Reading Musical Foundation
- Assets
- $17.6m
- Revenue
- $3.5m
- Investments
- $0.0
- Employees
- 3
- Location
- Reading, PA
- Founding
- 05/1943
- Data as of
- 06/2022
- EIN
- 23-1472487
Organization Overview
Reading Musical Foundation is located in Reading, PA. The organization was established in 1943. 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 06/2022, Reading Musical Foundation employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Reading Musical Foundation 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, Reading Musical Foundation generated $3.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 20.0% each year . All expenses for the organization totaled $940.0k during the year ending 06/2022. While expenses have increased by 2.7% per year over the past 7 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.
Since 2015, Reading Musical Foundation has awarded 83 individual grants totaling $1,989,321. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
SUPPORTING MUSIC EDUCATION, ADVOCACY AND MUSIC PERFORMANCE THROUGHOUT GREATER READING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
STUDENT SCHOLARSHIPS - THE SCHOLARSHIP PROGRAM PROVIDES FINANCIAL ASSISTANCE FOR COMMITTED BERKS COUNTY MUSIC STUDENTS WHO AUDITION ON MERIT OR DEMONSTRATE A FINANCIAL NEED MERIT. SCHOLARSHIPS INCLUDE THE AREAS OF PIANO, ORGAN, WOODWIND, BRASS, PERCUSSION, STRING, HARP, GUITAR, VOCAL, AND AWARDS FOR COLLEGE TUITION. FINANCIAL NEED SCHOLARSHIPS INCLUDE SUMMER CAMP, PRIVATE MUSIC STUDY, AND INSTRUMENT UPGRADE REQUESTS.
APPROPRIATIONS TO MUSIC PRESENTERS AND SPECIAL PROJECTS GRANTS ARE PROVIDED FOR CULTURAL DEVELOPMENT TO MUSIC PRESENTING ORGANIZATIONS THAT PERFORM PRIMARILY IN BERKS COUNTY. FUNDING SUPPORT WAS PROVIDED TO 28 MUSICAL ORGANIZATIONS, AND PROGRAM GRANTS WERE AWARDED BASED UPON THE ORGANIZATION/PROGRAM'S ABILITY TO RELATE TO THE MISSION OF THE READING MUSICAL FOUNDATION.
MUSIC OUTREACH - MUSIC OUTREACH PROGRAMS SHARE THE MUSICAL EXPERIENCE WITH MEMBERS OF THE COMMUNITY WHO MAY NOT BE ABLE TO PAY FOR, OR APPRECIATE WHY IT IS WORTH PAYING FOR. PROGRAMS INCLUDE OPERATION REPLAY (INSTRUMENT RECYCLING), MUSIC IN THE SCHOOLS, AFTER-SCHOOL INSTRUCTIONAL PROGRAMS, WORKSHOPS, AND MASTER CLASSES. RMF DEVOTED OVER 100 HOURS OF AFTER-SCHOOL PROGRAMMING FROM SEPTEMBER 2021- MAY 2022, AS WELL AS IN-SCHOOL INSTRUCTION AT AREA PAROCHIAL SCHOOLS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Keri M Shultz President | Officer | 40 | $76,811 |
Martha Aynardi Vice Chair Of Programs | OfficerTrustee | 2 | $0 |
Jayne R Schaeffer CPA Chair | OfficerTrustee | 3 | $0 |
Sandy Kern Secretary | OfficerTrustee | 2 | $0 |
Paul G Oxholm Vice Chair Of Finance | OfficerTrustee | 2 | $0 |
Benjamin Watts Until 0122 Vice Chair Of Development | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $20,762 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,146,989 |
| Noncash contributions included in lines 1a–1f | $9,532 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,167,751 |
| Total Program Service Revenue | $2,800 |
| Investment income | $761,877 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,596,236 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,531,006 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $372,713 |
| Grants and other assistance to domestic individuals. | $250,596 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $82,455 |
| Compensation of current officers, directors, key employees. | $20,915 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $86,201 |
| Pension plan accruals and contributions | $2,121 |
| Other employee benefits | $0 |
| Payroll taxes | $12,071 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $13,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $27,960 |
| Fees for services: Other | $0 |
| Advertising and promotion | $7,191 |
| Office expenses | $41,155 |
| Information technology | $9,430 |
| Royalties | $0 |
| Occupancy | $17,598 |
| Travel | $0 |
| 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 | $2,754 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $939,991 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $85,238 |
| Savings and temporary cash investments | $38,804 |
| Pledges and grants receivable | $109,531 |
| Accounts receivable, net | $750 |
| 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 | $842 |
| Investments—publicly traded securities | $13,555,586 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,847,400 |
| Total assets | $17,638,151 |
| Accounts payable and accrued expenses | $59,150 |
| Grants payable | $299,891 |
| 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 | $359,041 |
| Net assets without donor restrictions | $8,996,806 |
| Net assets with donor restrictions | $8,282,304 |
| 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 | $17,638,151 |
Grants Awarded
Over the last fiscal year, Reading Musical Foundation has awarded $224,999 in support to 10 organizations.
| Grant Recipient | Amount |
|---|---|
Reading, PA PURPOSE: RESTRICTED GRANT FOR CONCERT AND OUTREACH EXPENSES | $119,107 |
Reading, PA PURPOSE: RESTRICTED GRANT FOR AFTER SCHOOL MUSIC PROGRAMS | $30,992 |
Reading, PA PURPOSE: RESTRICTED GRANT FOR CONCERT AND OUTREACH EXPENSES | $17,750 |
Reading, PA PURPOSE: RESTRICTED GRANT FOR JAZZ FEST EDUCATION PROGRAMS | $11,200 |
Laureldale, PA PURPOSE: RESTRICTED GRANT FOR CONCERT AND OUTREACH EXPENSES | $11,000 |
Sinking Spring, PA PURPOSE: RESTRICTED GRANT FOR CONCERT AND OUTREACH EXPENSES | $10,000 |
Grants Recieved
Over the last fiscal year, we have identified 12 grants that Reading Musical Foundation has recieved totaling $252,023.
| Awarding Organization | Amount |
|---|---|
Florence Lauer Gibbs Trust Las Vegas, NV PURPOSE: GENERAL OPERATING | $180,000 |
Wyomissing Foundation Inc Wyomissing, PA PURPOSE: COMMUNITY GRANTS PROGRAM | $27,500 |
Pennsylvania Automotive Association Foundation Harrisburg, PA PURPOSE: GENERAL SUPPORT | $10,000 |
Presser Foundation Philadelphia, PA PURPOSE: ADVANCEMENT OF MUSIC | $7,500 |
Presser Foundation Philadelphia, PA PURPOSE: ADVANCEMENT OF MUSIC | $7,500 |
Henry Janssen Foundation Wyomissing, PA PURPOSE: GENERAL PURPOSE CONTRIBUTION | $7,500 |
Endowment Analysis
| Beg. Balance | $5,359,165 |
| Earnings | -$861,809 |
| Net Contributions | $255,544 |
| Grants | $293,871 |
| Ending Balance | $4,459,029 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Jazz At Lincoln Center Inc New York, NY | $222,896,771 | $27,240,751 |
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 |
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 |
Original Music Workshop Inc Brooklyn, NY | $4,224,196 | $2,706,667 |
Aaron Copland Fund For Music Inc New York, NY | $18,112,112 | $2,664,671 |
Liveconnections Org Philadelphia, PA | $1,829,032 | $2,774,957 |