Miami Music Festival Inc
- Assets
- $42.1k
- Revenue
- $478.2k
- Investments
- $0.0
- Employees
- 4
- Location
- Miami Beach, FL
- Founding
- 12/2014
- Data as of
- 08/2021
- EIN
- 47-1624928
Organization Overview
Miami Music Festival Inc is located in Miami Beach, FL. The organization was established in 2014. According to its NTEE Classification (B40) the organization is classified as: Higher Education, under the broad grouping of Education and related organizations. As of 08/2021, Miami Music Festival Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Miami Music Festival 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 08/2021, Miami Music Festival Inc generated $478.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (6.6%) each year. All expenses for the organization totaled $462.1k during the year ending 08/2021. As we would expect to see with falling revenues, expenses have declined by (6.5%) per year over the past 6 years. 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
THE MISSION OF THE MIAMI MUSIC FESTIVAL IS TO PROVIDE AFFORDABLE, WORLD-CLASS MUSICAL INSTRUCTIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MIAMI MUSIC FESTIVAL SINGULAR PROGRAM SERVICES IS TO PROVIDE AFFORDABLE, WORLD-CLASS MUSICAL INSTRUCTIONS AND GROUND-BREAKING PERFORAMNCE EXPERIENCE TO YOUNG ARTIST AND SOUTH FLORIDA REGION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael C Rossi Executive Dir. | OfficerTrustee | 40 | $87,435 |
Leticia Rivera Director, Vice | OfficerTrustee | 40 | $0 |
Dr Mark Hernandez Treasurer | OfficerTrustee | 0 | $0 |
Xiaodong Wu Trustee | Trustee | 0 | $0 |
John Pohanka Trustee | Trustee | 0 | $0 |
Sevag Balian Board Chair | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $224,076 |
| All other contributions, gifts, grants, and similar amounts not included above | $26,871 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $250,947 |
| Total Program Service Revenue | $227,206 |
| Investment income | $7 |
| 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 | $478,160 |
| 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. | $87,435 |
| Compensation of current officers, directors, key employees. | $30,602 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $25,038 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $12,016 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,997 |
| Fees for services: Accounting | $10,112 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,504 |
| Advertising and promotion | $7,353 |
| Office expenses | $18,848 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $94,827 |
| Travel | $13,826 |
| 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 | $1,781 |
| Insurance | $2,666 |
| All other expenses | $20,663 |
| Total functional expenses | $462,062 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $36,837 |
| 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 | $5,308 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $42,145 |
| Accounts payable and accrued expenses | $0 |
| 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 | $5,070 |
| Total liabilities | $5,070 |
| Net assets without donor restrictions | $37,075 |
| 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 | $42,145 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Miami Music Festival Inc has recieved totaling $122,500.
| Awarding Organization | Amount |
|---|---|
John J Pohanka Family Foundation Capitol Heights, MD PURPOSE: GENERAL PURPOSE | $75,000 |
The Miami Foundation Inc Miami, FL PURPOSE: PROGRAM SUPPORT | $47,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Agmus Ventures Inc Orlando, FL | $37,164,923 | $55,828,300 |
New World Symphony Inc Miami Beach, FL | $279,723,631 | $46,402,310 |
Poynter Institute For Media Studies Inc St Petersburg, FL | $51,768,897 | $13,169,218 |
Larkin University Corp Miami, FL | $15,883,479 | $7,901,976 |
Atlanta General Education Center Inc Norcross, GA | $3,508,771 | $4,772,601 |
Reformation Bible College Inc Sanford, FL | $392,858 | $12,390,616 |
Huntsville Baptist Institute Inc Huntsville, AL | $1,531,999 | $1,030,360 |
Association Of Collegiate Schools Of Planning Inc Tallahassee, FL | $777,149 | $532,348 |
Unad Florida Inc Sunrise, FL | $683,686 | $584,565 |
Higher Education Partnership Montgomery, AL | $786,156 | $629,024 |
Medical Career Academy Inc Palm Beach Gardens, FL | $1,015,799 | $532,336 |
Take Stock In Children Of Broward County Inc Miramar, FL | $1,026,202 | $400,276 |