Maine Academy of Modern Music

Nonprofit profile at a glance

EIN
260835852
IRS 990 coverage
2014–2024
Forms available
Form 990 2024, Form 990-EZ 2013
Location
Portland, ME, USA
Phone
2078993433
Rating
83
Verdict
STRONG
Rating confidence
Moderate
Sector
Arts, Culture, and Humanities

Official website

Reported finances

Revenue
$1,057,335
Expenses
$1,024,572
Assets
$21,280
Liabilities
$26,968

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

Leadership & pay

14 people listed

Executive titles in this filing

  • Julie Reynolds (President)
  • Jeffrey Shaw (Executive Director)

Highest reported compensation

  • Jeffrey Shaw (Executive Director): $93,266 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 operate and support an independent music school on rock and contemporary music. The Academy is dedicated to creating positive life experiences for Maine students of all ages and abilities through innovative and inclusive music programs which promote resiliency, self-expression, creativity, and determination.

What it reported doing in 2024

The academy provides students with individual lessons, group instruction, after-school workshops, performance opportunities, and statewide battle of the bands, recording studio camps and rock camps in Portland, Bar Harbor, Kennebunk, and Machias, Maine.

Operating model

Revenue model
Earned-program. 74% 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. Some filing-based governance responses are negative or unanswered and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 84
  • Transparency & Controls: 92
  • Accountability: 79
  • Sustainability: 27
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 92.7%; rating input score 93
  • Program expense ratio: 95.6%; rating input score 96
  • 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: 4 of 8 controls in place; rating input score 50
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 3.1%; rating input score 45; 45th percentile among comparable filings
  • Total-asset coverage ratio: 0.02; rating input score 2; 2nd percentile among comparable filings
  • Liabilities to assets ratio: 1.27; rating input score 4; 4th percentile among comparable filings
  • Officer compensation ratio: 9.1%; rating input score 40; 40th percentile among comparable filings

Growth

  • Program expense growth: 16% per year; rating input score 100; 77th percentile among comparable filings
  • Revenue growth: 14.5% per year; rating input score 100; 78th percentile among comparable filings
  • Asset growth: 8% per year; rating input score 100; 52nd percentile among comparable filings

Details

  • Where the money goes: 92.7% of revenue deployed · 95.6% of spending went to programs
  • Governance: 13 of 13 board members independent · 4 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $980K in reported program spending
  • Leadership: top reported pay $93K · 14 people listed
  • Consistency: 26 of 26 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 11 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • 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 7 not reported.
  • High — Sustainability: Total-asset coverage ratio scored 2/100.
  • Moderate — Sustainability: Operating margin scored 45/100.
  • High — Sustainability: Liabilities to assets ratio scored 4/100.
  • Moderate — Sustainability: Officer compensation ratio scored 40/100.