Peoples Music School Inc
- Assets
- $5.5m
- Revenue
- $3.2m
- Investments
- $0.0
- Employees
- 133
- Location
- Chicago, IL
- Founding
- 05/1976
- Data as of
- 08/2021
- 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 08/2021, Peoples Music School Inc employed 133 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 08/2021, Peoples Music School Inc generated $3.2m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 7.5% each year. All expenses for the organization totaled $2.9m during the year ending 08/2021. While expenses have increased by 15.8% 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
2021
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 710 STUDENTS FROM ACROSS CHICAGO IN FY21. AT OUR FOUR PROGRAM SITES, EACH STUDENT RECEIVED BETWEEN 2-4 HOURS OF HIGH-QUALITY ONLINE MUSICAL INSTRUCTION EACH WEEK. 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.
THE PEOPLE'S MUSIC SCHOOL DELIVERED TUITION-FREE MUSIC EDUCATION TO 710 STUDENTS FROM ACROSS CHICAGO IN FY21. AT OUR FOUR PROGRAM SITES, EACH STUDENT RECEIVED BETWEEN 2-4 HOURS OF HIGH-QUALITY ONLINE MUSICAL INSTRUCTION EACH WEEK. 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 |
|---|---|---|---|
Jennifer Kim President & Artistic Direc | Officer | 40 | $122,250 |
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 |
Andrew Gluck Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $337,715 |
| Related organizations | $0 |
| Government grants | $731,988 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,039,798 |
| Noncash contributions included in lines 1a–1f | $95,942 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,109,501 |
| Total Program Service Revenue | $0 |
| Investment income | $3,872 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,954 |
| Net Income from Fundraising Events | $93,439 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,227,151 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $6,728 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $164,120 |
| Compensation of current officers, directors, key employees. | $16,412 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,746,767 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $108,789 |
| Payroll taxes | $140,670 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,751 |
| Fees for services: Accounting | $11,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $130,735 |
| Advertising and promotion | $7,590 |
| Office expenses | $37,561 |
| Information technology | $135,136 |
| Royalties | $0 |
| Occupancy | $73,110 |
| Travel | $22,260 |
| 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 | $79,087 |
| Insurance | $25,618 |
| All other expenses | $8,287 |
| Total functional expenses | $2,864,602 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $808,770 |
| Savings and temporary cash investments | $3,347,847 |
| Pledges and grants receivable | $745,565 |
| Accounts receivable, net | $1,079 |
| 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 | $23,555 |
| Net Land, buildings, and equipment | $534,792 |
| Investments—publicly traded securities | $75,384 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,536,992 |
| Accounts payable and accrued expenses | $134,188 |
| 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 | $70,477 |
| Total liabilities | $204,665 |
| Net assets without donor restrictions | $4,506,715 |
| Net assets with donor restrictions | $825,612 |
| 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 | $5,536,992 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Peoples Music School Inc has recieved totaling $5,000.
| Awarding Organization | Amount |
|---|---|
Lubetkin Family Foundation Winnetka, IL PURPOSE: EDUCATION | $5,000 |
Endowment Analysis
| Beg. Balance | $2,368,499 |
| Earnings | $2,164 |
| Net Contributions | $247,240 |
| Ending Balance | $2,617,903 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Old Town School Of Folk Music Inc Chicago, IL | $26,291,664 | $13,585,929 |
Merit School Of Music Chicago, IL | $32,406,157 | $6,571,408 |
Wisconsin Conservatory Of Music Inc Milwaukee, WI | $12,916,262 | $4,546,941 |
Peoples Music School Inc Chicago, IL | $5,536,992 | $3,227,151 |
The Patrick G and Shirley W Ryan Opera Center Chicago, IL | $0 | $2,321,702 |
Preucil School Of Music Iowa City, IA | $5,696,584 | $1,870,215 |
Kentucky Music Educators Assn Inc Richmond, KY | $990,506 | $1,002,541 |
Hyde Park School Of Dance Chicago, IL | $889,337 | $1,144,142 |
Dayspring School Of The Arts Maryland Heights, MO | $2,572,227 | $1,177,461 |
Suzuki-Orff School For Young Musicians Chicago, IL | $442,454 | $1,030,627 |
Woodlawn Arts Academy Sterling, IL | $415,650 | $718,677 |
Wausau Conservatory Of Music Inc Wausau, WI | $2,318,265 | $970,609 |