Friends of Music Hall

Nonprofit profile at a glance

EIN
311353951
IRS 990 coverage
2019–2024
Forms available
Form 990 2024
Location
Cincinnati, OH, USA
Phone
5137443306
Rating
81
Verdict
STRONG
Rating confidence
Moderate
Sector
Performing Arts Centers

Reported finances

Revenue
$1,765,250
Expenses
$593,900
Assets
$21,677,601
Liabilities
$3,201

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

Leadership & pay

29 people listed

Executive titles in this filing

  • NANCY KNAUF (EXECUTIVE DIRECTOR)
  • PETER KOENIG (PRESIDENT)
  • LYNNE RECKMAN (VICE PRESIDENT)
  • ED RIDER (VICE PRESIDENT)
  • KATHY WADE (VICE PRESIDENT)

Highest reported compensation

  • NANCY KNAUF (EXECUTIVE DIRECTOR): $50,028 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 preserve, promote, improve & provide education about cincinnati music hall in order to perpetuate it as the premier cultural center of the region, and as a national historic landmark of international significance.

What it reported doing in 2024

Through weekly guided tours, community talks, and engaging children's programming, friends of music hall educates approximately 5,000 guests annually on the history, architecture and cultural significance of music hall. We actively promote the vital programs and accomplishments of the friends of music hall through our quarterly e-newsletter, social media, and website. We hold an annual meeting to educate members about programs and capital projects.

Operating model

Revenue model
Investment-supported. 73% of the money available for current operations came from recurring investment income.
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

STRONG - The filed numbers largely add up and a large share of available resources goes toward mission work. Some filing-based governance responses are negative or unanswered and reported officer compensation is a large share of total spending, which may reflect staffing concentration.

Rating breakdown

  • Financial Efficiency: 67
  • Transparency & Controls: 92
  • Accountability: 84
  • Sustainability: 89
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 59.5%; rating input score 60
  • Program expense ratio: 76.9%; rating input score 77
  • Fundraising efficiency: $37.98 raised per $1 spent on fundraising; rating input score 73; 73rd 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: 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: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • 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: Pass
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 66.4%; rating input score 96; 96th percentile among comparable filings
  • Total-asset coverage ratio: 36.5; rating input score 98; 98th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 82; 82nd percentile among comparable filings
  • Officer compensation ratio: 8.4%; rating input score 42; 42nd percentile among comparable filings

Growth

  • Program expense growth: 1.8% per year; rating input score 100; 25th percentile among comparable filings
  • Revenue growth: 10.6% per year; rating input score 100; 68th percentile among comparable filings
  • Asset growth: 6.1% per year; rating input score 100; 44th percentile among comparable filings

Details

  • Where the money goes: 59.5% of revenue deployed · 76.9% of spending went to programs
  • Governance: 28 of 28 board members independent · 5 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $457K in reported program spending
  • Leadership: top reported pay $50K · 29 people listed
  • Consistency: 23 of 23 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 6 filing years from 2019 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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 — Accountability: Governance controls: 3 of 8 not reported.
  • Moderate — Sustainability: Officer compensation ratio scored 42/100.