Reading Musical Foundation

Nonprofit profile at a glance

EIN
231472487
IRS 990 coverage
2009–2024
Forms available
Form 990 2024, Form 990-N 2008
Location
Reading, PA, USA
Phone
6103763395
Rating
84
Verdict
STRONG
Rating confidence
Moderate
Sector
Music

Official website

Reported finances

Revenue
$1,519,550
Expenses
$1,133,643
Assets
$23,631,866
Liabilities
$416,849

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

Leadership & pay

19 people listed

Executive titles in this filing

  • KERI M SHULTZ (PRESIDENT)

Highest reported compensation

  • KERI M SHULTZ (PRESIDENT): $117,818 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 advance and advocate for music education and appreciation in berks county.

What it reported doing in 2024

Rmf shares the musical experience with members of the community who may not otherwise have access to music education or performance opportunities. Programs include operation replay (instrument recycling and loan program), music in the schools assemblies, after-school music instruction in reading and olivet boys & girls clubs, the latin music after-school program, and the digital music lab initiative. Collectively, rmf provides more than 15 hours per week of free after-school music education and workshops for k-12 students from september through may.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Grant intermediary. The nonprofit sent 77% 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. Fundraising costs are high for each dollar raised and some filed totals do not add up.

Rating breakdown

  • Financial Efficiency: 77
  • Transparency & Controls: 80
  • Accountability: 100
  • Sustainability: 78
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 80.2%; rating input score 80
  • Program expense ratio: 83.3%; rating input score 83
  • Fundraising efficiency: $11.33 raised per $1 spent on fundraising; rating input score 42; 42nd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 87.5%; rating input score 88; 3rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 72.8%; rating input score 73; 33rd 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: 8 of 8 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: 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: 25.4%; rating input score 81; 81st percentile among comparable filings
  • Total-asset coverage ratio: 20.85; rating input score 96; 96th percentile among comparable filings
  • Liabilities to assets ratio: 0.02; rating input score 64; 64th percentile among comparable filings
  • Officer compensation ratio: 10.4%; rating input score 36; 36th percentile among comparable filings

Growth

  • Program expense growth: 4.1% per year; rating input score 100; 37th percentile among comparable filings
  • Revenue growth: 6.3% per year; rating input score 100; 50th percentile among comparable filings
  • Asset growth: 5.3% per year; rating input score 100; 40th percentile among comparable filings

Details

  • Where the money goes: 80.2% of revenue deployed · 83.3% of spending went to programs
  • Governance: 18 of 18 board members independent · 8 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $945K in reported program spending
  • Leadership: top reported pay $118K · 19 people listed
  • Consistency: 29 of 31 current checks pass · 2 findings to review
  • Schedules: 6 filed schedules · includes major donors and grants
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 14 filed money-flow records
  • Related organizations: 13 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.

  • Moderate — Financial Efficiency: Fundraising efficiency scored 42/100.
  • 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.
  • Moderate — Sustainability: Officer compensation ratio scored 36/100.