Fine Arts Society of Indianapolis

Nonprofit profile at a glance

EIN
237002448
IRS 990 coverage
2013–2024
Forms available
Form 990 2024
Location
Indianapolis, IN, USA
Phone
3177883291
Rating
72
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$468,797
Expenses
$472,548
Assets
$640,410
Liabilities
$36,068

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

Leadership & pay

14 people listed

Executive titles in this filing

  • JULIA HOLBROOK (EXECUTIVE DIRECTOR)

Highest reported compensation

  • JULIA HOLBROOK (EXECUTIVE DIRECTOR): $95,668 total reported compensation
  • MICHAEL TOULOUSE (PROGRAM DIRECTOR): $50,694 total reported compensation

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

Overview

Mission

To inspire people with the power of classical music. This is achieved through the creation and syndication of on-air classical music programs to be broadcast by affiliate stations, whereby cmi provides broadcasting and programming. Cmi also serves a variety of special community off-air programs and collaborations to excite and engage diverse audiences.

What it reported doing in 2024

Streaming and syndication - cmi produces a classical music streaming channel; local music and new music for an audience of about 40,000 each year. Syndication, anytime classical serves clients providing classical music in idiana, Ohio, Washington, and Oregon. We do not have enough revenue collected from our syndication program customers, so we use our restricted cash and general contributions to support this program. We also host a weekly radio program highlighting the arts in Indiana, classical beat.

Operating model

Revenue model
Donor-supported. 82% of the money available for current operations came from contributions and gifts.
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

SUPPORTED - 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: 49
  • Transparency & Controls: 92
  • Accountability: 95
  • Sustainability: 37
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 52.4%; rating input score 52
  • Program expense ratio: 50.7%; rating input score 51
  • Fundraising efficiency: $6.58 raised per $1 spent on fundraising; rating input score 28; 28th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • 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: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -0.8%; rating input score 37; 37th percentile among comparable filings
  • Total-asset coverage ratio: 1.36; rating input score 49; 49th percentile among comparable filings
  • Liabilities to assets ratio: 0.06; rating input score 31; 31st percentile among comparable filings
  • Officer compensation ratio: 31%; rating input score 10; 10th percentile among comparable filings

Growth

  • Program expense growth: 5.5% per year; rating input score 100; 56th percentile among comparable filings
  • Revenue growth: 0.8% per year; rating input score 100; 28th percentile among comparable filings
  • Asset growth: -5.7% per year; rating input score 0; 9th percentile among comparable filings

Details

  • Where the money goes: 52.4% of revenue deployed · 50.7% of spending went to programs
  • Governance: 12 of 12 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $239K in reported program spending
  • Leadership: top reported pay $96K · 14 people listed
  • Consistency: 29 of 29 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 11 filing years from 2013 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 — Financial Efficiency: Mission deployment rate scored 52/100.
  • Review — Financial Efficiency: Program expense ratio scored 51/100.
  • High — Financial Efficiency: Fundraising efficiency scored 28/100.
  • Moderate — Sustainability: Operating margin scored 37/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • Moderate — Sustainability: Total-asset coverage ratio scored 49/100.
  • High — Sustainability: Officer compensation ratio scored 10/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 31/100.