Sound Mind Live Inc

Nonprofit profile at a glance

EIN
834613196
IRS 990 coverage
2020–2024
Forms available
Form 990 2024, Form 990-N 2019
Location
Brooklyn, NY, USA
Phone
8186182654
Rating
81
Verdict
STRONG
Rating confidence
Moderate
Sector
Mental Health Disorders

Official website

Reported finances

Revenue
$903,544
Expenses
$1,036,190
Assets
$187,644
Liabilities
$417,541

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

Leadership & pay

9 people listed

Executive titles in this filing

  • Dr David Ballard (President)

Highest reported compensation

  • Chris Bullard (Executive Dir.): $133,373 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 Sound Mind Live is to foster community, open dialogue, and action on mental health through the power of music.

What it reported doing in 2024

The production of events, concerts, podcast, video, and other content that leverage the power of music to build community and open dialogue around mental health, and elevate critical mental health resources. In 2022 our programs reached 1.6 million people in partnership with more than 60 artists advocating for mental health dialogue and action. 85% of our audience reported they can have more open, honest conversations about mental health as a result of our programs, and 86% of youth reported feeling a reduced sense of "otherness" related to mental health issues as a result of our programs.In 2024 we opened a community center that has already served over 3,000 people in theNew York City and surrounding area.

Operating model

Revenue model
Donor-supported. 90% 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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 84
  • Transparency & Controls: 92
  • Accountability: 74
  • Sustainability: 12
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 87.3%; rating input score 87
  • Program expense ratio: 76.1%; rating input score 76
  • Fundraising efficiency: $974.28 raised per $1 spent on fundraising; rating input score 97; 97th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • 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 8 controls in place; rating input score 38
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Fail
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -14.7%; rating input score 13; 13th percentile among comparable filings
  • Total-asset coverage ratio: 0.18; rating input score 8; 8th percentile among comparable filings
  • Liabilities to assets ratio: 2.23; rating input score 2; 2nd percentile among comparable filings
  • Officer compensation ratio: 12.9%; rating input score 28; 28th percentile among comparable filings

Growth

  • Program expense growth: 28.9% per year; rating input score 100; 89th percentile among comparable filings
  • Revenue growth: 23.3% per year; rating input score 100; 88th percentile among comparable filings
  • Asset growth: -6.1% per year; rating input score 0; 5th percentile among comparable filings

Details

  • Where the money goes: 87.3% of revenue deployed · 76.1% of spending went to programs
  • Governance: 8 of 8 board members independent · 3 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $788K in reported program spending
  • Leadership: top reported pay $133K · 9 people listed
  • Consistency: 25 of 25 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 5 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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 — Accountability: Governance controls: 5 of 8 not reported.
  • High — Sustainability: Operating margin scored 13/100.
  • High — Sustainability: Total-asset coverage ratio scored 8/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 2/100.
  • High — Sustainability: Officer compensation ratio scored 28/100.