Music Center Foundation

Nonprofit profile at a glance

EIN
237298290
IRS 990 coverage
2009–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Los Angeles, CA, USA
Phone
2139728046
Rating
84
Verdict
STRONG
Rating confidence
Moderate
Sector
Fund Raising and/or Fund Distribution

Official website

Reported finances

Revenue
$14,852,023
Expenses
$9,084,745
Assets
$314,072,066
Liabilities
$100,859,058

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

Leadership & pay

19 people listed

Executive titles in this filing

  • STEVEN T BENSON (PRESIDENT AND CEO)

Highest reported compensation

  • STEVEN T BENSON (PRESIDENT AND CEO): $422,271 total reported compensation
  • JENNIFER NHIEU (CONTROLLER): $127,304 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 music center foundation is to provide endowment support to the music center performing arts center of los angeles county, its education and artistic programs and resident companies through planned giving fundraising and asset management.

What it reported doing in 2024

Endowment distributions to the music center/performing arts center of los angeles county, its educational activities and its affiliated performing arts companies which include los angeles philharmonic association, center theatre group, los angeles opera company and the los angeles master chorale.

Operating model

Revenue model
Donor-supported. 79% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. The filing reports few safeguards for money sent abroad and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 90
  • Transparency & Controls: 70
  • Accountability: 95
  • Sustainability: 82
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 88.7%; rating input score 89
  • Fundraising efficiency: $12.76 raised per $1 spent on fundraising; rating input score 45; 45th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Scored; rating input score 0
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 38.8%; rating input score 91; 91st percentile among comparable filings
  • Total-asset coverage ratio: 34.57; rating input score 99; 99th percentile among comparable filings
  • Liabilities to assets ratio: 0.32; rating input score 44; 44th percentile among comparable filings
  • Officer compensation ratio: 6%; rating input score 42; 42nd percentile among comparable filings

Growth

  • Program expense growth: 5.7% per year; rating input score 100; 47th percentile among comparable filings
  • Revenue growth: 4.3% per year; rating input score 100; 38th percentile among comparable filings
  • Asset growth: -1.6% per year; rating input score 0; 6th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 88.7% of spending went to programs
  • Governance: 16 of 16 board members independent · 8 of 9 filing controls reported
  • Programs: 2 filed program accomplishments · $8.1M in reported program spending
  • Leadership: top reported pay $422K · 19 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 2 contractors listed · $413K reported
  • Consistency: 32 of 32 current checks pass
  • Schedules: 9 filed schedules · includes major donors, foreign activity, grants, and executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 7 filed money-flow records
  • Related organizations: 6 filed related-organization links
  • 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 — Transparency & Controls: Foreign activity oversight scored 0/100.
  • Moderate — Financial Efficiency: Fundraising efficiency scored 45/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Accountability: Governance controls: Other executive compensation review process not reported.
  • Moderate — Sustainability: Officer compensation ratio scored 42/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 44/100.