Louisville Academy Of Music Inc, operating under the name Louisville Academy Of Music, is located in Louisville, KY. The organization was established in 1959. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Louisville 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 05/2023, Louisville Academy Of Music generated $680.0k in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 22.1% each year . All expenses for the organization totaled $631.8k during the year ending 05/2023. While expenses have increased by 22.8% per year over the past 5 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
THE LOUISVILLE ACADEMY OF MUSIC WELCOMES EVERYONE TO JOIN OUR MUSICAL COMMUNITY. LAM NURTURES LIFELONG LEARNERS, NOT SOLELY AS MUSICIANS BUT ALSO AS CREATIVE, INSPIRED PEOPLE. EQUITY IN MUSIC EDUCATION IS A FORCE TO REALIZE POTENTIAL, ACHIEVE DREAMS, AND MAKE THE WORLD A BETTER PLACE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WEEKLY, LAM TEACHES OVER 400 STUDENTS AGES 3-83, FROM MORE THAN 50 ZIP CODES. WITH STUDENT ENROLLMENT INCREASING 30% IN THE LAST 3 YEARS, OUR 19 FACULTY TEACH OVER 12,000 LESSONS ANNUALLY. OUR CORE PROGRAMMING FOCUSES ON LONG TERM LEARNING THROUGH WEEKLY INDIVIDUAL INSTRUMENT AND VOICE INSTRUCTION. THROUGH STUDYING AN INSTRUMENT OUR STUDENTS LEARN SKILLS, WHILE DEVELOPING DISCIPLINE, POISE, AND CONFIDENCE THAT HELP THEM AS THEY MATURE AND CHOOSE THEIR LIFE PATH. WE ARE DEVOTED TO TRAINING SERIOUS MUSICIANS WHO WILL BECOME CREATIVE, INSPIRED CITIZENS.
THE LOUISVILLE ACADEMY HAS TAUGHT NEARLY A MILLION MUSIC LESSONS SINCE OUR FOUNDING. IN THE PAST FIVE YEARS WE HAVE EXPERIENCED A REBIRTH DOUBLING OUR STUDENT BODY, LAUNCHING A NEED-BASED SCHOLARSHIP PROGRAM, AND REACHING THOUSANDS OF PEOPLE THROUGH OUR NEW COMMUNITY MUSIC PROGRAMS. WE HAVE EXPANDED OUR NEED BASED SCHOLARSHIP PROGRAM TO OFFER LESSONS BOTH ON AND OFF-CAMPUS, WE HAVE ENGAGED IN COMMUNITY RESIDENCIES, AND PARTNERED WITH 30 OTHER COMMUNITY ORGANIZATIONS TO REACH 4,000 PARTICIPANTS WITH CREATIVE, INCLUSIVE, AND FREE MUSIC PROGRAMS ACROSS OUR COMMUNITY.
OUR MUSIC FOR EVERYONE PROGRAM PROVIDES ONSITE MUSIC EDUCATION TO SCHOOLS AND COMMUNITY CENTERS IN UNDERSERVED PARTS OF LOUISVILLE, WE OFFER NEEDS-BASED SCHOLARSHIPS FOR OUR TRADITIONAL CLASSES AND LESSONS, AND WE HOST DIVERSE GUEST ARTISTS WHO SHARE A WIDE VARIETY OF GENRES AND SKILLS WITH OUR STUDENTS. WE ARE PROUD OF THE ENRICHING LEARNING ENVIRONMENT WE CREATE FOR ALL OF OUR STUDENTS AND THEIR VARIED INTERESTS. SINCE THE PROGRAM'S 2018 INCEPTION, MUSIC FOR EVERYONE HAS GROWN EXPONENTIALLY IN RESPONSE TO INCREASING INTEREST WE REACHED 2,000 YOUTH IN THE LOCAL COMMUNITY LAST YEAR. SUPPORT OF MUSIC FOR EVERYONE WILL HELP SUSTAIN OUR EFFORTS TO MAKE MUSIC EDUCATION WIDELY ACCESSIBLE TO DESERVING STUDENTS, REGARDLESS OF SOCIO-ECONOMIC STATUS.
OUR MUSIC FOR EVERYONE PROGRAM PROVIDES ONSITE MUSIC EDUCATION TO SCHOOLS AND COMMUNITY CENTERS IN UNDERSERVED PARTS OF LOUISVILLE, WE OFFER NEEDS-BASED SCHOLARSHIPS FOR OUR TRADITIONAL CLASSES AND LESSONS, AND WE HOST DIVERSE GUEST ARTISTS WHO SHARE A WIDE VARIETY OF GENRES AND SKILLS WITH OUR STUDENTS. WE ARE PROUD OF THE ENRICHING LEARNING ENVIRONMENT WE CREATE FOR ALL OF OUR STUDENTS AND THEIR VARIED INTERESTS. WE PARTNERED WITH 19 KENTUCKIANA ORGANIZATIONS TO PROVIDE FREE PERFORMANCES, WORKSHOPS AND OTHER EDUCATIONAL EXPERIENCES TO OVER 4,000 PEOPLE IN 30 LOCATIONS. THE LOUISVILLE ACADEMY OF MUSIC'S FIRST EQUITY PLAN WAS COLLABORATIVELY WRITTEN USING FEEDBACK FROM OUR STAFF, TEACHERS, BOARD OF DIRECTORS, FAMILIES AND STUDENT ADVISORS AND SUPPORT FROM THE KENTUCKY ARTS COUNCIL.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Luke Darville Director | Trustee | 1 | $0 |
Will Oldham Director | Trustee | 1 | $0 |
Eleanor Livingston Treasurer | OfficerTrustee | 2 | $0 |
Anna Hayden Secretary | OfficerTrustee | 2 | $0 |
Sheronda Shorter Director | Trustee | 1 | $0 |
David Handmaker Director | Trustee | 1 | $0 |
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 | $174,154 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $174,154 |
Total Program Service Revenue | $505,211 |
Investment income | $622 |
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 | $679,987 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $0 |
Grants and other assistance to domestic individuals. | $43,218 |
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 | $418,752 |
Pension plan accruals and contributions | $4,870 |
Other employee benefits | $0 |
Payroll taxes | $32,034 |
Fees for services: Management | $0 |
Fees for services: Legal | $0 |
Fees for services: Accounting | $15,833 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $28,619 |
Advertising and promotion | $1,524 |
Office expenses | $17,385 |
Information technology | $4,519 |
Royalties | $0 |
Occupancy | $23,721 |
Travel | $906 |
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 | $15,382 |
Insurance | $7,342 |
All other expenses | $2,081 |
Total functional expenses | $631,827 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $107,451 |
Savings and temporary cash investments | $93,325 |
Pledges and grants receivable | $12,411 |
Accounts receivable, net | $3,140 |
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 | $0 |
Net Land, buildings, and equipment | $215,999 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $0 |
Total assets | $432,326 |
Accounts payable and accrued expenses | $54,089 |
Grants payable | $0 |
Deferred revenue | $1,289 |
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 | $55,378 |
Net assets without donor restrictions | $316,099 |
Net assets with donor restrictions | $60,849 |
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 | $432,326 |