Brevard Music Center Incorporated
Nonprofit profile at a glance
- EIN
- 560729350
- IRS 990 coverage
- 2009–2024
- Forms available
- Form 990 2024, Form 990-T 2024
- Location
- Brevard, NC, USA
- Phone
- 8288622100
- Rating
- 83
- Verdict
- STRONG
- Rating confidence
- Standard
Reported finances
- Revenue
- $14,663,759
- Expenses
- $9,862,192
- Assets
- $72,689,061
- Liabilities
- $4,849,470
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
36 people listed
Executive titles in this filing
- Jason Posnock (President & CEO)
- Mark Weinstein (Former President)
Highest reported compensation
- Jason Posnock (President & CEO): $260,080 total reported compensation
- Dave Perrett (Sr. Director of Development): $190,872 total reported compensation
- Keith Arbogast (Chief Financial Officer): $189,902 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Brevard Music Center, a summer institute and festival, teaches gifted young musicians to prepare and perform great musical works at a high artistic level.
What it reported doing in 2024
The Brevard Music Center Summer Institute and Festival is a prestigious annual event that provides young musicians with intensive training and performance opportunities. The programs offered-Jazz, Orchestral Studies, Piano, Composition, Voice, and Opera-showcase a diverse and comprehensive curriculum designed to cater to students with varying musical interests and specialties. Each summer, the Center welcomes nearly 1,000 students who immerse themselves in rigorous training and masterclasses led by accomplished instructors and professional musicians. These students then apply their skills in a real-world context through approximately 25 public performances, including recitals, concerts, and fully staged productions, providing them with valuable performance experience. From June through August, BMC's active summer season draws in over 40,000 music enthusiasts, families, and supporters to witness a wide array of musical events. This period is not only an educational opportunity for participants but also a cultural highlight for audiences who attend the performances.
Operating model
- Revenue model
- Mixed. Its operating money came from several sources; no one source provided a clear majority.
- Distribution model
- Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
- Includes noncash contributions: Reported contributions include donated property or goods.
The verdict
STRONG - The filed numbers largely add up and a large share of available resources goes toward mission work. Fundraising costs are high for each dollar raised and reported officer compensation is a large share of total spending, which may reflect staffing concentration.
Rating breakdown
- Financial Efficiency: 67
- Transparency & Controls: 90
- Accountability: 100
- Sustainability: 80
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 67.3%; rating input score 67
- Program expense ratio: 77.6%; rating input score 78
- Fundraising efficiency: $8.19 raised per $1 spent on fundraising; rating input score 33; 33rd percentile among comparable filings
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
- Pay-setting controls: 4 of 6 controls in place; rating input score 67
- Compensation committee: Pass
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Pass
- Compensation survey or study: Pass
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
- Governance controls: 9 of 9 controls in place; rating input score 100
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: Pass
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 32.7%; rating input score 89; 89th percentile among comparable filings
- Total-asset coverage ratio: 7.37; rating input score 89; 89th percentile among comparable filings
- Liabilities to assets ratio: 0.07; rating input score 80; 80th percentile among comparable filings
- Officer compensation ratio: 9.3%; rating input score 23; 23rd percentile among comparable filings
Growth
- Program expense growth: 2.4% per year; rating input score 100; 22nd percentile among comparable filings
- Revenue growth: 5.1% per year; rating input score 100; 44th percentile among comparable filings
- Asset growth: 7% per year; rating input score 100; 49th percentile among comparable filings
Details
- Where the money goes: 67.3% of revenue deployed · 77.6% of spending went to programs
- Governance: 29 of 29 board members independent · 9 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $7.7M in reported program spending
- Leadership: top reported pay $260K · 36 people listed · 4 of 6 pay-setting controls reported
- Highest-paid contractors: 1 contractor listed · $150K reported
- Consistency: 37 of 37 current checks pass
- Schedules: 9 filed schedules · includes major donors and executive pay
- Filing history: 13 filing years from 2009 to 2024
- Contacts: How to reach this organization
- Money network: 5 filed money-flow records
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- Moderate — Financial Efficiency: Fundraising efficiency scored 33/100.
- High — Sustainability: Officer compensation ratio scored 23/100.