Visible Music College
- Assets
- $10.7m
- Revenue
- $4.9m
- Investments
- $0.0
- Employees
- 94
- Location
- Memphis, TN
- Founding
- 09/2002
- Data as of
- 06/2021
- 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 06/2021, Visible Music College employed 94 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 06/2021, Visible Music College generated $4.9m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 3.6% each year. All expenses for the organization totaled $5.7m during the year ending 06/2021. While expenses have increased by 7.1% per year over the past 6 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
2021
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 |
|---|---|---|---|
Sarah Haizlip Chair | OfficerTrustee | $0 | |
Kristian Gluck Treasurer | OfficerTrustee | $0 | |
Eliot Morris Vice Chair | OfficerTrustee | $0 | |
Sheila Whalum Secretary | OfficerTrustee | $0 | |
Ken Steorts President | Officer | 60 | $0 |
Paula Beasley 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 | $1,392,656 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,392,656 |
| Total Program Service Revenue | $3,321,317 |
| 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 | $4,938,373 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,941,937 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $245,121 |
| Payroll taxes | $119,068 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $17,602 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,498,228 |
| Advertising and promotion | $376,237 |
| Office expenses | $10,448 |
| Information technology | $109,807 |
| Royalties | $0 |
| Occupancy | $377,366 |
| Travel | $10,205 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $389,128 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $239,098 |
| Insurance | $91,318 |
| All other expenses | $24,870 |
| Total functional expenses | $5,748,839 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $658,202 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $200,000 |
| Accounts receivable, net | $513,698 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $39,988 |
| Prepaid expenses and deferred charges | $43,096 |
| Net Land, buildings, and equipment | $8,867,544 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $348,679 |
| Total assets | $10,671,207 |
| Accounts payable and accrued expenses | $257,312 |
| Grants payable | $0 |
| Deferred revenue | $352,209 |
| 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 | $6,984,763 |
| Other liabilities | $0 |
| Total liabilities | $7,594,284 |
| Net assets without donor restrictions | $3,049,140 |
| Net assets with donor restrictions | $27,783 |
| 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 | $10,671,207 |
Grants Recieved
Over the last fiscal year, we have identified 9 grants that Visible Music College has recieved totaling $200,186.
| Awarding Organization | Amount |
|---|---|
Day Foundation Memphis, TN PURPOSE: OPERATING SUPPORT | $100,000 |
Christian Community Foundation Of Memphis And The Mid-South Inc Memphis, TN PURPOSE: PROGRAM SUPPORT | $47,600 |
Community Foundation Of Greater Memphis Inc Memphis, TN PURPOSE: GENERAL OPERATIONAL SUPPORT | $15,250 |
Wiseheart Foundation Memphis, TN PURPOSE: GENERAL SUPPORT | $10,250 |
John Dustin Buckman Charitable Trust Memphis, TN PURPOSE: EDUCATIONAL | $10,000 |
Love Life Foundation Mckinney, TX | | $6,000 |
Endowment Analysis
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