International Music Foundation Inc
- Assets
- $2.5m
- Revenue
- $762.8k
- Investments
- $0.0
- Employees
- 4
- Location
- Chicago, IL
- Founding
- 02/1981
- Data as of
- 06/2022
- EIN
- 36-3311684
Organization Overview
International Music Foundation Inc is located in Chicago, IL. The organization was established in 1981. According to its NTEE Classification (A68) the organization is classified as: Music, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 06/2022, International Music Foundation Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. International Music Foundation 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 06/2022, International Music Foundation Inc generated $762.8k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.4% each year. All expenses for the organization totaled $621.7k during the year ending 06/2022. While expenses have increased by 2.7% 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
PRESENTING FREE HIGH-QUALITY CLASSICAL MUSIC PERFORMANCES AND MUSIC EDUCATION EXPERIENCES IN THE CHICAGO METROPOLITAN AREA FOR PEOPLE OF ALL AGES AND DEGREES OF MUSICAL AWARENESS SO THEY CAN EXPERIENCE HOW MUSIC ENRICHES LIFE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PRESENTING WORLD-CLASS MUSICIANS AND DYNAMIC REPERTOIRE, ENGAGING LISTENERS WITH INTERACTIVE OR SHORT PROGRAMS IN EASY-ACCESS LOCATIONS, AND PROVIDING ADMISSION-FREE PROGRAMMING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Riggleman Executive Dir. | Officer | 40 | $95,082 |
Will Mcgrath President | OfficerTrustee | 5 | $0 |
Danielle Shelton Vice President | OfficerTrustee | 5 | $0 |
Emil Zbella Vice President | OfficerTrustee | 5 | $0 |
John Covell Secretary | OfficerTrustee | 5 | $0 |
Michael Rose Treasurer | OfficerTrustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $106,925 |
| All other contributions, gifts, grants, and similar amounts not included above | $618,965 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $725,890 |
| Total Program Service Revenue | $0 |
| Investment income | $29,788 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $7,132 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $762,810 |
| 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. | $95,082 |
| Compensation of current officers, directors, key employees. | $17,115 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $164,693 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $31,576 |
| Payroll taxes | $22,107 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $29,429 |
| Advertising and promotion | $21,276 |
| Office expenses | $7,642 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $21,058 |
| Travel | $16,946 |
| 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 | $3,665 |
| All other expenses | $7,581 |
| Total functional expenses | $621,661 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $173,676 |
| Savings and temporary cash investments | $223,305 |
| Pledges and grants receivable | $149,000 |
| Accounts receivable, net | $0 |
| 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 | $1,031 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $1,892,463 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $50,000 |
| Other assets | $3,118 |
| Total assets | $2,492,593 |
| Accounts payable and accrued expenses | $20,101 |
| 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 | $20,101 |
| Net assets without donor restrictions | $435,670 |
| Net assets with donor restrictions | $2,036,822 |
| 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 | $2,492,593 |
Grants Recieved
Over the last fiscal year, we have identified 16 grants that International Music Foundation Inc has recieved totaling $207,873.
| Awarding Organization | Amount |
|---|---|
Gore Fam Memorial Foundation Tr 3298-4 Ft Lauderdale, FL PURPOSE: GENERAL FOUNDATION PURPOSE | $60,700 |
Zell Family Foundation Chicago, IL PURPOSE: MAKE MUSIC CHICAGO | $50,000 |
Prince Foundation Chicago, IL PURPOSE: GENERAL OPERATING SUPPORT | $35,000 |
Zell Family Foundation Chicago, IL PURPOSE: RUSH HOUR CONCERTS | $15,000 |
Zell Family Foundation Chicago, IL PURPOSE: MUSICAL WALKS IN THE PARK | $15,000 |
National Christian Charitable Foundation Inc Alpharetta, GA PURPOSE: CULTURE | $10,000 |
Endowment Analysis
| Beg. Balance | $1,920,883 |
| Earnings | -$208,678 |
| Grants | $64,503 |
| Ending Balance | $1,647,702 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Iowa County Recorders Association Ottumwa, IA | $2,929,223 | $39,789,803 |
Milwaukee World Festival Inc Milwaukee, WI | $107,459,917 | $5,773,948 |
Grant Park Orchestral Association Chicago, IL | $15,259,948 | $7,547,765 |
Jazz St Louis St Louis, MO | $11,818,193 | $2,884,733 |
Chicago Sinfonietta Inc Chicago, IL | $3,675,444 | $3,506,738 |
Ragtag Film Society Columbia, MO | $1,382,564 | $1,866,748 |
Percussive Arts Society Inc Indianapolis, IN | $5,047,679 | $2,367,696 |
Music Of The Baroque Concert Series Inc Chicago, IL | $2,610,285 | $1,900,263 |
Radio Arts Foundation Clayton, MO | $3,517,540 | $1,458,263 |
Great American Songbook Foundation Inc Carmel, IN | $8,944,393 | $1,441,715 |
Glenview Stars Hockey Assn 5 Glenview Ice Center Glenview, IL | $561,491 | $1,280,609 |
Saturday In The Park Inc Sioux City, IA | $111,911 | $911,266 |