New Music Usa Inc
- Assets
- $21.1m
- Revenue
- $3.3m
- Investments
- $3.3m
- Employees
- 11
- Location
- New York, NY
- Founding
- 07/1946
- Data as of
- 06/2021
- EIN
- 13-0432981
Organization Overview
New Music Usa Inc is located in New York, NY. The organization was established in 1946. According to its NTEE Classification (A68) the organization is classified as: Music, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 06/2021, New Music USA Inc employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Music USA 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 06/2021, New Music USA Inc generated $3.3m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 10.6% each year . All expenses for the organization totaled $2.4m during the year ending 06/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2019, New Music USA Inc has awarded 149 individual grants totaling $1,554,982. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
WE SUPPORT AND AMPLIFY THE SOUNDS OF TOMORROW BY NURTURING THE CREATION, PERFORMANCE, AND APPRECIATION OF NEW MUSIC FOR ADVENTUROUS LISTENERS IN THE US AND BEYOND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GRANTMAKING: THE GRANTMAKING PROGRAMS CONTINUE TO RESPOND TO NEEDS OF CREATORS AND MUSICAL ORGANIZATIONS, WITH A PARTICULAR AWARENESS OF SUPPORTING HISTORICALLY UNDERSERVED CREATORS. THIS IS ACHIEVED BY RESPONDING WITH AN INFORMED UNDERSTANDING OF THE UNIQUE NEEDS OF THE MUSICAL CREATOR COMMUNITIES ACROSS THE COUNTRY THROUGH GRANTMAKING, FACILITATING CONNECTIONS WITH AUDIENCES AND STAKEHOLDERS, AND ADVOCACY. IN FY2021, NEW MUSIC USA AWARDED GRANTS TO 113 PROJECTS.
COMMUNICATION/CONNECTIVITY: (SEE SCHEDULE O)
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Vanessa Reed President & CEO | Officer | 50 | $174,365 |
Amy Iwano Vice Chair | OfficerTrustee | 3 | $0 |
Steven Tresnan Treasurer | OfficerTrustee | 3 | $0 |
Matias Tarnopolsky Secretary | OfficerTrustee | 3 | $0 |
Joseph Walker Co-Chair | OfficerTrustee | 3 | $0 |
Reena Esmail Co-Chair | OfficerTrustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $464,286 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,080,478 |
| Noncash contributions included in lines 1a–1f | $23,650 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,544,764 |
| Total Program Service Revenue | $0 |
| Investment income | $456,185 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,275,436 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,287,635 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $659,500 |
| Grants and other assistance to domestic individuals. | $300,410 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $182,229 |
| Compensation of current officers, directors, key employees. | $5,321 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $502,246 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $102,630 |
| Payroll taxes | $53,545 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $96,750 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $98,417 |
| Fees for services: Other | $157,275 |
| Advertising and promotion | $0 |
| Office expenses | $23,860 |
| Information technology | $22,486 |
| Royalties | $0 |
| Occupancy | $97,926 |
| Travel | $581 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,168 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,703 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $2,354,859 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $319,428 |
| Savings and temporary cash investments | $1,787,367 |
| Pledges and grants receivable | $969,420 |
| Accounts receivable, net | $12,397 |
| 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 | $3,633 |
| Net Land, buildings, and equipment | $4,859 |
| Investments—publicly traded securities | $14,723,058 |
| Investments—other securities | $3,252,662 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,700 |
| Total assets | $21,074,524 |
| Accounts payable and accrued expenses | $145,100 |
| Grants payable | $1,125,535 |
| Deferred revenue | $0 |
| 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 | $1,270,635 |
| Net assets without donor restrictions | $892,775 |
| Net assets with donor restrictions | $18,911,114 |
| 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 | $21,074,524 |
Grants Awarded
Over the last fiscal year, New Music Usa Inc has awarded $522,500 in support to 56 organizations.
| Grant Recipient | Amount |
|---|---|
Dallas, TX PURPOSE: AMPLIFYING VOICES | $16,000 |
New York, NY PURPOSE: ORGANIZATIONAL DEVELOPMENT FUND | $15,000 |
Brooklyn, NY PURPOSE: ORGANIZATIONAL DEVELOPMENT FUND | $15,000 |
New York, NY PURPOSE: ORGANIZATIONAL DEVELOPMENT FUND | $15,000 |
New York, NY PURPOSE: ORGANIZATIONAL DEVELOPMENT FUND | $15,000 |
New York, NY PURPOSE: ORGANIZATIONAL DEVELOPMENT FUND | $13,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that New Music Usa Inc has recieved totaling $5,000.
| Awarding Organization | Amount |
|---|---|
Dorothea R Endicott Charitable Foundation Boston, MA PURPOSE: PROGRAM SUPPORT | $5,000 |
Endowment Analysis
| Beg. Balance | $17,491,670 |
| Earnings | $3,011,993 |
| Net Contributions | $517,500 |
| Other Expense | $1,352,489 |
| Ending Balance | $19,668,674 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Handel And Haydn Society Boston, MA | $29,038,335 | $22,868,295 |
Groton Hill Music Inc Groton, MA | $210,830,113 | $41,196,688 |
Newport Festivals Foundation Inc Essex, MA | $20,080,911 | $11,132,304 |
Whyhunger Inc New York, NY | $5,607,325 | $7,869,621 |
Caramoor Center For Music & The Arts Inc Katonah, NY | $49,439,168 | $6,140,543 |
Save The Music Foundation New York, NY | $5,156,662 | $8,206,045 |
Rockport Music Inc Rockport, MA | $31,791,427 | $3,720,672 |
American Friends Of Les Arts Florissants Inc New York, NY | $1,107,997 | $2,546,808 |
Chicken & Egg Pictures Inc Brooklyn, NY | $9,525,742 | $4,390,371 |
Young Concert Artists Inc New York, NY | $10,777,916 | $2,607,839 |
Play On Philly Philadelphia, PA | $3,128,034 | $1,933,765 |
New Music Usa Inc New York, NY | $21,074,524 | $3,287,635 |