Visible Music College
- Assets
- $10.6m
- Revenue
- $5.5m
- Investments
- $0.0
- Employees
- 102
- Location
- Memphis, TN
- Founding
- 09/2002
- Data as of
- 06/2022
- EIN
- 62-1861520
Organization Overview
Visible Music College is located in Memphis, TN. The organization was established in 2002. According to its NTEE Classification (B28) the organization is classified as: Special Education, under the broad grouping of Education and related organizations. As of 06/2022, Visible Music College employed 102 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Visible Music College 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 06/2022, Visible Music College generated $5.5m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 14.3% each year . All expenses for the organization totaled $6.1m during the year ending 06/2022. While expenses have increased by 11.1% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
VISIBLE MUSIC COLLEGE WILL TRAIN AND EQUIP ARTISTS, TECHNICIANS, AND BUSINESS PROFESSIONALS FOR SERVICE IN THE CHRISTIAN MUSIC INDUSTRY OR IN SERVICE TO A CHURCH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEVERAL ACADEMIC PROGRAMS ARE OFFERED AT VISIBLE MUSIC COLLEGE: MODERN MUSIC, MUSIC BUSINESS, MUSIC PRODUCTION, CREATIVE LEADERSHIP, ACTING, DANCE, FULL STACK WEB DEVELOPMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ken Steorts President | Officer | 60 | $127,109 |
Paula Beasley Chair | OfficerTrustee | $0 | |
John Dudas Director | Trustee | $0 | |
Lee Gibson Director | Trustee | $0 | |
Kristian Gluck Treasurer | OfficerTrustee | $0 | |
Sarah Haizlip Director | Trustee | $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 | $645,161 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $645,161 |
| Total Program Service Revenue | $4,889,072 |
| Investment income | $0 |
| 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 | $5,534,233 |
| 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. | $127,109 |
| Compensation of current officers, directors, key employees. | $127,109 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,980,876 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $30,555 |
| Payroll taxes | $138,235 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $88,683 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,383,600 |
| Advertising and promotion | $422,652 |
| Office expenses | $8,461 |
| Information technology | $89,363 |
| Royalties | $0 |
| Occupancy | $349,333 |
| Travel | $14,619 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $396,800 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $249,000 |
| Insurance | $75,282 |
| All other expenses | $46,881 |
| Total functional expenses | $6,078,138 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $733,985 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $200,000 |
| Accounts receivable, net | $517,706 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $34,988 |
| Prepaid expenses and deferred charges | $22,800 |
| Net Land, buildings, and equipment | $8,787,594 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $272,798 |
| Total assets | $10,569,871 |
| Accounts payable and accrued expenses | $363,359 |
| Grants payable | $0 |
| Deferred revenue | $191,075 |
| 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 | $7,548,252 |
| Other liabilities | $0 |
| Total liabilities | $8,102,686 |
| Net assets without donor restrictions | $2,465,952 |
| Net assets with donor restrictions | $1,233 |
| 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 | $10,569,871 |