Peoples Music School Inc
- Assets
- $3.9m
- Revenue
- $2.8m
- Investments
- $0.0
- Employees
- 111
- Location
- Chicago, IL
- Founding
- 05/1976
- Data as of
- 08/2023
- EIN
- 51-0192597
Organization Overview
Peoples Music School Inc is located in Chicago, IL. The organization was established in 1976. 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 08/2023, Peoples Music School Inc employed 111 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Peoples Music School 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 08/2023, Peoples Music School Inc generated $2.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.5% each year. All expenses for the organization totaled $3.2m during the year ending 08/2023. While expenses have increased by 13.4% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO DELIVER HIGH-QUALITY, TUITION FREE MUSIC EDUCATION
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PEOPLE'S MUSIC SCHOOL DELIVERED TUITION-FREE MUSIC EDUCATION TO 700 STUDENTS FROM ACROSS CHICAGO IN FY23. AT OUR FOUR PROGRAM SITES, EACH STUDENT RECEIVED BETWEEN 2-4 HOURS OF HIGH-QUALITY MUSICAL INSTRUCTION EACH WEEK. THE FALL SEMESTER WAS ADMINISTERED COMPLETELY ON-LINE AND WE WERE IN PERSON BEGINNING MID-SPRING SEMESTER. OUR STUDENTS RECEIVED INSTRUCTION IN A VARIETY OF MUSICAL GENRES AND LEARNING SETTINGS INCLUDING PRIVATE LESSONS, GROUP LESSONS, MUSICIANSHIP CLASSES, GENERAL MUSIC CLASSES, AND CHAMBER ENSEMBLES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Buck President | OfficerTrustee | 2 | $0 |
Steven Shaw Vice President | OfficerTrustee | 2 | $0 |
Julie Lopez Secretary | OfficerTrustee | 2 | $0 |
Peter Sheren Treasurer | OfficerTrustee | 2 | $0 |
Ellen Feldman Director | Trustee | 1 | $0 |
Nalini Kotamraju Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $196,846 |
| Related organizations | $0 |
| Government grants | $152,611 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,232,596 |
| Noncash contributions included in lines 1a–1f | $229,402 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,582,053 |
| Total Program Service Revenue | $0 |
| Investment income | $81,264 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $91,452 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,755,459 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $25,206 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $345,839 |
| Compensation of current officers, directors, key employees. | $64,212 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,879,539 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $128,016 |
| Payroll taxes | $168,543 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,000 |
| Fees for services: Accounting | $21,560 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $110,970 |
| Advertising and promotion | $8,467 |
| Office expenses | $33,429 |
| Information technology | $89,293 |
| Royalties | $0 |
| Occupancy | $103,563 |
| Travel | $81,829 |
| 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 | $95,461 |
| Insurance | $30,996 |
| All other expenses | $21,639 |
| Total functional expenses | $3,247,810 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $339,206 |
| Savings and temporary cash investments | $2,340,458 |
| Pledges and grants receivable | $521,564 |
| Accounts receivable, net | $75 |
| 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 | $26,423 |
| Net Land, buildings, and equipment | $504,112 |
| Investments—publicly traded securities | $77,264 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $62,161 |
| Total assets | $3,871,263 |
| Accounts payable and accrued expenses | $94,866 |
| 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 | $138,329 |
| Total liabilities | $233,195 |
| Net assets without donor restrictions | $2,870,159 |
| Net assets with donor restrictions | $767,909 |
| 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 | $3,871,263 |