The Institute of Music for Children Inc

What it reported doing in 2024

The institute of music for children, a community-centered, arts-based youth development organization, engages children and youth in artistic expression and the creative process. Guided by its vision of h.a.r.m.o.n.y. - helping achieve responsible, motivated, optimistic, neighborhood youth - the institute is building a community of high-achieving citizens who are arts lovers and arts makers through professional instruction, mentorship, and family engagement. Over 1,500 youth annually are provided with economically accessible, high- quality arts training in an inspiring and nurturing environment. Guided by the belief that all children deserve access to the benefits of the arts, no student is ever turned away based on financial need. Core programs arts education services offered: we provide more than 40 art forms in a wide range of performing, visual and media arts, along with additional programming that includes culinary, karate, yoga and more. Our core programs include: - the afterschool arts institute: offers 12- or 24-weeks of private and group instruction from october-may for over 375 students ages 5-18. This program features our signature, teen arts night. - the summer arts institute: immerses 250 young people in at least eight art forms each day. The program runs for six weeks. - the community institute: develops collaborative artist residencies for schools, juvenile detention centers, behavioral health settings, and other community spaces. - youth leader job training and readiness program: employs 45-50 teens to receive on-the-job training throughout all institute functions. They act as mentors, work events, provide tours, manage our social media and provide support in nearly every institute function. Key accomplishments 1.grown to serve more than 1,500 children each year utilizing more than 40 art forms and offering professional instruction by established working artists from around the world. 2.established bi-lingual staff of administrators, faculty and youth leaders. 3.raised more than 7 million for our upcoming campus expansion project, scheduled to break ground in 2026. 4.received five citations of excellence from the New Jersey state council on the arts. 5.accessed prestigious national funding from the us department of housing and urban development, the us department of education, the national endowment for the arts, the nonprofit finance fund, New York life and the lewis prize for music (semi-finalist). 6.joined the consortium of community-based providers to bring arts residencies to juvenile detention centers across the state. 7.awarded an impact 100 - garden state grant to expand our programming for youth with intellectual or developmental disabilities, as well as those with severe trauma. 8.presented our equity work at statewide conferences and convenings in the arts and youth development.

Financial Efficiency

• Mission deployment rate: 41.1%; rating input score 41
• Program expense ratio: 81.7%; rating input score 82
• Fundraising efficiency: $39.32 raised per $1 spent on fundraising; rating input score 74; 74th percentile among comparable filings

Transparency & Controls

• Consistency checks: 93.3%; rating input score 93; 17th 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: 7 of 8 controls in place; rating input score 88
  • Conflict-of-interest policy: Pass
  • 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: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 51.6%; rating input score 93; 93rd percentile among comparable filings
• Total-asset coverage ratio: 6.47; rating input score 87; 87th percentile among comparable filings
• Liabilities to assets ratio: 0.3; rating input score 34; 34th percentile among comparable filings
• Officer compensation ratio: 6.6%; rating input score 44; 44th percentile among comparable filings

Growth

• Program expense growth: 10.9% per year; rating input score 100; 67th percentile among comparable filings
• Revenue growth: 14.8% per year; rating input score 100; 81st percentile among comparable filings
• Asset growth: 27.1% per year; rating input score 100; 91st percentile among comparable filings