Music Academy Nfp
- Assets
- $137.0k
- Revenue
- $487.4k
- Investments
- $0.0
- Employees
- 33
- Location
- Rockford, IL
- Founding
- 06/2011
- Data as of
- 06/2024
- EIN
- 45-2281679
Organization Overview
Music Academy Nfp is located in Rockford, IL. The organization was established in 2011. 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 06/2024, Music Academy Nfp employed 33 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Music Academy Nfp 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 06/2024, Music Academy Nfp generated $487.4k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 0.7% each year. All expenses for the organization totaled $527.3k during the year ending 06/2024. While expenses have increased by 1.3% per year over the past 9 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
THE ACADEMY'S MISSION IS TO INSPIRE IN STUDENTS A LIFE-LONG LOVE OF MUSIC AND THE ARTS. STUDENTS ARE LIFE-LONG LEARNERS AND RANGE IN AGE FROM PRENATAL TO THOSE IN THEIR 70S AND 80S.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FOUNDED IN 1985, THE MUSIC ACADEMY, NFP (THE ACADEMY), WAS INDEPENDENTLY INCORPORATED IN MARCH 2011 AS AN ILLINOIS NOT-FOR-PROFIT COMMUNITY SCHOOL OF MUSIC DEDICATED TO PROVIDING HIGH QUALITY, AFFORDABLE INSTRUCTION AND PERFORMANCE OPPORTUNITIES TO ACADEMY STUDENTS, REGARDLESS OF AGE OR ABILITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Laura Eakman Executive Di | OfficerTrustee | 40 | $64,473 |
Hope Collins Director | Trustee | 2 | $0 |
Colleen Mcdonald Secretary | OfficerTrustee | 2 | $0 |
Kristin Nelson Director | Trustee | 2 | $0 |
Jonathan Rozman Director | Trustee | 2 | $0 |
Janice Westlund Chair | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $12,523 |
| Related organizations | $15,315 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $55,067 |
| Noncash contributions included in lines 1a–1f | $1,495 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $82,905 |
| Total Program Service Revenue | $411,957 |
| 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 | -$9,155 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $487,383 |
| 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. | $63,085 |
| Compensation of current officers, directors, key employees. | $11,800 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $322,594 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $32,786 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $9,216 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $819 |
| Office expenses | $13,200 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $36,002 |
| Travel | $0 |
| 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 | $14,446 |
| Insurance | $6,136 |
| All other expenses | $5,591 |
| Total functional expenses | $527,257 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $29,799 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $17,515 |
| 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 | $1,455 |
| Net Land, buildings, and equipment | $66,122 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $22,077 |
| Total assets | $136,968 |
| Accounts payable and accrued expenses | $633 |
| Grants payable | $0 |
| Deferred revenue | $26,774 |
| 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 | $22,077 |
| Total liabilities | $49,484 |
| Net assets without donor restrictions | $87,484 |
| 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 | $136,968 |