Sound Studios Olympia
Nonprofit profile at a glance
- EIN
- 832858437
- IRS 990-EZ coverage
- 2021–2024
- Forms available
- Form 990-EZ 2024, Form 990-N 2020
- Location
- Olympia, WA, USA
- Phone
- 3607062625
- Rating
- 46
- Verdict
- MIXED
- Rating confidence
- Moderate
- Sector
- Performing Arts Schools
Reported finances
- Revenue
- $159,108
- Expenses
- $153,853
- Assets
- $18,566
Source: IRS Form 990-EZ. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
1 person listed
Executive titles in this filing
- Shawn R Meloy (President)
People named in this filing
- Shawn R Meloy (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-EZ. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
We offer music lessons which are part of a cultural education for students. Along with these lessons we also offer and encourage students to perform multiple times a year in a variety of venues including the Washington Center for the Performing Arts as well as outdoors in a concert of Video Game and Cinema music on the boardwalk in downtown Olympia. All of our performances are free to participate in and free for the community to attend including our advanced recitals where advanced students are asked to take up 10 minutes, explain a few details of their piece and the composer. The lessons not only enhance the understanding of the student but also teach them problem solving skills for their future. The performances offer opportunities to learn how to manage stressful situations which will arise in their lives.
What it reported doing in 2024
Throughout the year we provided music lessons and classes as well as performance opportunities for students, including some who could not otherwise afford lessons, which were open to the public
Operating model
- Revenue model
- Earned-program. 96% of the money available for current operations came from fees and other program revenue.
- 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
MIXED - The filed numbers largely add up and revenue has grown recently. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.
Rating breakdown
- Financial Efficiency: 2
- Transparency & Controls: 100
- Sustainability: 31
- Growth: 60
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 2.3%; rating input score 2
- Program expense ratio: 2.4%; rating input score 2
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 52nd percentile among comparable filings
- Major donor itemization: Yes; rating input score 100
Sustainability
- Operating margin: 3.3%; rating input score 43; 43rd percentile among comparable filings
- Total-asset coverage ratio: 0.12; rating input score 13; 13th percentile among comparable filings
- Liabilities to assets ratio: Limited
- Officer compensation ratio: 0%; rating input score 63; 63rd percentile among comparable filings
Growth
- Program expense growth: -34.4% per year; rating input score 0; 6th percentile among comparable filings
- Revenue growth: 15% per year; rating input score 100; 77th percentile among comparable filings
- Asset growth: 10.5% per year; rating input score 100; 63rd percentile among comparable filings
Details
- Where the money goes: 2.3% of revenue deployed · 2.4% of spending went to programs
- Governance: Filed governance answers
- Accomplishments: 1 filed program accomplishment · $4K in reported program spending
- Leadership: top reported pay $0 · 1 people listed
- Consistency: 6 of 6 current checks pass
- Schedules: 3 filed schedules
- Filing history: 4 filing years from 2021 to 2024
- Contacts: How to reach this organization
- 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: Mission deployment rate scored 2/100.
- High — Financial Efficiency: Program expense ratio scored 2/100.
- High — Growth: Program expense growth scored 0/100.
- Moderate — Sustainability: Operating margin scored 43/100.
- High — Sustainability: Total-asset coverage ratio scored 13/100.