Save Our Musicians Foundation Inc

Nonprofit profile at a glance

EIN
871020850
IRS 990 coverage
2023–2024
Forms available
Form 990 2024, Form 990-N 2022
Location
Jupiter, FL, USA
Phone
5616778961
Rating
79
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Single Organization Support

Reported finances

Revenue
$176,117
Expenses
$6,832,315
Assets
$527,311
Liabilities
$354,720

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

Leadership & pay

5 people listed

Executive titles in this filing

  • DENNIS CUNNINGHAM (PRESIDENT/CEO)
  • CHRISTIAN DEMERS (VICE PRESIDENT)
  • ROBERT SAMUELS (VICE PRESIDENT)

People named in this filing

  • DENNIS CUNNINGHAM (PRESIDENT/CEO)
  • FELICIA CUNNINGHAM (TREASURER)
  • CHRISTIAN DEMERS (VICE PRESIDENT)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

The save our musicians foundation (somf) is a passionate 501(c)(3) non-profit dedicated to empowering the independent musician. The organization was initially founded in 2021 with the goal of helping musicians through a challenging post-pandemic period where opportunities to book live gigs became virtually non-existent. Our mission has since evolved to a more comprehensive approach towards addressing the challenges faced by aspiring independent musicians. While the core of our non-profit activities center around showcasing talent through live gigs and performance opportunities, we also provide a wholistic approach towards the various facets of artist development and foster growth at every stage of a musician's career. We believe music is a transformative force that unites communities and ignites positive change. By fostering a supportive ecosystem, we cultivate artistic growth, propel careers, and champion the future of music.

What it reported doing in 2024

Showcasing talent, building audiencesour flagship program, the save our musicians foundation's private concert series, held in conjunction with airtab's open for an icon competition, transforms undiscovered talent into rising stars. By pairing a high-stakes competition with exclusive performance opportunities alongside established artists, we create a dynamic platform for artist discovery. All participants in the program can instantly expand their fanbase, while winners gain access to unparalleled exposure, industry credibility, and the experience of a lifetime.

Operating model

Revenue model
Donor-supported. 74% of the money available for current operations came from contributions and gifts.
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 - 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 filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 94
  • Accountability: 76
  • Sustainability: 11
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 91.8%; rating input score 92
  • Fundraising efficiency: $0.83 raised per $1 spent on fundraising; rating input score 5; 5th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 80th 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: 3 of 7 controls in place; rating input score 43
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -3,779.4%; rating input score 0; 0th percentile among comparable filings
  • Total-asset coverage ratio: 0.08; rating input score 5; 5th percentile among comparable filings
  • Liabilities to assets ratio: 0.67; rating input score 8; 8th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: -69.2% per year; rating input score 0; 1st percentile among comparable filings
  • Revenue growth: -197% per year; rating input score 0; 0th percentile among comparable filings
  • Asset growth: -180.2% per year; rating input score 0; 0th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 91.8% of spending went to programs
  • Governance: 5 of 5 board members independent · 3 of 7 filing controls reported
  • Programs: 3 filed program accomplishments · $6.3M in reported program spending
  • Leadership: top reported pay $0 · 5 people listed
  • Highest-paid contractors: 3 contractors listed · $6.2M reported
  • Consistency: 23 of 23 current checks pass
  • Schedules: 6 filed schedules · includes major donors and grants
  • Filing history: 2 filing years from 2023 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 1 filed related-organization link
  • 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 — Financial Efficiency: Fundraising efficiency scored 5/100.
  • Moderate — Accountability: Governance controls: 3 of 6 not reported.
  • High — Sustainability: Operating margin scored 0/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 5/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 8/100.