. | $49,500 |
| Compensation of current officers, directors, key employees. | $20,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $269,313 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $25,278 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $19,704 |
| Office expenses | $31,618 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $86,227 |
| Travel | $2,788 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,893 |
| Interest | $4,705 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $13,048 |
| Insurance | $10,079 |
| All other expenses | $0 |
| Total functional expenses | $907,462 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $53,243 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $10,477 |
| 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 | $66,114 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $219,032 |
| Total assets | $348,866 |
| 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 | $263,267 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $46,967 |
| Total liabilities | $310,234 |
| Net assets without donor restrictions | $38,632 |
| 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 | $348,866 |