Nantucket Community Music Center
- Assets
- $408.0k
- Revenue
- $539.1k
- Investments
- $0.0
- Employees
- 28
- Location
- Nantucket, MA
- Founding
- 03/1978
- Data as of
- 06/2022
- EIN
- 51-0194502
Organization Overview
Nantucket Community Music Center is located in Nantucket, MA. The organization was established in 1978. 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, Nantucket Community Music Center employed 28 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Nantucket Community Music Center 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, Nantucket Community Music Center generated $539.1k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.5% each year. All expenses for the organization totaled $498.9k during the year ending 06/2022. 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
TO ENRICH THE CULTURAL LIFE OF THE ISLAND BY FOSTERING AND SUPPORTING MUSIC EDUCATION AND PERFORMANCE OPPORTUNITIES FOR YOUNG PEOPLE AND ADULTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PRIVATE AND GROUP MUSIC LESSONS FOR ADULTS AND CHILDREN IN THE NANTUCKET COMMUNITY, PERFORMANCE OPPORTUNITIES FOR STUDENTS, FACULTY, AND ISLAND MUSICIANS; MUSICAL GROUPS, ENSEMBLES, AND VOCAL CHOIRS FOR COMMUNITY MEMBERS. APPROXIMATELY 500 PARTICIPANTS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rich Jaycobs President | OfficerTrustee | 1 | $0 |
Bess Clarke Vice President | OfficerTrustee | 1 | $0 |
Karen Palmer Treasurer | OfficerTrustee | 1 | $0 |
Margot T Young Secretary | OfficerTrustee | 1 | $0 |
Eleanor Antonietti Trustee | Trustee | 1 | $0 |
Anastasia Cher Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $14,789 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $331,862 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $346,651 |
| Total Program Service Revenue | $193,095 |
| Investment income | $8,608 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,563 |
| Net Income from Fundraising Events | -$11,819 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $539,098 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $10,555 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $75,500 |
| Compensation of current officers, directors, key employees. | $30,200 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $224,029 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $11,544 |
| Payroll taxes | $22,593 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $28,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,760 |
| Fees for services: Other | $19,295 |
| Advertising and promotion | $12,767 |
| Office expenses | $6,077 |
| Information technology | $32,051 |
| Royalties | $0 |
| Occupancy | $12,000 |
| Travel | $1,974 |
| 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 | $3,764 |
| Insurance | $13,561 |
| All other expenses | $45 |
| Total functional expenses | $498,858 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $29,097 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,859 |
| 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 | $1,975 |
| Net Land, buildings, and equipment | $19,605 |
| Investments—publicly traded securities | $354,463 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $407,999 |
| Accounts payable and accrued expenses | $9,665 |
| Grants payable | $0 |
| Deferred revenue | $41,400 |
| 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 | $51,065 |
| Net assets without donor restrictions | $317,181 |
| Net assets with donor restrictions | $39,753 |
| 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 | $407,999 |