Soundcorps Inc
Nonprofit profile at a glance
- EIN
- 464519201
- IRS 990 coverage
- 2020–2024
- Forms available
- Form 990 2024, Form 990-T 2024, Form 990-N 2014
- Location
- Chattanooga, TN, USA
- Phone
- 2147622153
- Rating
- 67
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Music
Reported finances
- Revenue
- $211,424
- Expenses
- $300,112
- Assets
- $9,514
- Liabilities
- $0
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
5 people listed
Executive titles in this filing
- KRISTY GRAVES (PRESIDENT)
- JONATHAN SUSSMAN (FORMER EXECUTIVE DIRECTOR)
- STRATTON TINGLE (FORMER EXECUTIVE DIRECTOR)
Highest reported compensation
- JONATHAN SUSSMAN (FORMER EXECUTIVE DIRECTOR): $40,008 total reported compensation
- STRATTON TINGLE (FORMER EXECUTIVE DIRECTOR): $30,648 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
We devote our energies to building local music infrastructure and professional expertise through ongoing programs, events and initiatives. These efforts will translate into increased opportunities to experience chattanooga music.
What it reported doing in 2024
Soundcorps programming is designed to help the local music industry professionals build their careers through training, resource development, and networking. Individuals impacted during the 2024 number at 10,000. These programs include online activities and events including the new year's eve event. An online music industry directory is also available with over 1,100 profiles. New year's eve celebration: 8,800 participants
Operating model
- Revenue model
- Donor-supported. 67% 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. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and some filing-based governance responses are negative or unanswered.
Rating breakdown
- Financial Efficiency: 75
- Transparency & Controls: 65
- Accountability: 74
- Sustainability: 15
- Growth: 40
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 93.2%; rating input score 93
- Program expense ratio: 65.6%; rating input score 66
- Fundraising efficiency: $3.6 raised per $1 spent on fundraising; rating input score 16; 16th percentile among comparable filings
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
- Pay-setting controls: 0 of 6 controls in place; rating input score 0
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Missing
- Board or committee approval: Missing
- 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: Pass
- Whistleblower policy: Fail
- Document-retention policy: Fail
- CEO compensation review process: Fail
- 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: -41.9%; rating input score 7; 7th percentile among comparable filings
- Total-asset coverage ratio: 0.03; rating input score 3; 3rd percentile among comparable filings
- Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
- Officer compensation ratio: 23.5%; rating input score 16; 16th percentile among comparable filings
Growth
- Program expense growth: 2% per year; rating input score 100; 39th percentile among comparable filings
- Revenue growth: -6.9% per year; rating input score 0; 8th percentile among comparable filings
- Asset growth: -21.1% per year; rating input score 0; 3rd percentile among comparable filings
Details
- Where the money goes: 93.2% of revenue deployed · 65.6% of spending went to programs
- Governance: 3 of 3 board members independent · 3 of 8 filing controls reported
- Programs: 2 filed program accomplishments · $197K in reported program spending
- Leadership: top reported pay $40K · 5 people listed · 0 of 6 pay-setting controls reported
- Consistency: 27 of 27 current checks pass
- Schedules: 5 filed schedules · includes major donors and executive pay
- Filing history: 4 filing years from 2020 to 2024
- Contacts: How to reach this organization
- Money network: 2 filed money-flow records
- Related organizations: Filed and resolved organization relationships.
- 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 — Transparency & Controls: Pay-setting controls scored 0/100.
- Moderate — Accountability: Governance controls: 4 of 7 not reported.
- High — Financial Efficiency: Fundraising efficiency scored 16/100.
- High — Sustainability: Operating margin scored 7/100.
- High — Growth: Revenue growth scored 0/100.
- High — Sustainability: Total-asset coverage ratio scored 3/100.
- High — Growth: Asset growth scored 0/100.
- High — Sustainability: Officer compensation ratio scored 16/100.