Bronx School for Music Inc
Nonprofit profile at a glance
- EIN
- 854066770
- IRS 990 coverage
- 2021–2024
- Forms available
- Form 990 2024, Form 990-EZ 2020
- Location
- Bronx, NY, USA
- Phone
- 3472025402
- Rating
- 78
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Performing Arts Schools
Reported finances
- Revenue
- $672,157
- Expenses
- $675,982
- Assets
- $207,553
- Liabilities
- $73,781
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
5 people listed
Executive titles in this filing
- PHILIP KWOKA (PRESIDENT)
Highest reported compensation
- PHILIP KWOKA (PRESIDENT): $92,031 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Bronx school of music's mission is to provide children of the bronx community with affordable and high-quality private instrumental music lessons and music enrichment classes in a facility that is dedicated to the students it serves. Bsm will provide students who do not have access to practice space and high-quality instruments with a space that will help them develop and hone their artistic skills if they need it outside of their home.
What it reported doing in 2024
The bronx school for music provides bronx children with affordable and accessible individual and group music instruction in a space entirely dedicated to musical instruction and exploration. The heart of the bronx school for music's program is to focus on individually catered, one-on-one music instruction from leading performers and educators based in New York city . Children under the age of five enroll in early childhood music and transition to private lessons when they are eligible. We believe that an environment dedicated to the arts will inspire students to explore their artistic skills, offer them a social outlet to share talents with like-minded peers, and encourage them to build new relationships across our school community.
Operating model
- Revenue model
- Earned-program. 61% of the money available for current operations came from fees and other program revenue.
- 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.
- Includes noncash contributions: Reported contributions include donated property or goods.
The verdict
SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.
Rating breakdown
- Financial Efficiency: 77
- Transparency & Controls: 87
- Accountability: 72
- Sustainability: 26
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 77%; rating input score 77
- Program expense ratio: 76.4%; rating input score 76
- Fundraising efficiency: $54.39 raised per $1 spent on fundraising; rating input score 79; 79th percentile among comparable filings
Transparency & Controls
- Consistency checks: 92.3%; rating input score 92; 16th percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Limited
- Grant itemization coverage: 91.7%; rating input score 92; 39th percentile among comparable filings
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 80%; rating input score 80; 18th 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: -0.6%; rating input score 34; 34th percentile among comparable filings
- Total-asset coverage ratio: 0.31; rating input score 14; 14th percentile among comparable filings
- Liabilities to assets ratio: 0.36; rating input score 22; 22nd percentile among comparable filings
- Officer compensation ratio: 13.6%; rating input score 26; 26th percentile among comparable filings
Growth
- Program expense growth: 17.3% per year; rating input score 100; 79th percentile among comparable filings
- Revenue growth: 24% per year; rating input score 100; 89th percentile among comparable filings
- Asset growth: 28.7% per year; rating input score 100; 90th percentile among comparable filings
Details
- Where the money goes: 77% of revenue deployed · 76.4% of spending went to programs
- Governance: 4 of 5 board members independent · 5 of 8 filing controls reported
- Programs: 1 filed program accomplishment · $516K in reported program spending
- Leadership: top reported pay $92K · 5 people listed
- Consistency: 28 of 29 current checks pass · 1 finding to review
- Schedules: 5 filed schedules · includes major donors and grants
- Filing history: 4 filing years from 2021 to 2024
- Contacts: How to reach this organization
- Money network: 2 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.
- Review — Accountability: Governance controls: 3 of 8 not reported.
- Moderate — Sustainability: Operating margin scored 34/100.
- High — Sustainability: Total-asset coverage ratio scored 14/100.
- Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
- High — Sustainability: Liabilities to assets ratio scored 22/100.
- High — Sustainability: Officer compensation ratio scored 26/100.