Musics Promise Inc

Nonprofit profile at a glance

EIN
871288977
IRS 990 coverage
2022–2024
Forms available
Form 990 2024
Location
Brooklyn, NY, USA
Phone
7183952077
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Music

Reported finances

Revenue
$1,341,886
Expenses
$1,144,210
Assets
$303,812
Liabilities
$0

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

Leadership & pay

9 people listed

Executive titles in this filing

  • GREG PLAGE (PRESIDENT)

Highest reported compensation

  • GREG PLAGE (PRESIDENT): $150,000 total reported compensation

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

Overview

Mission

Music's promises is a music industry's social responsibility program, addressing important social issues in the u.s. And around the world. They provide the infrastructure for artists and music companies to support causes that are important to them.

What it reported doing in 2024

Donations to support artists and music companies causes with social issues

Operating model

Revenue model
Donor-supported. 60% 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

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Total assets are small relative to annual expenses; liquid coverage is unknown and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 64
  • Transparency & Controls: 85
  • Accountability: 95
  • Sustainability: 50
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 68.2%; rating input score 68
  • Program expense ratio: 80%; rating input score 80
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 85.7%; rating input score 86; 2nd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 96.7%; rating input score 97; 44th 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; 63rd percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • 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: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 14.7%; rating input score 69; 69th percentile among comparable filings
  • Total-asset coverage ratio: 0.27; rating input score 12; 12th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 91; 91st percentile among comparable filings
  • Officer compensation ratio: 13.1%; rating input score 27; 27th percentile among comparable filings

Growth

  • Program expense growth: 57.2% per year; rating input score 100; 97th percentile among comparable filings
  • Revenue growth: 61.8% per year; rating input score 100; 98th percentile among comparable filings
  • Asset growth: 108.6% per year; rating input score 100; 99th percentile among comparable filings

Details

  • Where the money goes: 68.2% of revenue deployed · 80% of spending went to programs
  • Governance: 9 of 9 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $915K in reported program spending
  • Leadership: top reported pay $150K · 9 people listed
  • Consistency: 23 of 25 current checks pass · 2 findings to review
  • Schedules: 6 filed schedules · includes major donors and grants
  • Filing history: 3 filing years from 2022 to 2024
  • Contacts: How to reach this organization
  • Money network: 17 filed money-flow records
  • Related organizations: 16 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 — Sustainability: Total-asset coverage ratio scored 12/100.
  • Review — Accountability: Governance controls: CEO compensation review process not reported.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • High — Sustainability: Officer compensation ratio scored 27/100.