Living Traditions Inc
Nonprofit profile at a glance
- EIN
- 113193909
- IRS 990 coverage
- 2010–2024
- Forms available
- Form 990 2024, Form 990-EZ 2015
- Location
- Brooklyn, NY, USA
- Phone
- 7185416464
- Rating
- 79
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Arts, Cultural Organizations - Multipurpose
Reported finances
- Revenue
- $1,392,995
- Expenses
- $1,386,965
- Assets
- $439,493
- Liabilities
- $341,208
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
10 people listed
Executive titles in this filing
- JULIA DEL PALACIO (PRESIDENT)
Highest reported compensation
- ELI B SMITH (SECRETARY): $52,803 total reported compensation
- LYNETTE WOOD (EXECUTIVE DI): $52,500 total reported compensation
- JULIA DEL PALACIO (PRESIDENT): $1,000 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Living traditions, inc. Is a multi-faceted arts space showcasing evolving folk and traditional music and art from New York city, the americas, and the world. Our programming supports artists, fosters muti-generational community and provides enrichment and education about our shared musical heritage.
What it reported doing in 2024
In fy25, jalopy's annual season included 6 festivals, 3-5 weekly concerts at its home location and numerous performances at stages across the city and state. The brooklyn folk festival celebrated its 15th year, partnering with smithsonian folkways for their 75th anniversary and bringing legendary artists to the stage. In-house concerts featured both local emerging artists, traveling bands and recognized leaders. Jalopy began a new series, called folk music masters, and hosted 4 concerts with an array of artists. Jalopy produced concerts at venues in manhattan, brooklyn, queens, hudson ny and sheffield mass. Jalopy hosted dozens of weekly music classes and workshops each week, employing 35 teaching artists and serving over 800 adults and children. Through the community through music program, jalopy served 1200 brooklyn public school children with 8-12 weeks of music enrichment. Jalopy records released 6 new albums of folk and traditional music.
Operating model
- Revenue model
- Mixed. Its operating money came from several sources; no one source provided a clear majority.
- 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
SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.
Rating breakdown
- Financial Efficiency: 75
- Transparency & Controls: 87
- Accountability: 82
- Sustainability: 28
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 84.1%; rating input score 84
- Program expense ratio: 80.2%; rating input score 80
- Fundraising efficiency: $4.88 raised per $1 spent on fundraising; rating input score 17; 17th percentile among comparable filings
Transparency & Controls
- Consistency checks: 93.8%; rating input score 94; 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: 70%; rating input score 70; 15th percentile among comparable filings
- Governance controls: 9 of 9 controls in place; rating input score 100
- 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: Pass
Sustainability
- Operating margin: 0.4%; rating input score 37; 37th percentile among comparable filings
- Total-asset coverage ratio: 0.32; rating input score 15; 15th percentile among comparable filings
- Liabilities to assets ratio: 0.78; rating input score 9; 9th percentile among comparable filings
- Officer compensation ratio: 7.7%; rating input score 45; 45th percentile among comparable filings
Growth
- Program expense growth: 14.8% per year; rating input score 100; 75th percentile among comparable filings
- Revenue growth: 11.2% per year; rating input score 100; 70th percentile among comparable filings
- Asset growth: 16.2% per year; rating input score 100; 75th percentile among comparable filings
Details
- Where the money goes: 84.1% of revenue deployed · 80.2% of spending went to programs
- Governance: 7 of 10 board members independent · 9 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $1.1M in reported program spending
- Leadership: top reported pay $53K · 10 people listed
- Consistency: 31 of 31 current checks pass
- Schedules: 6 filed schedules · includes major donors
- Filing history: 11 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 5 filed money-flow records
- 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 — Financial Efficiency: Fundraising efficiency scored 17/100.
- Moderate — Sustainability: Operating margin scored 37/100.
- High — Sustainability: Total-asset coverage ratio scored 15/100.
- High — Sustainability: Liabilities to assets ratio scored 9/100.
- Moderate — Sustainability: Officer compensation ratio scored 45/100.