Music Academy Of The West
- Assets
- $120.8m
- Revenue
- $15.4m
- Investments
- $16.0m
- Employees
- 47
- Location
- Santa Barbara, CA
- Founding
- 09/1948
- Data as of
- 12/2021
- EIN
- 95-1525814
Organization Overview
Music Academy Of The West is located in Santa Barbara, CA. The organization was established in 1948. 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 12/2021, Music Academy Of The West employed 47 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Music Academy Of The West 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 12/2021, Music Academy Of The West generated $15.4m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.3%) each year. All expenses for the organization totaled $10.7m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE MUSIC ACADEMY OF THE WEST MAKES A UNIQUE AND ENDURING CONTRIBUTION TO THE WORLD OF MUSIC BY ADVANCING THE DEVELOPMENT OF THE NEXT GENERATION OF GREAT CLASSICALLY TRAINED MUSICIANS AND CULTIVATING DISCERNING, APPRECIATIVE, AND ADVENTUROUS AUDIENCES.
Describe the Organization's Program Activity:
MUSIC ACADEMY PRESENTS AN ANNUAL FULL-SCHOLARSHIP SUMMER SCHOOL AND FESTIVAL FOR 135 CLASSICALLY TRAINED FELLOWS AGES 18 TO 34. IN 2021, FOR SIX INTENSIVE WEEKS, OUR FELLOWS STUDIED WITH OVER 50 EXCEPTIONAL TEACHING ARTISTS, PERFORMED IN MORE THAN 100 CONCERTS AND MASTERCLASSES, AND FORGED CLOSE CONNECTIONS WITH THE COMMUNITY THROUGH OUR UNIQUE COMPEER PROGRAM. MUSIC ACADEMY ALSO SEEKS TO ENGAGE DIVERSE AUDIENCES BY OFFERING $10 COMMUNITY ACCESS TICKETS, WELCOMING EVERYONE FROM ACROSS ALL GENERATIONS, CULTURES, AND BACKGROUNDS TO EXPERIENCE THE TRANSFORMATIVE POWER OF MUSIC. OUR INNOVATION INSTITUTE PROVIDES OUR FELLOWS ADDITIONAL ENTREPRENEURIAL AND LEADERSHIP TRAINING OPPORTUNITIES AS PART OF THE SUMMER CURRICULUM.
YEAR-ROUND, THE MUSIC ACADEMY CONTINUES ITS COMMITMENT TO UNPARALLELED MENTORSHIP AND CAREER-ADVANCING PROSPECTS, AS WELL AS MUSIC EDUCATION AND PERFORMANCE. IN 2021, THE INNOVATION INSTITUTE SPEARHEADED ENTREPRENEURIAL TRAINING AND VENTURES THROUGH SEMINARS, RESIDENCIES, AND THE ALUMNI ENTERPRISE AWARDS, SUBSTANTIAL GRANTS GIVEN ANNUALLY FOR A WIDE RANGE OF CREATIVE PROJECTS. THE SING! PROGRAM, A FREE, AFTER-SCHOOL CHORAL PROGRAM FOR LOCAL ELEMENTARY STUDENTS, WHICH AIMS TO INSPIRE PERSONAL GROWTH AND EXPRESSION THROUGH MUSIC, CONTINUED TO HOLD VIRTUAL REHEARSALS. IT ALSO HELD 3 IN-PERSON OUTDOOR FAMILY COMMUNITY EVENTS. AS PART OF THE ONGOING PARTNERSHIP WITH THE LONDON SYMPHONY ORCHESTRA (LSO), INSTRUMENTALISTS PARTICIPATED IN VIRTUAL COACHING WITH LSO PRINCIPAL MUSICIANS AND AUDITIONED FOR COVETED SPOTS FOR A 10-DAY LONDON RESIDENCY, THE KESTON MUSIC ACADEMY EXCHANGE (MAX). MUSIC ACADEMY ALSO ENGAGED THE BROADER COMMUNITY THROUGH ITS MET LIVE BROADCASTS AND BY OFFERING ITS CAMPUS SPACES TO LOCAL MUSIC TEACHERS AND PERFORMING ARTS ORGANIZATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Scott Reed President & CEO | Officer | 40 | $436,877 |
Jamie Broumas Chief Artistic Officer | Officer | 40 | $231,750 |
Jonathan Bishop Chief Advancement Officer | Officer | 40 | $219,389 |
Mimi DO CFO & VP Of Administration | Officer | 40 | $200,000 |
Ana Papakhian Chief Marketing & Communications Officer | Officer | 40 | $173,791 |
Casey Molino Dunn VP Of Innovation & Program Development | 40 | $148,135 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
West Coast Power Solutions Hvac Maintenance | 12/30/21 | $187,423 |
Seasons Catering Catering | 12/30/21 | $120,532 |
Santa Barbara Center For The Performing Performance Production | 12/30/21 | $154,600 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $741,638 |
| Related organizations | $0 |
| Government grants | $482,150 |
| All other contributions, gifts, grants, and similar amounts not included above | $12,057,138 |
| Noncash contributions included in lines 1a–1f | $5,509,262 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $13,280,926 |
| Total Program Service Revenue | $374,280 |
| Investment income | $1,667,749 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $58,800 |
| Net Gain/Loss on Asset Sales | $1,615 |
