Crested Butte Music Festival Inc

Nonprofit profile at a glance

EIN
841374824
IRS 990 coverage
2013–2022
Forms available
Form 990 2022, Form 990-T 2020
Location
Crested Butte, CO, USA
Phone
9703497284
Rating
77
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Arts, Culture, and Humanities N.E.C.

Official website

Reported finances

Revenue
$149,757
Expenses
$516,253
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2022. Amounts in USD.

Leadership & pay

9 people listed

Executive titles in this filing

  • GARY KEISER (PRESIDENT)

People named in this filing

  • GARY KEISER (PRESIDENT)
  • DENISE HAWK (BOARD MEMBER)
  • DAVID WINN (TREASURER)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2022. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To provide a wide variety of live music performances including orchestra, chamber music, jazz, and bluegrass while providing and supporting music education programs for adults and children.

What it reported doing in 2022

The last concert was presented in september 2022 (last fiscal year). Since then, all efforts were to raise sufficient funds to produce a 2023 music season. Those efforts were not successful. All tangible and intangible assets (excluding cash and endowment investments) were sold to the center for the arts for a nominal amount. Endowment investments were transferred to two foundations in accordance with the endowment agreements. After payment of all obligations, the remaining cash was donated to the center for the arts. The corporation dissolved as of june 30,2023.

Operating model

Revenue model
Donor-supported. 66% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 87% of its reported program spending out as grants.

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 fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 90
  • Accountability: 76
  • Sustainability: 9
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 82.7%; rating input score 83
  • Fundraising efficiency: $9.37 raised per $1 spent on fundraising; rating input score 36; 36th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 94.4%; rating input score 94; 26th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 81st 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: 3 of 7 controls in place; rating input score 43
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • 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: -244.7%; rating input score 1; 1st percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 1; 1st percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 0%; rating input score 70; 70th percentile among comparable filings

Growth

  • Program expense growth: -14.5% per year; rating input score 0; 9th percentile among comparable filings
  • Revenue growth: -17.7% per year; rating input score 0; 4th percentile among comparable filings
  • Asset growth: -5.1% per year; rating input score 0; 11th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 82.7% of spending went to programs
  • Governance: 6 of 6 board members independent · 3 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $427K in reported program spending
  • Leadership: top reported pay $0 · 9 people listed
  • Consistency: 24 of 24 current checks pass
  • Schedules: 6 filed schedules · includes major donors and grants
  • Filing history: 10 filing years from 2013 to 2022
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Related organizations: 3 filed related-organization links
  • 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 — Accountability: Governance controls: 3 of 6 not reported.
  • Moderate — Financial Efficiency: Fundraising efficiency scored 36/100.
  • High — Sustainability: Operating margin scored 1/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 1/100.
  • High — Growth: Asset growth scored 0/100.