Lynn Music Foundation Inc

Nonprofit profile at a glance

EIN
884197401
IRS 990 coverage
2023–2024
Forms available
Form 990 2024
Location
Lynn, MA, USA
Phone
7819297597
Rating
70
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Arts, Cultural Organizations - Multipurpose

Official website

Reported finances

Revenue
$472,438
Expenses
$445,924
Assets
$78,866
Liabilities
$4,689

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

Leadership & pay

7 people listed

Executive titles in this filing

  • Edwin Cabrera (President)

Highest reported compensation

  • Edwin Cabrera (President): $58,075 total reported compensation
  • Christopher Martin (Treasurer): $43,601 total reported compensation
  • Jose Luna (Clerk): $30,962 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The mission of Lynn Music Foundation Inc. is to provide resources to Lynn artists in music and the arts, helping them to reach their fullest potential by creating an environment for collaboration, and providing professional development opportunities for Lynn artists.

What it reported doing in 2024

The Foundation offers music education, performance opportunities and artist resources to the under-served music communities in Lynn.

Operating model

Revenue model
Earned-program. 64% 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

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 48
  • Transparency & Controls: 85
  • Accountability: 91
  • Sustainability: 32
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 50.6%; rating input score 51
  • Program expense ratio: 53.6%; rating input score 54
  • Fundraising efficiency: $3.54 raised per $1 spent on fundraising; rating input score 16; 16th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 90.9%; rating input score 91; 13th 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: 7 of 9 controls in place; rating input score 78
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 5.6%; rating input score 52; 52nd percentile among comparable filings
  • Total-asset coverage ratio: 0.18; rating input score 10; 10th percentile among comparable filings
  • Liabilities to assets ratio: 0.06; rating input score 31; 31st percentile among comparable filings
  • Officer compensation ratio: 29.7%; rating input score 11; 11th percentile among comparable filings

Growth

  • Program expense growth: 59.7% per year; rating input score 100; 97th percentile among comparable filings
  • Revenue growth: 58.7% per year; rating input score 100; 98th percentile among comparable filings
  • Asset growth: 44.6% per year; rating input score 100; 95th percentile among comparable filings

Details

  • Where the money goes: 50.6% of revenue deployed · 53.6% of spending went to programs
  • Governance: 7 of 7 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $239K in reported program spending
  • Leadership: top reported pay $58K · 7 people listed
  • Consistency: 24 of 25 current checks pass · 1 finding to review
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 2 filing years from 2023 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 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.

  • Review — Financial Efficiency: Mission deployment rate scored 51/100.
  • Review — Financial Efficiency: Program expense ratio scored 54/100.
  • High — Financial Efficiency: Fundraising efficiency scored 16/100.
  • High — Sustainability: Total-asset coverage ratio scored 10/100.
  • Review — Sustainability: Operating margin scored 52/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • High — Sustainability: Officer compensation ratio scored 11/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 31/100.