The Academy Of Music
- Assets
- $2.1m
- Revenue
- $778.0k
- Investments
- $0.0
- Employees
- 45
- Location
- Norfolk, VA
- Founding
- 05/1996
- Data as of
- 08/2024
- EIN
- 54-1764269
Organization Overview
The Academy Of Music is located in Norfolk, VA. The organization was established in 1996. According to its NTEE Classification (B90) the organization is classified as: Educational Services, under the broad grouping of Education and related organizations. As of 08/2024, Academy Of Music employed 45 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Academy Of Music 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 08/2024, Academy Of Music generated $778.0k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.1% each year. All expenses for the organization totaled $649.9k during the year ending 08/2024. While expenses have increased by 3.6% per year over the past 9 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
TO BRING THE JOYS AND BENEFITS OF LEARNING MUSIC TO THE RESIDENTS OF HAMPTON ROADS REGARDLESS OF ABILITY TO PAY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INSTRUCTION: THE ACADEMY PROVIDES INDIVIDUAL INSTRUCTION TO CHILDREN AND ADULTS THROUGH ONE-ON-ONE LESSONS, MOSTLY USING SPACE IN LOCAL CHURCHES. IN THE LAST SCHOOL YEAR, OUR FACULTY TAUGHT SOME 7,000 HOURS OF PRIVATE LESSONS. 2,500 HOURS (OR ABOUT 36%) WERE PROVIDED FREE OF CHARGE, AS WE AWARDED OVER 135,000 IN SCHOLARSHIPS, SHARED BETWEEN ONE IN EVERY THREE STUDENTS HAVING PRIVATE LESSONS.
OUTREACH: OUR OUTREACH PROGRAMS ARE FUNDED BY GRANTS AND DONATIONS AND REACH GROUPS IN OUR COMMUNITY THAT COULD NOT OTHERWISE HOPE TO ENJOY HIGH-LEVEL MUSIC INSTRUCTION. OUR TWO MAJOR OUTREACH PROGRAMS THIS YEAR WERE OUR "HARPS ON FIRE" PROGRAM IN PARTNERSHIP WITH NORFOLK PUBLIC SCHOOLS, AND OUR AFTER-SCHOOL PIANO PROGRAM AT IMPACT CHURCH IN CHESAPEAKE, REACHING A TOTAL OF 50 STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kyle Furr President | OfficerTrustee | 2 | $0 |
Stanley Gold Vice Preside | OfficerTrustee | 2 | $0 |
Brian Kint Treasurer | OfficerTrustee | 2 | $0 |
Jill Keifer Secretary | OfficerTrustee | 2 | $0 |
Stacy Apelt Director | Trustee | 1 | $0 |
Hal Barge Director | 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 | $527,227 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $527,227 |
| Total Program Service Revenue | $239,185 |
| Investment income | $11,583 |
| 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 | $777,995 |
| 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. | $112,426 |
| Compensation of current officers, directors, key employees. | $10,118 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $388,188 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $5,948 |
| Payroll taxes | $38,602 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,525 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $825 |
| Office expenses | $1,541 |
| Information technology | $560 |
| Royalties | $0 |
| Occupancy | $40,440 |
| Travel | $450 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,330 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,656 |
| Insurance | $3,220 |
| All other expenses | $21,369 |
| Total functional expenses | $649,904 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $18,761 |
| Savings and temporary cash investments | $557,327 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $16,472 |
| 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 | $789 |
| Net Land, buildings, and equipment | $12,608 |
| Investments—publicly traded securities | $53,535 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,413,432 |
| Total assets | $2,072,924 |
| Accounts payable and accrued expenses | $1,888 |
| 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 | $1,888 |
| Net assets without donor restrictions | $2,046,036 |
| Net assets with donor restrictions | $25,000 |
| 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 | $2,072,924 |