Gasparilla Music Foundation Inc

Nonprofit profile at a glance

EIN
452392256
IRS 990 coverage
2015–2024
Forms available
Form 990 2024
Location
Tampa, FL, USA
Phone
8137088423
Rating
82
Verdict
STRONG
Rating confidence
Moderate
Sector
Arts, Culture, and Humanities

Official website

Reported finances

Revenue
$803,406
Expenses
$969,996
Assets
$199,272
Liabilities
$457,409

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

Leadership & pay

10 people listed

Executive titles in this filing

  • GRYMES CANNON (PRESIDENT)

Highest reported compensation

  • DAVID COX (EXECUTIVE DI): $146,792 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 nurture and promote the culture of tampa bay by presenting a spectacular gathering of musicians and performers that leads to greater awareness, arts education and the continued urban renewal of downtown tampa.

What it reported doing in 2024

Recycled tunes program provided over 300 new and refurbished instruments to local schools and music programs. The program also provided supplies, strings, repairs and other support to teachers and classrooms.

Operating model

Revenue model
Earned-program. 78% of the money available for current operations came from fees and other program revenue.
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 - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 78
  • Transparency & Controls: 92
  • Accountability: 88
  • Sustainability: 10
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 94.4%; rating input score 94
  • Program expense ratio: 78.2%; rating input score 78
  • Fundraising efficiency: Limited

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 7 controls in place; rating input score 71
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -20.7%; rating input score 9; 9th percentile among comparable filings
  • Total-asset coverage ratio: 0.21; rating input score 10; 10th percentile among comparable filings
  • Liabilities to assets ratio: 2.3; rating input score 2; 2nd percentile among comparable filings
  • Officer compensation ratio: 15.1%; rating input score 23; 23rd percentile among comparable filings

Growth

  • Program expense growth: 8% per year; rating input score 100; 56th percentile among comparable filings
  • Revenue growth: 6.6% per year; rating input score 100; 52nd percentile among comparable filings
  • Asset growth: 5.6% per year; rating input score 100; 41st percentile among comparable filings

Details

  • Where the money goes: 94.4% of revenue deployed · 78.2% of spending went to programs
  • Governance: 9 of 9 board members independent · 5 of 7 filing controls reported
  • Programs: 2 filed program accomplishments · $758K in reported program spending
  • Leadership: top reported pay $147K · 10 people listed
  • Consistency: 23 of 23 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 10 filing years from 2015 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: Filed and resolved organization relationships.
  • 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 — Sustainability: Operating margin scored 9/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Sustainability: Total-asset coverage ratio scored 10/100.
  • High — Sustainability: Liabilities to assets ratio scored 2/100.
  • High — Sustainability: Officer compensation ratio scored 23/100.