Sigma Alpha Iota Philanthropies Inc
- Assets
- $6.0m
- Revenue
- $615.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Asheville, NC
- Founding
- 02/1975
- Data as of
- 06/2021
- EIN
- 23-7391912
Organization Overview
Sigma Alpha Iota Philanthropies Inc is located in Asheville, NC. The organization was established in 1975. According to its NTEE Classification (A68) the organization is classified as: Music, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Sigma Alpha Iota Philanthropies 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, Sigma Alpha Iota Philanthropies Inc generated $615.2k in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 2.5% each year. All expenses for the organization totaled $349.5k during the year ending 06/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO ADVANCE ALL PHASES OF MUSIC AND TO RAISE STANDARDS OF MUSIC
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION PROVIDES SCHOLARSHIPS AND GRANTS TO PROMOTE MUSICAL DEVELOPMENT AND GROWTH AMONG MUSICAL STUDENTS.
THE ORGANIZATION PUBLISHES A JOURNAL,"PAN PIPES", WHICH FACILITATES COMMUNICATION AND AWARENESS AMONG STUDENTS OF MUSIC.
THE ORGANIZATION PROVIDES SCHOLARSHIPS AND GRANTS TO PROMOTE MUSICAL DEVELOPMENT AND GROWTH AMONG MUSICAL STUDENTS.
THE ORGANIZATION PUBLISHES A JOURNAL,"PAN PIPES", WHICH FACILITATES COMMUNICATION AND AWARENESS AMONG STUDENTS OF MUSIC.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Heidi Frankson Chairman | OfficerTrustee | 10 | $3,200 |
Kimberly Philips Treasurer | OfficerTrustee | 5 | $600 |
Amy Saylor Secretary | OfficerTrustee | 2 | $0 |
Susan Christopher Vice Chairman | OfficerTrustee | 2 | $0 |
Ruth Sieber Johnson Executive Director | Officer | 10 | $0 |
Keri Flowers Richburg Board Member | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $40,000 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $122,693 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $162,693 |
| Total Program Service Revenue | $395 |
| Investment income | $96,672 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $337 |
| Net Rental Income | $45,000 |
| Net Gain/Loss on Asset Sales | $298,795 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $615,153 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $110,785 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $3,800 |
| Compensation of current officers, directors, key employees. | $3,800 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $22,073 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $31,072 |
| Fees for services: Other | $600 |
| Advertising and promotion | $0 |
| Office expenses | $11,736 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $39,896 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,204 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $23,094 |
| Insurance | $15,526 |
| All other expenses | $0 |
| Total functional expenses | $349,463 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $618,586 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,145 |
| 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 | $1,874 |
| Net Land, buildings, and equipment | $741,980 |
| Investments—publicly traded securities | $4,631,723 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,453 |
| Total assets | $6,005,761 |
| Accounts payable and accrued expenses | $47,196 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,072 |
| Total liabilities | $48,268 |
| Net assets without donor restrictions | $5,947,493 |
| Net assets with donor restrictions | $10,000 |
| 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 | $6,005,761 |
Grants Awarded
Over the last fiscal year, Sigma Alpha Iota Philanthropies Inc has awarded $29,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Peterborough, NH PURPOSE: MUSIC RETREAT MAINTENANCE | $24,000 |
STATE U OF NEW YORKFREDONIA PURPOSE: IMPACT PROJECT GRANT | $5,000 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Sigma Alpha Iota Philanthropies Inc has recieved totaling $887.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $787 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $100 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Country Music Association Inc Nashville, TN | $102,178,283 | $43,001,334 |
Birthplace Of Country Music Alliance Bristol, TN | $15,699,295 | $2,559,665 |
Musicians On Call Inc Nashville, TN | $3,633,934 | $3,486,106 |
Garth Newel Music Center Foundation Corp Warm Springs, VA | $11,030,155 | $3,286,449 |
Varna International Music Academy Columbia, SC | $449,855 | $1,227,146 |
Blues Foundation Inc Memphis, TN | $4,533,935 | $1,249,645 |
Songbirds Foundation Inc Chattanooga, TN | $16,669,845 | $490,877 |
Community Arts Association In Newton County Inc Covington, GA | $760,838 | $850,953 |
Virginia Musical Theatre Inc Virginia Beach, VA | $428,462 | $648,568 |
Musicians Hall Of Fame And Museum Nashville, TN | $2,497,299 | $1,370,985 |
Spartanburg Philharmonic Spartanburg, SC | $755,799 | $833,009 |
Jazzarts Charlotte Charlotte, NC | $599,650 | $885,033 |