The Heart of Jazz Foundation a New Jersey Non Profit Corporation
Nonprofit profile at a glance
- EIN
- 922021590
- IRS 990-EZ coverage
- 2023–2024
- Forms available
- Form 990-EZ 2024
- Location
- Philadelphia, PA, USA
- Phone
- 2014069343
- Rating
- 85
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Music
Reported finances
- Revenue
- $73,264
- Expenses
- $68,796
- Assets
- $67,476
- Liabilities
- $6,500
Source: IRS Form 990-EZ. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
9 people listed
Executive titles in this filing
- JOE MONAGHAN (PRESIDENT)
People named in this filing
- JOE MONAGHAN (PRESIDENT)
- ENOCH SMITH JR (VICE PRESIDE)
- JONATHAN AUERBACH (VICE PREISDE)
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
Our mission is to raise jazz awareness in the communities where it once flourished. We provide university scholarships to students seeking careers in jazz music. We provide a platform for musicians, especially younger and lesser-known musicians to perform in front of a broader audience than they might otherwise be exposed to.
What it reported doing in 2024
We develop, promote, deliver and sponsor jazz events in partnership with underserved communities. Through free events, we reintroduce jazz, provide a forum for young musicians to perform in front of larger audiences and build community. We also provide university scholarships for jazz studies to aspiring jazz musicians.
Operating model
- Revenue model
- Donor-supported. 100% of the money available for current operations came from contributions and gifts.
- Distribution model
- Grant intermediary. The nonprofit sent 70% of its reported program spending out as grants.
The verdict
STRONG - The filed numbers largely add up and a large share of available resources goes toward mission work. Revenue has declined or grown slowly and expenses are high relative to revenue.
Rating breakdown
- Financial Efficiency: 80
- Transparency & Controls: 100
- Sustainability: 49
- Growth: 60
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 78.4%; rating input score 78
- Program expense ratio: 83.5%; rating input score 84
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: 6.1%; rating input score 56; 56th percentile among comparable filings
- Total-asset coverage ratio: 0.98; rating input score 46; 46th percentile among comparable filings
- Liabilities to assets ratio: 0.1; rating input score 18; 18th percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 56; 56th percentile among comparable filings
Growth
- Program expense growth: 17.5% per year; rating input score 100; 80th percentile among comparable filings
- Revenue growth: -45.5% per year; rating input score 0; 6th percentile among comparable filings
- Asset growth: 6.8% per year; rating input score 100; 64th percentile among comparable filings
Details
- Where the money goes: 78.4% of revenue deployed · 83.5% of spending went to programs
- Governance: Filed governance answers
- Accomplishments: 1 filed program accomplishment · $57K in reported program spending
- Leadership: top reported pay $0 · 9 people listed
- Consistency: 8 of 8 current checks pass
- Schedules: 4 filed schedules
- Filing history: 2 filing years from 2023 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.
- High — Growth: Revenue growth scored 0/100.
- Review — Sustainability: Operating margin scored 56/100.
- Moderate — Sustainability: Total-asset coverage ratio scored 46/100.
- High — Sustainability: Liabilities to assets ratio scored 18/100.
- Review — Sustainability: Officer compensation ratio scored 56/100.