LFMG Music Academy

Nonprofit profile at a glance

EIN
932814799
IRS 990 coverage
2024–2025
Forms available
Form 990 2025
Location
Montrose, CO, USA
Rating
63
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Arts, Culture, and Humanities

Reported finances

Revenue
$1,276,222
Expenses
$189,868
Assets
$1,167,821
Liabilities
$266

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

7 people listed

Executive titles in this filing

  • Jahaziel S Serrano (President)
  • Clara Carrasco (Vice President)

People named in this filing

  • Valentina Atencio (Trustee)
  • Nate Hughes (Trustee)
  • Edgar J Nava Quiroz (Executive Dir.)

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 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

At LFMG Music Academy, our mission is to inspire youth through music by providing them with the tools, resources, and relationships they need to thrive in the studio, at school, and in life. We believe music is more than art its a pathway to confidence, community, and leadership. Through hands-on learning, mentorship, and real-world opportunities, we help young people find their voice and use it to create positive change.

What it reported doing in 2025

In 2025, LFMG Music Academy served over 250 students across seven counties in the Montrose, Colorado region, achieving 100% satisfaction among participants, all of whom reported they would recommend the program to their peers. The organization operated its free afterschool program, IN THE LAB, Monday through Thursday from 46 PM year-round, while also hosting workshops and summer camps at its facility. A new initiative, RockLab, was successfully launched as a 10-week program for youth ages 818 to form bands and culminate in a live performance. Key milestones include surpassing the goal of serving 250 students, maintaining exceptional program satisfaction, and securing critical funding to support long-term sustainability and growth.

Operating model

Revenue model
Donor-supported. 99% 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 program spending has grown recently. A relatively small share of available resources goes toward mission work and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 39
  • Transparency & Controls: 90
  • Accountability: 54
  • Sustainability: 90
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 10.7%; rating input score 11
  • Program expense ratio: 71.8%; rating input score 72
  • Fundraising efficiency: $64.66 raised per $1 spent on fundraising; rating input score 79; 79th 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: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 71.4%; rating input score 71; 18th percentile among comparable filings
  • Governance controls: 2 of 7 controls in place; rating input score 29
    • Conflict-of-interest policy: Fail
    • 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: 85.1%; rating input score 98; 98th percentile among comparable filings
  • Total-asset coverage ratio: 6.15; rating input score 87; 87th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 75; 75th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 78; 78th percentile among comparable filings

Growth

  • Program expense growth: 16.2% per year; rating input score 100; 73rd percentile among comparable filings
  • Revenue growth: 144.5% per year; rating input score 100; 100th percentile among comparable filings
  • Asset growth: 174% per year; rating input score 100; 100th percentile among comparable filings

Details

  • Where the money goes: 10.7% of revenue deployed · 71.8% of spending went to programs
  • Governance: 5 of 7 board members independent · 2 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $136K in reported program spending
  • Leadership: top reported pay $0 · 7 people listed
  • Consistency: 22 of 22 current checks pass
  • Schedules: 4 filed schedules
  • Filing history: 2 filing years from 2024 to 2025
  • Contacts: How to reach this organization
  • Money network: Resolved incoming and outgoing counterparties from filed money flows.
  • 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 — Financial Efficiency: Mission deployment rate scored 11/100.
  • High — Accountability: Governance controls: 4 of 6 not reported.