| Net Income from Fundraising Events | -$18,307 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $65,537 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $15,444,605 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $20,000 |
| Grants and other assistance to domestic individuals. | $88,450 |
| Grants and other assistance to Foreign Orgs/Individuals | $32,050 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,429,398 |
| Compensation of current officers, directors, key employees. | $225,246 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,802,019 |
| Pension plan accruals and contributions | $45,532 |
| Other employee benefits | $168,731 |
| Payroll taxes | $204,927 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $8,538 |
| Fees for services: Accounting | $76,268 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $23,205 |
| Fees for services: Investment Management | $203,938 |
| Fees for services: Other | $277,848 |
| Advertising and promotion | $154,715 |
| Office expenses | $60,830 |
| Information technology | $269,800 |
| Royalties | $0 |
| Occupancy | $698,813 |
| Travel | $817,871 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $409,140 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,136,364 |
| Insurance | $105,272 |
| All other expenses | $182,364 |
| Total functional expenses | $10,668,057 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,226,580 |
| Savings and temporary cash investments | $4,686,776 |
| Pledges and grants receivable | $7,865,545 |
| Accounts receivable, net | $42,866 |
| 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 | $113,861 |
| Net Land, buildings, and equipment | $40,821,359 |
| Investments—publicly traded securities | $44,915,230 |
| Investments—other securities | $15,962,967 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,115,737 |
| Total assets | $120,750,921 |
| Accounts payable and accrued expenses | $920,936 |
| Grants payable | $0 |
| Deferred revenue | $462,890 |
| 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 | $10,646,379 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $12,030,205 |
| Net assets without donor restrictions | $90,355,438 |
| Net assets with donor restrictions | $18,365,278 |
| 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 | $120,750,921 |
Grants Awarded
Over the last fiscal year, Music Academy Of The West has awarded $40,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Oceanside, CA PURPOSE: ALUMNI ENTERPRISE AWARDS | $20,000 |
Chicago, IL PURPOSE: ALUMNI ENTERPRISE AWARDS | $20,000 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Music Academy Of The West has recieved totaling $33,500.
| Awarding Organization | Amount |
|---|---|
Julia Stearns Dockweiler Charitable Foundation Los Angeles, CA PURPOSE: RESTRICTED GRANT FOR THE COLLABORATIVE PIANO STUDIO, SCHOLARSHIP AND OTHER PROGRAMS | $15,000 |
Helen Sperry Lea Foundation Venice, CA PURPOSE: GENERAL | $11,000 |
Bp Foundation Rohnert Park, CA PURPOSE: PERFORMING ARTS AND EDUCATION | $5,000 |
Eugene And Marilyn Stein Family Foundation La Canada, CA PURPOSE: ANNUAL FUND | $2,500 |
Endowment Analysis
| Beg. Balance | $43,476,645 |
| Earnings | $7,007,525 |
| Net Contributions | $4,300,950 |
| Other Expense | $2,291,553 |
| Ending Balance | $52,493,567 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Music Academy Of The West Santa Barbara, CA | $120,750,921 | $15,444,605 |
Community Music Center San Francisco, CA | $15,281,174 | $7,950,655 |
Community School Of Music And Arts Mountain View, CA | $18,628,663 | $6,488,682 |
East Bay Center For The Performing Arts Richmond, CA | $17,638,229 | $4,210,824 |
Pasadena Conservatory Of Music Pasadena, CA | $15,881,465 | $7,957,752 |
Rlg Land Foundation Bakersfield, CA | $25,153,075 | $1,533,826 |
Etm-La Inc Burbank, CA | $1,833,553 | $2,704,236 |
Northwest Childrens Theater And School Inc Portland, OR | $1,969,323 | $1,602,828 |
Northwest Professional Dance Project Portland, OR | $1,772,788 | $1,279,998 |
Stanford Jazz Workshop Stanford, CA | $2,242,976 | $2,072,120 |
College Of Adaptive Arts Saratoga, CA | $617,789 | $1,346,565 |
Claremont Community School Of Music Claremont, CA | $591,718 | $1,260,118 |