Varna International Music Academy
- Assets
- $449.9k
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Columbia, SC
- Founding
- 05/2018
- Data as of
- 07/2022
- EIN
- 32-0542058
Organization Overview
Varna International Music Academy is located in Columbia, SC. The organization was established in 2018. 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. Varna International Music Academy is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO HOLD AN ANNUAL MUSIC ACADEMY AND EDUCATIONAL MUSIC TOURS FOCUSING ON TEACHING STUDENTS ADVANCED MUSIC CONCEPTS AND ALLOWING THEM TO PRACTICE THEIR SKILLS IN PERFORMANCE SITUATIONS LIKE OPERAS AND CONCERTOS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
VARNA INTERNATIONAL MUSIC ACADEMY AND RELATED TRAVEL TO AND FROM VENUE LOCATION THE SUMMER 2020 AND 2021 ACADEMIES WERE CANCELLED DUE TO THE CORONAVIRUS. FOR 2021-22, VARNA INTERNATIONAL MUSIC ACADEMY PRODUCED AND MANAGED THE MUZIKA FESTIVAL IN MYRTLE BEACH, SC. THIS FESTIVAL INCLUDED THE 2022 ACADEMY AND ALSO PRODUCED MORE THAN TWO DOZEN PERFORMANCES OF VARIOUS TYPES IN AND AROUND THE MYRTLE BEACH AREA.
DONATIONS AND EXPENSES RELATED TO THE VIOLINS OF HOPE PROGRAM AND CONCERTS THAT COMMENCE IN SPRING OF 2022. THIS PROGRAM INTRODUCED THE WORLD RENOWNED VIOLINS OF HOPE TO THE SOUTH CAROLINA COMMUNITY. THESE STRINGED INSTRUMENTS BELONGED TO VICTIMS OF THE HOLOCAUST; THEIR STORIES WERE TOLD AND THE INSTRUMENTS WERE SHOWN AND PLAYED IN VARIOUS CONCERTS DURING THE SPRING OF 2022. THE VOH SERIES ALSO WAS HIGHLIGHED WITH PERFORMANCES OF THE SONGS OF LIFE - THE INSPIRED STORY OF HOW BULGARIA REFUSED TO HAND LOCAL JEWS OVER TO THE NAZIS DURING WORLD WAR II.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kalin Tchonev Musical Director, Treas | OfficerTrustee | 35 | $0 |
Gregory Buchalter Director, VP | OfficerTrustee | 0.5 | $0 |
Sharon Tchonev Director, President | OfficerTrustee | 35 | $0 |
Jonathan Stinson Director, Board Sec | Trustee | 0.5 | $0 |
Shaul Paz Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $140,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $166,931 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $306,931 |
| Total Program Service Revenue | $920,215 |
| Investment income | $0 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,227,146 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,983 |
| Fees for services: Accounting | $1,126 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $58,180 |
| Advertising and promotion | $49,168 |
| Office expenses | $28,830 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $175,775 |
| 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 | $0 |
| Insurance | $1,875 |
| All other expenses | $777,219 |
| Total functional expenses | $1,224,173 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $342,230 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $98,106 |
| 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 | $9,519 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $449,855 |
| Accounts payable and accrued expenses | $165,684 |
| 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 | $0 |
| Total liabilities | $165,684 |
| Net assets without donor restrictions | $0 |
| 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 | $284,171 |
| Total liabilities and net assets/fund balances | $449,855 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Varna International Music Academy has recieved totaling $9,000.
| Awarding Organization | Amount |
|---|---|
Lipscomb Family Foundation Denver, CO PURPOSE: OPERATIONAL SUPPORT | $8,000 |
Sunshine Foundation Inc Barnwell, SC PURPOSE: ECONOMIC | $1,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Varna International Music Academy Columbia, SC | $449,855 | $1,227,146 |
Community Arts Association In Newton County Inc Covington, GA | $760,838 | $850,953 |
Spartanburg Philharmonic Spartanburg, SC | $755,799 | $833,009 |
Jazzarts Charlotte Charlotte, NC | $599,650 | $885,033 |
Charleston Jazz North Charleston, SC | $510,397 | $1,004,740 |
American Federation Of Musicians Of The Us & Canada Atlanta, GA | $1,564,619 | $594,918 |
Kidznotes Durham, NC | $613,615 | $610,805 |
Moravian Music Foundation Inc Winstonsalem, NC | $3,603,904 | $484,004 |
Bob Moog Memorial Foundation For Electronic Music Inc Asheville, NC | $669,399 | $807,531 |
Columbia City Jazz Dance Company And Scholl Columbia, SC | $1,020,212 | $503,153 |
Pianosforeducationorg Inc Atlanta, GA | $1,345,383 | $986,288 |
Highlands Chamber Music Festival Inc Highlands, NC | $1,258,253 | $538,430 |