Bronx Conservatory of Music Inc

Nonprofit profile at a glance

EIN
133580300
IRS 990 coverage
2017–2024
Forms available
Form 990 2024
Location
New York, NY, USA
Phone
9174476318
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Arts, Culture, and Humanities

Reported finances

Revenue
$411,646
Expenses
$449,375
Assets
$903,971
Liabilities
$12,229

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

4 people listed

Executive titles in this filing

  • DOUGLAS W MEYER (PRESIDENT)
  • MICHELE SLIFKA (EXECUTIVE DIRECTOR)

Highest reported compensation

  • MICHELE SLIFKA (EXECUTIVE DIRECTOR): $24,450 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The mission of the bronx conservatory of music ("bcm"), is to provide private music instruction of the highest quality to bronx children and adults, in their own neighborhoods, at lowest possible tuition, thereby making conservatory training accessible to all. In fulfilling this mission, bcm also seeks to develop audiences for fine music in the bronx and to contribute to the music culture of the bronx.

What it reported doing in 2024

For the past 26 years, our music education program primarily serves minority (92% of total 200 pupils) students. A large majority of our students come from working and lower middle-class backgrounds. In keeping with our mission, we keep tuition prices as low as possible to reach as broad a constituency as possible.

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 97% 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.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. The filing does not identify recipients for some grant dollars and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 71
  • Transparency & Controls: 79
  • Accountability: 84
  • Sustainability: 37
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 84.6%; rating input score 85
  • Program expense ratio: 72.4%; rating input score 72
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 25th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 58%; rating input score 58; 44th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -9.2%; rating input score 23; 23rd percentile among comparable filings
  • Total-asset coverage ratio: 2.01; rating input score 59; 59th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 43; 43rd percentile among comparable filings
  • Officer compensation ratio: 5.4%; rating input score 33; 33rd percentile among comparable filings

Growth

  • Program expense growth: 4% per year; rating input score 100; 49th percentile among comparable filings
  • Revenue growth: 6.2% per year; rating input score 100; 59th percentile among comparable filings
  • Asset growth: 0% per year; rating input score 100; 25th percentile among comparable filings

Details

  • Where the money goes: 84.6% of revenue deployed · 72.4% of spending went to programs
  • Governance: 3 of 3 board members independent · 5 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $325K in reported program spending
  • Leadership: top reported pay $24K · 4 people listed
  • Consistency: 29 of 30 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes major donors and grants
  • Filing history: 8 filing years from 2017 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • 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.

  • Review — Transparency & Controls: Grant itemization coverage scored 58/100.
  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • High — Sustainability: Operating margin scored 23/100.
  • Review — Sustainability: Total-asset coverage ratio scored 59/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Moderate — Sustainability: Officer compensation ratio scored 33/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 43/100.