National Music Museum
- Assets
- $15.6m
- Revenue
- $3.7m
- Investments
- $0.0
- Employees
- 7
- Location
- Vermillion, SD
- Founding
- 10/1973
- Data as of
- 06/2022
- EIN
- 23-7266823
Organization Overview
National Music Museum is located in Vermillion, SD. The organization was established in 1973. According to its NTEE Classification (A54) the organization is classified as: History Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 06/2022, National Music Museum employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. National Music Museum 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, National Music Museum generated $3.7m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 26.9% each year . All expenses for the organization totaled $2.5m during the year ending 06/2022. While expenses have increased by 6.4% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
SERVES THE PEOPLE OF SOUTH DAKOTA AND THE NATION AS AN INTERNATIONAL CENTER FOR COLLECTING AND CONSERVING MUSICAL INSTRUMENTS OF ALL CULTURES AND BRINGING PEOPLE TOGETHER TO STUDY, ENJOY, AND UNDERSTAND OUR DIVERSE MUSICAL HERITAGE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PERSONNEL, AQUISITION, CONSERVATION, EDUCATION AND EXHIBITION OF WORLD CLASS MUSICAL INSTRUMENTS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nathan Nate Welch Treasurer | Officer | 1 | $0 |
Claire Givens Secretary | Officer | 1 | $0 |
Scott Ray Lawrence Chair | Officer | 1 | $0 |
Gerald Gaul Vice Chair | Officer | 1 | $0 |
Jay Wilson Ex Officio Member | Trustee | 1 | $0 |
Joseph A Vinatieri Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
The Abbey Group Ltd Campaign Feasibility Services | 6/29/22 | $205,000 |
Luci Creative Design Services | 6/29/22 | $232,102 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $59,177 |
| Fundraising events | $0 |
| Related organizations | $635,733 |
| Government grants | $383,606 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,407,687 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,486,203 |
| Total Program Service Revenue | $10,000 |
| Investment income | $205,018 |
| 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 | $5,200 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,706,421 |
| 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 | $833,079 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $72 |
| Fees for services: Accounting | $36,518 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $80,563 |
| Fees for services: Other | $270,541 |
| Advertising and promotion | $86,895 |
| Office expenses | $54,435 |
| Information technology | $28,136 |
| Royalties | $0 |
| Occupancy | $109,219 |
| Travel | $1,446 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $7,365 |
| Interest | $282,003 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $181,995 |
| Insurance | $28,939 |
| All other expenses | $12,631 |
| Total functional expenses | $2,534,229 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $659,525 |
| Savings and temporary cash investments | $5,634,665 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $641,640 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $207,834 |
| Prepaid expenses and deferred charges | $28,331 |
| Net Land, buildings, and equipment | $391,881 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $3,922,531 |
| Other assets | $4,163,102 |
| Total assets | $15,649,509 |
| Accounts payable and accrued expenses | $104,264 |
| Grants payable | $0 |
| 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 | $6,851,763 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $6,956,027 |
| Net assets without donor restrictions | $8,193,217 |
| Net assets with donor restrictions | $500,265 |
| 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 | $15,649,509 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that National Music Museum has recieved totaling $100,000.
| Awarding Organization | Amount |
|---|---|
Clifford And Lavonne Graese Foundation Jacksonville, FL PURPOSE: CHARITABLE | $100,000 |
Endowment Analysis
| Beg. Balance | $6,922,432 |
| Earnings | -$596,017 |
| Admin Expense | $78,022 |
| Net Contributions | $98,609 |
| Other Expense | $712,337 |
| Ending Balance | $5,634,665 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Buffalo Bill Memorial Association Cody, WY | $124,253,883 | $15,385,137 |
Putnam Museum And Science Center Davenport, IA | $12,236,666 | $5,417,637 |
Living History Farms Foundation Des Moines, IA | $16,358,279 | $3,488,331 |
National Music Museum Vermillion, SD | $15,649,509 | $3,706,421 |
Stuhr Museum Of The Prairie Pioneer Grand Island, NE | $6,589,907 | $1,816,416 |
Minnesota Masonic Historical Society And Museum Bloomington, MN | $21,958,017 | $92,192 |
Minnesota Marine Art Museum Winona, MN | $26,828,253 | $837,188 |
Deadwood History Inc Deadwood, SD | $2,336,299 | $1,550,471 |
Jackson Hole Historical Society And Museum Jackson, WY | $6,212,350 | $2,045,652 |
Cheyenne Frontier Days Old West Museum Cheyenne, WY | $4,453,473 | $1,745,272 |
Salisbury House Foundation Des Moines, IA | $11,060,982 | $836,584 |
Plumbing & Steamfitters Jac Local 6 Southeast Minnesota Association Rochester, MN | $1,283,379 | $712,633 |