Hickory Music Factory Inc
- Assets
- $307.8k
- Revenue
- $135.9k
- Investments
- $0.0
- Employees
- 0
- Location
- Hickory, NC
- Founding
- 05/2012
- Data as of
- 12/2021
- EIN
- 45-4726768
Organization Overview
Hickory Music Factory Inc is located in Hickory, NC. The organization was established in 2012. According to its NTEE Classification (A25) the organization is classified as: Arts Education, 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. Hickory Music Factory 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 12/2021, Hickory Music Factory Inc generated $135.9k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.7% each year. All expenses for the organization totaled $97.3k during the year ending 12/2021. While expenses have increased by 5.7% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
BUILD FUTURES THROUGH MUSIC BY TEACHING, PERFORMANCE, AND COMMUNITY OUTREACH
Describe the Organization's Program Activity:
Part 3 - Line 4a
MUSIC LESSONS AND CAMPS PROVIDED TO MORE THAN 200 STUDENTS AND NUMEROUS OPPORTUNITIES TO PERFORM; INCLUDING OPEN MIC EVENTS, CONCERTS WITH PROFESSIONAL MUSICIANS AND CLINICS. THIS INCLUDES SCHOLARSHIP OPPORTUNITIES FOR CHILDREN FROM FAMILIES WITH LIMITED RESOURCES AND PERFORMANCE EVENTS TO PROMOTE MUSIC APPRECIATION
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Chamberlain Vice President | OfficerTrustee | 2 | $0 |
Shannon Pleasant Secretary | OfficerTrustee | 2 | $0 |
Dyanne Sherrill President | OfficerTrustee | 2 | $0 |
David Walker Treasurer | OfficerTrustee | 2 | $0 |
Mark Woodward Director | Trustee | 2 | $0 |
Kendal Davenport Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $82,544 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $82,544 |
| Total Program Service Revenue | $50,736 |
| Investment income | $2,615 |
| 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 | $135,895 |
| 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 | $46,053 |
| 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 | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,969 |
| Office expenses | $1,785 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $4,858 |
| 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 | $6,694 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $97,336 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $65,192 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $41,408 |
| Investments—publicly traded securities | $200,416 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $755 |
| Total assets | $307,771 |
| Accounts payable and accrued expenses | $3,505 |
| 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 | $14,000 |
| Other liabilities | $0 |
| Total liabilities | $17,505 |
| 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 | $290,266 |
| Total liabilities and net assets/fund balances | $307,771 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Hickory Music Factory Inc has recieved totaling $2,500.
| Awarding Organization | Amount |
|---|---|
The Duke Energy Foundation Charlotte, NC PURPOSE: VIBRANT ECONOMIES | $2,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Penland School Of Craft Penland, NC | $77,347,904 | $8,195,417 |
Georgia Family Connection Partnership Inc Atlanta, GA | $2,438,280 | $6,252,094 |
Arrowmont School Of Arts And Crafts Gatlinburg, TN | $53,053,900 | $4,804,249 |
International Public Management Association For Human Resources Alexandria, VA | $3,795,401 | $2,711,747 |
Artsplus Charlotte, NC | $2,425,687 | $2,154,815 |
Academy Of Arts Taylors, SC | $0 | $1,967,967 |
Governors School For The Arts Fdn Inc Greenville, SC | $6,951,882 | $1,280,520 |
Artspace Inc Raleigh, NC | $1,201,619 | $651,834 |
W O Smith Nashville Community Music School Nashville, TN | $5,939,533 | $597,362 |
Open Hearts Art Center Asheville, NC | $896,904 | $891,931 |
Art 180 Inc Richmond, VA | $1,595,079 | $791,306 |
Artportunity Knocks Atlanta, GA | $37,008 | $383,836 |