Music Center Foundation
- Assets
- $314.5m
- Revenue
- $21.1m
- Investments
- $126.9m
- Employees
- 3
- Location
- Los Angeles, CA
- Founding
- 07/1973
- Data as of
- 03/2022
- EIN
- 23-7298290
Organization Overview
Music Center Foundation is located in Los Angeles, CA. The organization was established in 1973. According to its NTEE Classification (A12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 03/2022, Music Center Foundation employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Music Center 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 03/2022, Music Center Foundation generated $21.1m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 17.3% each year . All expenses for the organization totaled $26.2m during the year ending 03/2022. While expenses have increased by 18.3% 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, Music Center Foundation has awarded 50 individual grants totaling $90,751,443. 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
ENDOWMENT MANAGEMENT AND FINANCIAL SUPPORT OF PROGRAMMING AT LOS ANGELES' MUSIC CENTER
Describe the Organization's Program Activity:
ENDOWMENT DISTRIBUTIONS TO THE MUSIC CENTER/PERFORMING ARTS CENTER OF LOS ANGELES COUNTY, ITS EDUCATIONAL ACTIVITIES AND ITS AFFILIATED PERFORMING ARTS COMPANIES WHICH INCLUDE LOS ANGELES PHILHARMONIC ASSOCIATION, CENTER THEATRE GROUP, LOS ANGELES OPERA COMPANY AND THE LOS ANGELES MASTER CHORALE.
THE MUSIC CENTER FOUNDATION'S LAPA FUND MAKES DISTRIBUTIONS TO THE LOS ANGELES PHILHARMONIC ASSOCIATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven T Benson President | Officer | 40 | $362,250 |
Shelby Notkin Chairman | OfficerTrustee | 1 | $0 |
Kiki R Gindler Vice Chairman | OfficerTrustee | 1 | $0 |
Kenneth S Williams Secretary/treasurer | OfficerTrustee | 1 | $0 |
Thomas L Beckmen Director | Trustee | 1 | $0 |
Keith Leonard Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Monticello Associates Inc Investment Consultant | 3/30/20 | $300,000 |
Singerlewak Llp Accounting / Tax | 3/30/20 | $113,213 |
Monticello Associates Inc Investment Consultant | 3/30/20 | $300,000 |
Singerlewak Llp Accounting / Tax | 3/30/20 | $113,213 |
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 | $4,581,436 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,581,436 |
| Total Program Service Revenue | $0 |
| Investment income | $545,358 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $15,963,271 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $21,090,065 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $25,328,741 |
| 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. | $402,076 |
| Compensation of current officers, directors, key employees. | $201,038 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $194,376 |
| Pension plan accruals and contributions | $12,332 |
| Other employee benefits | $24,019 |
| Payroll taxes | $32,435 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $19,200 |
| Fees for services: Accounting | $137,140 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $249,808 |
| Fees for services: Other | $39,000 |
| Advertising and promotion | $0 |
| Office expenses | $17,108 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $5,555 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,797 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $28,186 |
| All other expenses | $0 |
| Total functional expenses | $26,234,757 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $11,220,018 |
| Pledges and grants receivable | $29,835,252 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $110,544 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $12,027 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $36,779,637 |
| Investments—other securities | $126,898,091 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $109,596,985 |
| Total assets | $314,452,554 |
| Accounts payable and accrued expenses | $288,843 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $104,935,673 |
| 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 | $4,352,376 |
| Total liabilities | $109,576,892 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $204,875,662 |
| 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 | $314,452,554 |
Grants Awarded
Over the last fiscal year, Music Center Foundation has awarded $25,328,741 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
Los Angeles, CA PURPOSE: GENERAL SUPPORT | $21,116,521 |
Los Angeles, CA PURPOSE: GENERAL SUPPORT | $1,432,349 |
Los Angeles, CA PURPOSE: GENERAL SUPPORT | $1,319,896 |
Los Angeles, CA PURPOSE: GENERAL SUPPORT | $1,235,293 |
Los Angeles, CA PURPOSE: GENERAL SUPPORT | $224,682 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Music Center Foundation has recieved totaling $1,000.
| Awarding Organization | Amount |
|---|---|
Bp Foundation Rohnert Park, CA PURPOSE: PERFORMING ARTS AND EDUCATION | $1,000 |
Endowment Analysis
| Beg. Balance | $224,160,628 |
| Earnings | $2,368,428 |
| Admin Expense | $906,052 |
| Net Contributions | $4,581,399 |
| Grants | $25,328,741 |
| Ending Balance | $204,875,662 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Kaizen Educational Foundation Phoenix, AZ | $53,687,317 | $45,601,979 |
Music Center Foundation Los Angeles, CA | $314,452,554 | $21,090,065 |
Norton Simon Art Foundation Pasadena, CA | $402,690,558 | $10,441,452 |
Reut Usa Woodland Hills, CA | $1,442,535 | $3,682,077 |
Laurie C Mcgrath Foundation San Diego, CA | $66,075,096 | $62,426,346 |
Armenian Educational Foundation Inc Glendale, CA | $5,680,253 | $2,130,869 |
William And Joanne Miller Charitable Trust Simi Valley, CA | $69,537,632 | $4,537,991 |
Latino Public Broadcasting Los Angeles, CA | $1,965,169 | $2,106,064 |
Hack The Hood Inc Oakland, CA | $1,558,755 | $1,730,354 |
Womans Club Of Hollywood Los Angeles, CA | $248,203 | $0 |
Diablo Regional Arts Association Walnut Creek, CA | $3,333,800 | $1,541,851 |
Jack Van Sickle Foundation Reno, NV | $9,650,730 | $1,661,273 |