The Great American Songbook Foundation

What it reported doing in 2024

Community education and outreach: the foundation has developed effective education and outreach programs to introduce people of all ages to the music and composers of the great american songbook in the context of american history and culture. The annual songbook academy is a leading music and performance intensive for high school vocalists that is dedicated to the music of broadway, hollywood musicals and the tin pan alley era of the early to mid-20th century. Students from around the country apply for the opportunity to learn and perform under the guidance of broadway performers, music industry professionals and educators from respected university music and theater programs. To accompany its physical collections and on-site programming, the foundation has developed traveling exhibits that are available free to community groups and a robust menu of virtual programming and online resources including digital exhibitions, collections highlights, video tours, activity kits, educational materials and more.the foundation's perfect harmony program is a music resource that provides care partners with appropriate generational music and activities to engage older adults in shared experiences. Perfect harmony offers a unique opportunity for social and musical engagement and promotes holistic well-being through music by offering monthly video resources and themed music activities for individual and group settings. Perfect harmony consults with a board-certified music therapist for expert guidance and feedback on all musical resources.

Financial Efficiency

• Mission deployment rate: 67.2%; rating input score 67
• Program expense ratio: 61.4%; rating input score 61
• Fundraising efficiency: $3.83 raised per $1 spent on fundraising; rating input score 12; 12th percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: 3 of 6 controls in place; rating input score 50
  • Compensation committee: Missing
  • 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: 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: 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: -5.8%; rating input score 23; 23rd percentile among comparable filings
• Total-asset coverage ratio: 4.73; rating input score 84; 84th percentile among comparable filings
• Liabilities to assets ratio: 0.03; rating input score 58; 58th percentile among comparable filings
• Officer compensation ratio: 17.2%; rating input score 19; 19th percentile among comparable filings

Growth

• Program expense growth: 6.6% per year; rating input score 100; 50th percentile among comparable filings
• Revenue growth: 4.7% per year; rating input score 100; 42nd percentile among comparable filings
• Asset growth: 10.9% per year; rating input score 100; 62nd percentile among comparable filings