Music Academy Of North Carolina Inc
- Assets
- $582.4k
- Revenue
- $638.0k
- Investments
- $0.0
- Employees
- 34
- Location
- Greeensboro, NC
- Founding
- 10/1984
- Data as of
- 05/2022
- EIN
- 58-1583883
Organization Overview
Music Academy Of North Carolina Inc is located in Greeensboro, NC. The organization was established in 1984. 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 05/2022, Music Academy Of North Carolina Inc employed 34 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Music Academy Of North Carolina 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 05/2022, Music Academy Of North Carolina Inc generated $638.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (5.1%) each year. All expenses for the organization totaled $680.9k during the year ending 05/2022. As we would expect to see with falling revenues, expenses have declined by (4.1%) per year over the past 7 years. 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 INDIVIDUALIZED MUSIC INSTRUCTIONS TO STUDENTS REGARDLESS OF RACE, ETHNIC OR ECONOMIC BACKGROUND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ACADEMY PROVIDES STUDENTS WITH INDIVIDUALIZED MUSIC PROGRAMS WHICH PROVIDE OPPORTUNITIES FOR DEVELOPMENT OF TALENT AND GROWTH OF MUSICAL KNOWLEDGE AND SKILLS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kellie Burgess Executive Di | Trustee | 40 | $60,000 |
Diane Berberich Treasurer | OfficerTrustee | 3 | $0 |
Kathryn Larson Chair | Trustee | 5 | $0 |
Dr William Carroll Director | Trustee | 1 | $0 |
John Locke Director | Trustee | 1 | $0 |
Pam Murphy 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 | $164,540 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $164,540 |
| Total Program Service Revenue | $507,244 |
| Investment income | -$51,563 |
| 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 | $637,956 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $7,226 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $437,971 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $21,049 |
| Payroll taxes | $33,488 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,229 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $5,682 |
| Advertising and promotion | $8,412 |
| Office expenses | $38,371 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $91,213 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,037 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,729 |
| Insurance | $13,527 |
| All other expenses | $9,008 |
| Total functional expenses | $680,942 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,254 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $92,090 |
| Accounts receivable, net | $1,660 |
| 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 | $11,663 |
| Net Land, buildings, and equipment | $28,795 |
| Investments—publicly traded securities | $442,414 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $568 |
| Total assets | $582,444 |
| Accounts payable and accrued expenses | $24,872 |
| Grants payable | $0 |
| Deferred revenue | $50,659 |
| 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 | $4,000 |
| Other liabilities | $0 |
| Total liabilities | $79,531 |
| Net assets without donor restrictions | $9,594 |
| Net assets with donor restrictions | $493,319 |
| 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 | $582,444 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Music Academy Of North Carolina Inc has recieved totaling $30,156.
| Awarding Organization | Amount |
|---|---|
Community Foundation Of Greater Greensboro Inc Greensboro, NC PURPOSE: GENERAL SUPPORT | $20,038 |
United Arts Council Of Greater Greensboro Inc Greensboro, NC PURPOSE: AG RELIEF GRANT | $10,065 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $53 |
Endowment Analysis
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
National Association For Music Education Reston, VA | $9,057,318 | $6,884,178 |
Brevard Music Center Incorporated Brevard, NC | $69,609,976 | $12,354,771 |
United States Eventing Association Leesburg, VA | $3,606,586 | $4,712,475 |
School Of The Performing Arts In The Richmond Community Sparc Richmond, VA | $4,988,298 | $2,911,343 |
Vagabond School Of The Drama Inc Flat Rock, NC | $5,199,970 | $3,956,407 |
American String Teachers Association Incorporated Fairfax, VA | $1,824,284 | $1,512,044 |
Penn Center Inc St Helena Is, SC | $6,221,422 | $3,423,853 |
Heifetz International Music Institute Inc Staunton, VA | $536,696 | $1,780,872 |
North Carolina Music Educators Association Raleigh, NC | $1,025,143 | $732,789 |
Music Academy Of North Carolina Inc Greeensboro, NC | $582,444 | $637,956 |
Arts Together Inc Raleigh, NC | $461,763 | $543,838 |
Community Music School Raleigh, NC | $551,464 | $549,151 |