Sigma Alpha Iota Philanthropies Inc
- Assets
- $5.7m
- Revenue
- $619.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Asheville, NC
- Founding
- 02/1975
- Data as of
- 06/2023
- 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 06/2023, Sigma Alpha Iota Philanthropies Inc generated $619.0k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.0% each year. All expenses for the organization totaled $489.3k during the year ending 06/2023. While expenses have increased by 3.3% per year over the past 8 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
2023
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tracey Wygal Withrow Chairman | OfficerTrustee | 10 | $1,600 |
Susan Christopher Vice Chairman | OfficerTrustee | 5 | $0 |
Tamara Friedlander Shoemaker Treasurer | OfficerTrustee | 2 | $600 |
Christin Vare Secretary | OfficerTrustee | 2 | $0 |
Leslie Hoggatt Director | Trustee | 2 | $0 |
Jessica Chichester Sai National President | Trustee | 2 | $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 | $279,314 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $319,314 |
| Total Program Service Revenue | $335 |
| Investment income | $126,090 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $45,000 |
| Net Gain/Loss on Asset Sales | $94,812 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $618,985 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $114,496 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $4,400 |
| Compensation of current officers, directors, key employees. | $4,400 |
| 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 | $26,980 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $31,645 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $18,097 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $23,261 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,957 |
| Interest | $0 |
| Payments to affiliates | $8 |
| Depreciation, depletion, and amortization | $21,306 |
| Insurance | $16,366 |
| All other expenses | $1,377 |
| Total functional expenses | $489,293 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $632,356 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $360 |
| 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 | $2,076 |
| Net Land, buildings, and equipment | $727,556 |
| Investments—publicly traded securities | $4,341,906 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $442 |
| Total assets | $5,704,696 |
| Accounts payable and accrued expenses | $42,191 |
| 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 | $495 |
| Total liabilities | $42,686 |
| Net assets without donor restrictions | $5,662,010 |
| Net assets with donor restrictions | $0 |
| 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 | $5,704,696 |
Grants Awarded
Over the last fiscal year, Sigma Alpha Iota Philanthropies Inc has awarded $29,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
THE MACDOWELL COLONY PURPOSE: MUSIC RETREAT MAINTENANCE | $24,000 |
STATE U OF NEW YORKFREDONIA PURPOSE: IMPACT PROJECT GRANT | $5,000 |