Charleston Academy of Music

What it reported doing in 2024

The Academic Program provides a complete music education of the highest quality to prepare students for professional careers as musicians, music educators, and lifelong advocates of classical music. Students of the Academic Program may choose to receive musical instruction in piano, jazz piano, voice, violin, viola, organ, trumpet, cello, classical guitar, jazz guitar, flute, clarinet, saxophone, and harp. Musical instruction includes private lessons and various classes, such as Theory, Ear Training, Composition, Masterclasses and Performance Classes, as well as String Ensembles and Guitar Orchestra. All students will have many performance opportunities throughout each semester.The program has approximately 250 students drawn from the local area. The program was conducted by 22 experienced music teachers and divided into Fall and Spring semester with the optional summer semester. The length of the program is generally 30 weeks lessons and classes. The Academy's early childhood music program continued to implement the world-renowned Music Together method in which groups of mixed-age students (0-5 years old) are led by a specially trained teacher to develop children's natural musical instincts and skills necessary for the later study of instrument or voice. These classes are structured in three 10-week semesters and are offered at both downtown and Mt. Pleasant locations. In March 2025 Charleston Academy of Music has purchased the space for operating in the North Mount Pleasant area, and is planning to transfer the current rented space to the new location in July 2027The Suzuki program for 4-year-old string players has grown to consistent weekly lessons and group classes as more students enrolled. Theory and Composition Classes have continued in online format. These are open to all students who are encouraged to attend one of these two theory classes: Theory and Ear Training - This class is a fun and interactiveclass suitable for beginners and intermediate level. Students of all instruments, including voice. No previous experience is necessary for the beginner level class; students move to intermediate level based oninstructor's recommendation. Composition and Songwriting - This class is for the students to learn to utilize their musical knowledge and instrumental skills to produce their own compositions. To attend this class, note reading ability and basic theory knowledge are required. Scholarship Program: The organization's scholarship program is designed for students who are seriously committed to the musical training. The scholarships are divided into merit based and financial need-based awards.Students can apply for the program by filling out required paperwork, write a personal statement, and provide a letter of recommendation from a teacher. Applicants must audition and/or pass interview to be consideredfor an award. Upon the receipt of the scholarship, students sign the contract committing to certain hours of practice, regular lesson and concert attendance, and volunteer hours.Terranova Piano Trio: this ensemble consists of the core violin, piano, and cello faculty members and functions as Academy's trademark of excellent professional performing. It serves two purposes: inspire students and deliver classical music to our community. Terranova performs public concerts and conducts outreach concerts in public schools to help local music teachers enhance their curriculum.The Eclipse Ensemble of CAM (formerly the New Music Ensemble) is a group of Charleston Academy of Music faculty that specializes in a wide spectrum of classical music from the last 100 years, including conventional avant-garde art music, concert music from nontraditional sources (musical theatre, cabaret, historical and contemporary media), and music influenced by a variety of cultures and nationalities. It is instrumental in diversifying Charleston's music culture.Academy's popular concert series Rush Hour Concerts have continued with its 10th season. Thes

Financial Efficiency

• Mission deployment rate: 72.3%; rating input score 72
• Program expense ratio: 77.9%; rating input score 78
• Fundraising efficiency: $2.44 raised per $1 spent on fundraising; rating input score 7; 7th percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: Limited
• Foreign activity oversight: Limited
• Grant itemization coverage: 100%; rating input score 100; 76th 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: Pass
  • 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: Missing
  • Independent financial-statement audit: Fail

Sustainability

• Operating margin: 6.8%; rating input score 54; 54th percentile among comparable filings
• Total-asset coverage ratio: 1.83; rating input score 62; 62nd percentile among comparable filings
• Liabilities to assets ratio: 0.37; rating input score 21; 21st percentile among comparable filings
• Officer compensation ratio: 13%; rating input score 28; 28th percentile among comparable filings

Growth

• Program expense growth: 4.3% per year; rating input score 100; 38th percentile among comparable filings
• Revenue growth: 5.7% per year; rating input score 100; 47th percentile among comparable filings
• Asset growth: 15.5% per year; rating input score 100; 74th percentile among comparable filings