The Academy Of Music
- Assets
- $1.8m
- Revenue
- $638.8k
- Investments
- $0.0
- Employees
- 39
- Location
- Norfolk, VA
- Founding
- 05/1996
- Data as of
- 08/2022
- 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 08/2022, Academy Of Music employed 39 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 08/2022, Academy Of Music generated $638.8k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.2% each year. All expenses for the organization totaled $641.1k during the year ending 08/2022. While expenses have increased by 4.4% per year over the past 7 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 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 7,500 HOURS OF PRIVATE LESSONS. 1,875 HOURS (OR ABOUT 25%) WERE PROVIDED FREE OF CHARGE, AS WE AWARDED ALMOST 98,000 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 EXPECT TO ENJOY HIGH-LEVEL MUSIC INSTRUCTION WITHOUT OUR PRESENCE. FOR EXAMPLE, LAST YEAR WE PROVIDED WEEKLY PRIVATE LESSONS TO 300 STUDENTS. OUR BAND-TOGETHER PROGRAM BRINGS STUDENTS WITH DISABILITIES INTO GROUP CLASSES TO MAKE MUSIC WITH STUDENTS WHO DO NOT HAVE DISABILITIES. THIS YEAR WAS OUR SECOND FULL YEAR OF THIS PROGRAM, AND WE EXPANDED IT TO 25 STUDENTS. OUR MUSICIANS ARE ALWAYS LOOKING FOR OPPORTUNITIES TO PRESENT PERFORMANCES TO THE COMMUNITY. WE WERE ABLE TO HOST 50 STUDENT RECITALS IN 12 VENUES. ADDITIONALLY, WE TAUGHT 75 STUDENTS IN OUR PARK PLACE PROGRAM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Dixon Executive Di | Officer | 40 | $112,909 |
Kyle Furr Vice Preside | OfficerTrustee | 2 | $0 |
Shelby Davis President | OfficerTrustee | 2 | $0 |
Brian Kint Treasurer | OfficerTrustee | 2 | $0 |
Carl Gaenslen Secretary | OfficerTrustee | 2 | $0 |
Patricia Rublein 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 | $346,140 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $346,140 |
| Total Program Service Revenue | $291,664 |
| Investment income | $1,003 |
| 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 | $638,807 |
| 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. | $112,909 |
| Compensation of current officers, directors, key employees. | $10,162 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $371,666 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $18,743 |
| Payroll taxes | $37,444 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $1,123 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $36,061 |
| Travel | $7 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $920 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,901 |
| Insurance | $2,963 |
| All other expenses | $24,410 |
| Total functional expenses | $641,084 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $101,225 |
| Savings and temporary cash investments | $220,990 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $18,981 |
| 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 | $1,679 |
| Net Land, buildings, and equipment | $7,530 |
| Investments—publicly traded securities | $31,060 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,424,500 |
| Total assets | $1,805,965 |
| Accounts payable and accrued expenses | $1,013 |
| 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 | $5,015 |
| Total liabilities | $6,028 |
| Net assets without donor restrictions | $1,799,937 |
| 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 | $1,805,965 |
Grants Recieved
Over the last fiscal year, we have identified 7 grants that The Academy Of Music has recieved totaling $231,753.
| Awarding Organization | Amount |
|---|---|
Hampton Roads Community Foundation Norfolk, VA PURPOSE: 2021 DESIGNATED DISTRIBUTION | $97,950 |
Hampton Roads Community Foundation Norfolk, VA PURPOSE: 2021 DISTRIBUTION | $50,760 |
Hampton Roads Community Foundation Norfolk, VA PURPOSE: FOR SCHOLARSHIPS AND OTHER PROGRAMS | $50,000 |
Beazley Foundation Inc Portsmouth, VA PURPOSE: PARKVIEW STRINGS PROGRAM & EDUC PROG | $25,000 |
Birdsong Charitable Foundation Inc Suffolk, VA PURPOSE: ARTS | $5,000 |
The Helen G Gifford Foundation Virginia Beach, VA PURPOSE: LITERARY | $3,000 |
Endowment Analysis
| Beg. Balance | $1,457,295 |
| Earnings | $21,520 |
| Admin Expense | -$6,655 |
| Net Contributions | $3,100 |
| Grants | -$50,760 |
| Ending Balance | $1,424,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Graduate Management Admission Council Reston, VA | $230,212,828 | $77,127,681 |
National Center For Research In Advanced Information & Digital Tec Washington, DC | $0 | $38,475,850 |
Common Application Inc Arlington, VA | $52,971,416 | $52,316,500 |
Longwood University Real Estate Foundation Farmville, VA | $322,438,396 | $31,911,007 |
Education Trust Inc Washington, DC | $60,384,663 | $28,594,144 |
Fwdus Education Fund Inc Washington, DC | $39,522,128 | $52,902,160 |
Chiefs For Change Washington, DC | $30,000,112 | $22,072,365 |
Duke Corporate Education Durham, NC | $27,489,390 | $18,675,614 |
Achieving The Dream Inc Silver Spring, MD | $48,979,373 | $23,156,070 |
Camc Health Education And Research Institute Inc Charleston, WV | $10,132,150 | $15,955,209 |
Cape Fear Tutoring Inc Wilmington, NC | $2,173,027 | $16,040,654 |
Us Ignite Inc Washington, DC | $5,718,790 | $15,311,234 |