Society of the Third Street Music School Settlement

What it reported doing in 2024

Third street partners, school & community partnerships see schedule oestablished over 60 years ago, third street partners is a school and community partnership program that reaches thousands of students in pre-k through 12th grade across the five boroughs. In 2024-25, third street partners served 3,616 students in 30 public schools and hundreds more through programs in five community centers serving students in public housing. Through these partnerships, third street provides teaching artist residencies in nyc public schools and community centers to provide students with skill-based, sequential instruction that ranges from music and movement, to african percussion, to group violin, and rock band. Committed to serving under-resourced populations, about 75% of students engaged in third street partners are living at or below the poverty line. For many of these students, third street's programs are their first exposure to arts education.at third street, we believe that music and dance are essential core subjects to a child's education. We offer schools a customizable arts education program that is sustainable and tailored to each unique group of students served. By working closely with a school's administration, third street designs a program that fills a gap in the academic curriculum. All programs provide students with a foundational knowledge of musicianship, including instrumental skills, rhythm, pitch, music theory and vocabulary, and a basic set of repertoire. Programs are typically year-round for 28-32 weeks, beginning in september through june and culminating with performance opportunities. Further, students are invited to participate in the music & dance school's bridge-to-the-arts access program partners@3rd, which offers students the opportunity to participate in a year of free small group instruction in an instrument of their choice at third street's headquarters.

Financial Efficiency

• Mission deployment rate: 86.2%; rating input score 86
• Program expense ratio: 84.1%; rating input score 84
• Fundraising efficiency: $6.07 raised per $1 spent on fundraising; rating input score 25; 25th percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
• Pay-setting controls: 4 of 6 controls in place; rating input score 67
  • Compensation committee: Pass
  • Independent consultant: Missing
  • Other Form 990s reviewed: Pass
  • Written employment contract: Missing
  • Compensation survey or study: Pass
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• 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: 1.1%; rating input score 38; 38th percentile among comparable filings
• Total-asset coverage ratio: 2.13; rating input score 64; 64th percentile among comparable filings
• Liabilities to assets ratio: 0.16; rating input score 63; 63rd percentile among comparable filings
• Officer compensation ratio: 10.6%; rating input score 18; 18th percentile among comparable filings

Growth

• Program expense growth: 5.7% per year; rating input score 100; 47th percentile among comparable filings
• Revenue growth: 4.1% per year; rating input score 100; 36th percentile among comparable filings
• Asset growth: 4.1% per year; rating input score 100; 29th percentile among comparable filings