Chicago Orchestral Academy

Nonprofit profile at a glance

EIN
363071191
IRS 990 coverage
2014–2017
Forms available
Form 990 2017
Location
Chicago, IL, USA
Rating
51
Verdict
MIXED
Rating confidence
Moderate
Sector
Symphony Orchestras

Reported finances

Revenue
$112,668
Expenses
$147,864
Assets
$9,899
Liabilities
$92,642

Source: IRS Form 990. Selected filing: tax year 2017. Amounts in USD.

Leadership & pay

11 people listed

Executive titles in this filing

  • LYNN M GLYMPH (PRESIDENT)

Highest reported compensation

  • JOSEPH GLYMPH (CHAIRMAN): $4,552 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2017. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The primary purpose of the organization is to provide orchestral training opportunities for talented young musicians.

What it reported doing in 2017

Symphony concerts: numerous concerts were performed during the year. The majority are free and open to the public. Over 250 musicians participated and benefitted. Weekly rehearsal: intense group rehearsals were provided to over 250 musicians weekly. Sectional rehearsal are coached by seasoned professionals.

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.

The verdict

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 20
  • Transparency & Controls: 76
  • Accountability: 95
  • Sustainability: 10
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 25.1%; rating input score 25
  • Program expense ratio: 19.2%; rating input score 19
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 22nd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: No; rating input score 0
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -31.2%; rating input score 8; 8th percentile among comparable filings
  • Total-asset coverage ratio: 0.07; rating input score 5; 5th percentile among comparable filings
  • Liabilities to assets ratio: 9.36; rating input score 0; 0th percentile among comparable filings
  • Officer compensation ratio: 3.1%; rating input score 40; 40th percentile among comparable filings

Growth

  • Program expense growth: -15.2% per year; rating input score 0; 11th percentile among comparable filings
  • Revenue growth: -2.9% per year; rating input score 0; 22nd percentile among comparable filings
  • Asset growth: 9.6% per year; rating input score 100; 69th percentile among comparable filings

Details

  • Where the money goes: 25.1% of revenue deployed · 19.2% of spending went to programs
  • Governance: 11 of 11 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $28K in reported program spending
  • Leadership: top reported pay $5K · 11 people listed
  • Consistency: 25 of 26 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 3 filing years from 2014 to 2017
  • 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.

  • High — Financial Efficiency: Mission deployment rate scored 25/100.
  • High — Financial Efficiency: Program expense ratio scored 19/100.
  • High — Transparency & Controls: Major donor itemization scored 0/100.
  • High — Sustainability: Operating margin scored 8/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 5/100.
  • Review — Accountability: Governance controls: Audit committee oversight not reported.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 0/100.
  • Moderate — Sustainability: Officer compensation ratio scored 40/100.