Foundations of Music

Nonprofit profile at a glance

EIN
363683597
IRS 990 coverage
2016–2018
Forms available
Form 990 2018
Location
Chicago, IL, USA
Phone
7732819454
Rating
57
Verdict
MIXED
Rating confidence
Moderate
Sector
Gift Distribution

Reported finances

Revenue
$259,258
Expenses
$285,935
Assets
$103,560
Liabilities
$14,196

Source: IRS Form 990. Selected filing: tax year 2018. Amounts in USD.

Leadership & pay

12 people listed

Executive titles in this filing

  • LAURIE MILLER (PRESIDENT)
  • KRISTEN CONRY (VICE PRESIDENT)
  • BREANDA FINEBERG (EXECUTIVE DIRECTOR)

People named in this filing

  • LAURIE MILLER (PRESIDENT)
  • KRISTEN CONRY (VICE PRESIDENT)
  • ABRAHAM LEVITAN (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 2018. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To provide music education to underserved chicago public school students, sparking creativity and passion, teaching critical thinking, supporting academic achievement, and enriching young lives. Foundations of music provides free year-round music education, positively impacting and celebrating young lives by offering access to safe and constructive learning experiences through which children may challenge themselves, build self-esteem and explore their own creative potential.

What it reported doing in 2018

Provides music education to underserved chicago pubic school students, sparking creativity and passion, teaching critical thinking, supporting academic achievement, and enriching young lives. Approximately 5,000 clients served.

Operating model

Revenue model
Donor-supported. 67% 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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

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

Rating breakdown

  • Financial Efficiency: 54
  • Transparency & Controls: 86
  • Accountability: 42
  • Sustainability: 27
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 60.2%; rating input score 60
  • Program expense ratio: 54.6%; rating input score 55
  • Fundraising efficiency: $4.03 raised per $1 spent on fundraising; rating input score 18; 18th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 93.3%; rating input score 93; 24th 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: 0%; rating input score 0; 6th percentile among comparable filings
  • Governance controls: 7 of 7 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • 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: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -10.3%; rating input score 21; 21st percentile among comparable filings
  • Total-asset coverage ratio: 0.36; rating input score 20; 20th percentile among comparable filings
  • Liabilities to assets ratio: 0.14; rating input score 28; 28th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 71; 71st percentile among comparable filings

Growth

  • Program expense growth: -18.3% per year; rating input score 0; 8th percentile among comparable filings
  • Revenue growth: -20.8% per year; rating input score 0; 4th percentile among comparable filings
  • Asset growth: -33.3% per year; rating input score 0; 2nd percentile among comparable filings

Details

  • Where the money goes: 60.2% of revenue deployed · 54.6% of spending went to programs
  • Governance: 0 of 11 board members independent · 7 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $156K in reported program spending
  • Leadership: top reported pay $0 · 12 people listed
  • Consistency: 28 of 29 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 3 filing years from 2016 to 2018
  • Contacts: How to reach this organization
  • 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.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Accountability: Independent voting board scored 0/100.
  • Review — Financial Efficiency: Program expense ratio scored 55/100.
  • High — Financial Efficiency: Fundraising efficiency scored 18/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 21/100.
  • High — Sustainability: Total-asset coverage ratio scored 20/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 28/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.